transferne cijene u divizionalnim poduzećima

7/24/2019 Transferne Cijene u Divizionalnim Poduzeima

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26. TRANSFERNE CIJENE U DIVIZIONALNIM PODUZEIMA

CILJEVI ODREIVANJA TRANSFERNIH CIJENA

Anthony i Dea!en "#$%&' na(o!e !a )i !o)a *+*ta( o!e,i(an-a i-ena te)ao /o*ti0i *1i-e!e0ei1-e(e#. Te)ao )i 3oti(iati !i(i4iona1ne 3ana5ee za donoenje zdravih od!"ate /+ati

in7o3ai-e 8o-e 9ine /o+4!ane te3e1-e 4a ta8(o o!1+9i(an-e. To 0e *e o*t(aiti 8a!a a8i-e:8o-e /o!+4i3a-+ !i(i4iona1ni 3ana5ei 8a8o )i /o(e0a1i /o7it (1a*titih !i(i4iona1nih -e!inia:+-e!no /o(e0a-+ i /o7it i-e1o5 /o!+4e0a.

2. Te)ao )i e4+1tiati i4(-e;ta-e3 o !i(i4iona1ni3 /o7iti3a 8o-i -e #rihva$jiva %jera%ena&er'"o& !(in"a ! odre)enoj diviziji*

&: in8e3enta1ni to;8o(i /i-e3ne -e!inie )i1i )i =2#& "#>& ? 6&'. Di(i4iona1ni 3ana5e)i *to5a neto9no o!1+9io ne 8+/iti inte3e!i-ani /oi4(o! 4a !a1-n-+ o)a!+. O(a- *e /o)1e3 3oena!i0i a8o *e tan*7ena i-ena i4-e!na9i * in8e3enta1ni3 to;8o3 o/*8)ne -e!inie: 8o-i -e + o(o3

*1+9a-+ =#&&.

-ro.jena %ana&er'"ih #er/or%an.iPi tan*7e+ !o)aa o! -e!ne -e!inie !o !+5e: !io /iho!a o/*8)ne -e!inie /o*ta-e !io to;8o(a/i-e3ne -e!inie. Po*1-e!i9no: i-ene /o 8o-i3a *e !o)a tan*7eia-+ 3o5+ +t-eati na /o7ite/o-e!inih -e!inia te /o*to-i o/a*no*t !a 0e @ne4!a(a tan*7ena i-ena e4+1tiati 1ani3 3-ea3a/e7o3ani: ;to )i 3o51o /o+4o9iti !a !i(i4iona1ni 3ana5ei /o(-e+-+ !a tan*7ena i-enane/a(e!no +t-e9e na o-en+ n-iho(ih /e7o3ani. To 3oe !o(e*ti !o ne*1a5an-a i ne5ati(nih/o*1-e!ia na 3oti(ai-+.

0on/i"$ .ijevaVi!-et 0e3o !a + ne8i3 *it+ai-a3a !ono;en-e o!1+8a i i1-e(i e(a1+ai-e /e7o3ani /ote)ni 4a

/o*ta(1-an-e *+*ta(a tan*7enih i-ena 3o5+ )iti + *+8o)+. N/. + ne8i3 *it+ai-a3a tan*7ena i-ena8o-a /oti9e 8at8oo9ne o/ti3a1ne e8ono3*8e o!1+8e -e 5ani9ni to;a8. A8o o/*8)1-i(a9 i3a

#


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/e8o3-ean 8a/aitet: ta- 0e to;a8 )iti -e!na8 (ai-a)i1no3 to;8+. O/*8)na -e!inia ne0e +*/-eti/o8iti *(o-e 7i8*ne to;a8o(e a8o *e tan*7ei (;e /o (ai-a)i1no3 to;8+: te 0e 4)o5 to5a /i-a(1-i(ati5+)ita8. Na!a1-e: a8o -e tan*7ena i-ena -e!na8a 5ani9no3 to;8+ na3etn+ta 3ana5e+ o/*8)ne-e!inie /ot8o/an -e 8one/t !i(i4iona1ne a+tono3i-e. S !+5e *tane tan*7ena i-ena 8o-a )i4a!o(o1-a(a1a /i /o-eni !i(i4iona1nih /e7o3ani 3o51a )i na(e*ti !i(i4i-e na *+)o/ti3a1neo!1+8e: 51e!ano i4 /e*/e8ti(e -e1o8+/no5 /o!+4e0a.

