From 1. January 2023 , Croatia joins the EURO area and introduces the euro as the official currency. What does this mean for business entities in the Republic of Croatia?
1. From 5. September 2022 Double reporting of prices becomes an obligation of business entities. The price from kuna to euro will be converted at a fixed exchange rate of 7.53450. When recalculating, all five decimal places will be used and only then will it be possible to round the obtained amount to two decimal places according to the mathematical rules:
– if the third decimal is less than five, the second decimal will remain unchanged
– if the third decimal is equal to or greater than five, the second decimal will be increased by one
2. The obligation of double reporting of prices will apply to traders and to other service providers, including restaurants, cafes, hotels, beauty salons, banks and other financial institutions in their relations with consumers. In addition to the private sector, the obligation of double reporting of prices will also apply to entities from the public sector. Sellers at market stalls, kiosks, OPGs and taxi drivers are spared from the dual display of prices in kuna and euros.
3. Double prices should be shown at all points of sale, price lists, websites, leaflets, offers and invoices. The total amount of the invoice should be expressed in both currencies and the fixed conversion rate should also be indicated. All those who do not have the obligation to display double prices are obliged to state the total amount on the account in both currencies to consumers when selling goods and services. FIRA users do not have to worry about the double display of prices on offers and invoices – the application will automatically add a euro amount (as of January 1, 2023 HRK) and a fixed conversion rate to all documents.
4. The obligation to declare prices twice will last from September 5, 2022. until 31.12.2023.
Find more information on the website: https://euro.hr/faq/
