By looking at the latest announcement from the Tax Administration of the Republic of Croatia, being tracked for Covid-19 pandemic purposes, in the period from 24 Feb till 22 Nov 2020 the value of taxable invoices decreased by 16.82% YoY.
A higher frequency data is compiled by Croatian Tax Administration, a department of the Ministry of Finance, who stated that the value of taxable invoices dropped by 16.82% YoY (or HRK 26.05bn) in the period from 24 February till 22 November. Meanwhile total taxable invoices in the mentioned period amounted to HRK 128.77bn.
Drop in taxable invoices in wholesale and retail trade in the same period was only at 8.63% (or HRK 8.62bn) while drop in accommodation and food services reached 45.77% (or HRK 11.11bn).
The value of taxable invoices in the 3rd week of November 2020, observed a double digit decrease after observing two weeks of high single digit decreases. To be specific in the 3rd week of November taxable invoices decreased by 10.9% YoY to HRK 3.02bn. Drop in taxable invoices in the wholesale and retail trade was relatively low at -5.88% YoY, while drop in accommodation and food services was at -32.4% YoY.
If we were to compare it on a WoW basis, the value of invoices has decreased by 5.21% or HRK 165.94m. We note that Croatia has recently imposed further restrictions in efforts to prevent the spread of the virus. We are eager to see how the mentioned restrictions will affect the value of taxable invoices in the coming periods.
