We often come across business and accounting terms that are unfamiliar and whose meaning we do not know. We decided to bring this field closer to you and introduce some of the basic terms.
Over time we will expand our #YouShouldKnow accounting glossary.
Basic terms
Gross salary
Gross salary is the sum of the net amount (the amount paid to the employee) and taxes and contributions which the employer pays to the Tax Administration on behalf of the employee.
Pink tax
The pink tax is a packaging tax. That is why, for example, women’s cosmetics by the same manufacturer are more expensive than men’s.
VAT payer
Any legal entity whose annual income exceeds EUR 18,000 is a VAT payer.
Note: the current threshold is EUR 30,000 over 12 consecutive months — see the article on registering a company in the VAT system.
E-fiscalisation
E-fiscalisation means that all issued invoices — electronically — are automatically recorded in the Tax Administration database.
IOPPD
IOPPD is the report on calculated and paid taxes and contributions for employees.
Follow us for more terms
Follow us for more terms we will cover in the coming weeks.
#YouShouldKnow because you will make your business easier.
Do you have a question about an accounting term? Contact Finance Plus — we will gladly explain.
