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Jul 11, 2007

Tax Example: Rent


Non-resident couple´s joint monthly rental income1 1,500 6,000 12,000
Annual Rental Income 18,000 72,000 144,000
Less: Standard Costs2 (5,400) (21,600) (43,200)
= Taxable Income 12,600 50,400 100,800
Income Tax Rates3
Rate 15% 1,890 7,560 15,120
Annual Income Tax Due 1,890 7,560 15,120
Tax Due as % of Gross Income 10.50% 10.50% 10.50%
Thanks to:
TPA Horwath

DISCLAIMER: The information contained above is marketing material only and is not written tax advice directed at the particular facts and circumstances of any person and should not be relied upon. We encourage you to discuss your particular situation with us or an independent tax advisor. This information was last updated on July 11, 2007.

Notes


1 The property is jointly owned by husband and wife. According to current Croatian legislation, direct ownership by foreigners is subject to the consent of the Ministry of Justice.

2 A standard deduction of 30% the gross rental income is allowed to cover all income-generating expenses. Depreciation is not deductible against rental income.

3 Rental income is taxed at 15%.






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