-ri"az 12*3

TR4I5NE CIJENE

U (e0ini *1+9a-e(a: $a%o &dje #o'$oji 'avreno "on"!ren$no $r6i$e za in$er%edijarni #roizvod7$ren!$na $r6ina .ijena je naj#o&odnija o'nova za #o'$avjanje $ran'/erne .ijene. Ba!a *e tan*7eie(i!entia-+ /o ti;ni3 i-ena3a (-eo-atni-e -e !a /e7o3ana !i(i4i-e /e!*ta(1-a *t(ani e8ono3*8i!o/ino* !i(i4i-e +8+/no3 /o7it+ 8o3/ani-e. Ba!a o/*8)ne -e!inie ne )i /o*to-a1e inte3e!i-ani/oi4(o! 3oao )i *e 8+/iti na (an-*8o3 ti;t+ /o ten+tno- ti;no- i-eni. A1tenati(no: 8a! ne )i/o*to-a1a /i-e3na -e!inia inte3e!i-ani /oi4(o! )i *e 3oao /o!ati na (an-*8o3 ti;t+ /oten+tno- ti;no- i-eni. Di(i4iona1ni /o7iti *to5a *+ *1i9ni /o7it+ 8o-i *e 3oe i4a9+nati 4a *1+9a- !a*+ !i(i4i-e o!(o-ene o5ani4ai-e. Po*1-e!i9no: !i(i4iona1na /o7ita)i1no*t 3oe *e !ie8tno +*/oe!iti* /o7ita)i1no;0+ *1i9nih /o!+4e0a 8o-a *e )a(e *1i9ni3 /o*1o3.

Na ti;t+ *a(;ene 8on8+eni-e o/*8)na !i(i4i-a )i te)a1a o/*8)1-i(ati /o ten+tno- ti;no-i-eni !o8 5o! /i-e3na !i(i4i-a /ota+-e !o8 5o! -e in8e3enta1ni to;a8 nii o! ti;ne i-ene. A8o

2


3/23

-e o(a o/*8)a ne!o(o1-na 4a 4a!o(o1-a(an-e /ote)a /i-a3ne -e!inie ona te)a na)a(iti !o!atne4a1ihe 8+/n-o3 /o ten+tno- ti;no- i-eni o! (an-*8o5 !o)a(1-a9a. A1tenati(no: a8o o/*8)na-e!inia /oi4(o!i (i;e inte3e!i-ano5 /oi4(o!a ne5o ;to /i-e3na 4aht-e(a (i;a8 *e 3oe /o!ati /oten+tno- ti;no- i-eni na (an-*8o3 ti;t+.

A8o *+ to;8o(i /o!a-e + inteni3 tan*7ei3a inte3e!i-ano5 /oi4(o!a i!enti9ni oni3a 8aoo! /o!a-e na (an-*8o3 ti;t+ ni-e (ano !a 1i *e o+t/+t o/*8)ne -e!inie /o!a-e inteno i1ie8*teno. Pet/o*ta(i3o 4a /o9eta8 !a -e o+t/+t o/*8)ne -e!inie /o!an e8*teno i !a /i-e3na-e!inia 4a!o(o1-a(a *(o-e /ote)e e8*teno. Sa! +4i3o + o)4i *it+ai-+ + 8o-o- *e inte3e!i-ani/oi4(o! tan*7eia inteno /o ti;no- i-eni i !a *e ne /o!a-e na (an-*8o3 ti;t+. S1i8a 26.#./o8a4+-e !a ne3a +t-ea-a !i(i4ona1ni i +8+/ni /o7it: )e4 o)4ia na i4a)an+ a1tenati(+.

Di-a5a3 i1+*tia *it+ai-+ + 8o-o- /i-e3na -e!inia /o!a-e #&&& -e!inia 5oto(o5 /oi4(o!a na(an-*8o3 ti;t+. In8e3enta1ni to;8o(i /oi4(o!n-e #&&& -e!inia inte3e!i-ano5 /oi4(o!a i4no*e=>&&&: * ti;no3 i-eno3 o+t/+ta o! =%&&&. In8e3enta1ni to;8o(i !o!atne o)a!e /i-a3ne !i(i4i-e4a #.&&& -e!inia inte3e!i-ano5 /oi4(o!a i4no*e =&&&. O(a- *e o+t/+t 3oe /o!ati 4a =#%.&&&.U(i!-et 0e3o !a ni-e (ano !a 1i -e inte3e!i-ani /oi4(o! tan*7eian inteno i1i /o!an e8*teno /o7iti *(a8e !i(i4i-e te +8+/an /o7it /o!+4e0a o*ta-+ ne/o3i-en-eni.

O(o naa(no /et/o*ta(1-a !a o/*8)na -e!inia 3oe /o!ati *(o- 9ita( o+t/+t e8*teno i1iinteno /o ten+tno- ti;no- i-eni. Ba! to ne )i )i1o ta8o te)a1o )i +/+titi /i-e3n+ -e!ini+ !a na)a(io! o/*8)ne -e!inie 8o1i9in+ 8o-+ -e o/*8)na */e3na !o*ta(iti /o ti;no- i-eni. To3e -e ta8o -e 4a/i-e3n+ -e!ini+ ni-e (ano 8+/+-e 1i inte3e!i-ani /oi4(o! o/*8)ne !i(i4i-e i1i na (an-*8o3ti;t+.

A8o o/*8)na -e!inia ne 3oe !+5oo9no /o7itiati /i ten+tno- i-eni na (an-*8o3 ti;t+ta!a )i 4a /o!+4e0e )i1o )o1-e !a ne /oi4(o!i /oi4(o! inteno ne5o !a 5a na)a(1-a * (an-*8o5 ti;ta.S1i9no a8o /i-e3na -e!inia ne 3oe !+5oo9no /o7itiati na tan*7ei3a /o ten+tno- ti;no- i-enite)a1o )i /e*tati o)a,i(ati ta- /oi4(o!: a o/*8)no- -e!inii )i te)a1o !o4(o1iti /o!a-+ 9ita(o5o+t/+ta na (an-*8o3 ti;t+. A8o /o*to-i /o*to-i 8on8+entno ti;te 4a inte3e!i-ani /oi4(o! ti;nai-ena *e 3oe 8oi*titi 4a !o4(o1-a(an-e o!1+8a o 3e,+*o)no- ne4a(i*no*ti o/*8)ne i /i-e3ne-e!inie.

E/e"$ #rodajnih $ro"ovaPa8ti9no: (-eo(atno 0e *e +8+/an /o7it /o!+4e0a a41i8o(at * o)4io3 !a 1i -e inte3e!i-ani/oi4(o! na)a(1-en inteno i1i e8*teno. O/*8)na -e!inia 0e /et/-eti /o!a-ne to;8o(e /o!a(a-+0iinte3e!i-ani /oi4(o! na (an-*8o3 ti;t+: no ta8(ih to;8o(a ne0e )iti /i inte!i(i4iona1ni3tan*7ei3a. A8o -e tan*7ena i-ena /o*ta(1-en-a /o ten+tno- ti;no- i-eni /i-e3na -e!inia )iti 0ein!i7eentna !a 1i -e inte3e!i-ani /oi4(o! na)a(1-en inteno i1i e8*teno. I/a8 a8o /i-e3na -e!inia8+/+-e inte3e!i-ani /oi4(o! e8*teno: /o!+4e0+ 0e )iti tee: te 0e 3o!a i o/*8)na -e!inia/et/-eti /o!a-ne to;8o(e na (an-*8o3 ti;t+ "4a !eta1-ni-+ !i*8+*i-+ o +9in8+ /o!a-nih to;8o(ana tan*7ene i-ene (i!i o+1! "#$' i !o!ata8 o(o3 /o51a(1-+'. U /a8*i: %no&a #od!ze8a%odi/i.iraj! #ravio $r6ino& odre)ivanja .ijena #ri odre)ivanj! .ijena za in$erdivizionane$ran'/ere od+ijaj!8i %ar6! "a"o +i !zei ! o+zir !$ede ! #rodajni% i na#a$ni% $ro"ovi%a*

O'$ae $r6ine ne'avreno'$iJe!an o! (e0ih /o)1e3a +/oa)e ti;nih i-ena -e ta- !a ona 9e*to ni*+ *a(;eno 8on8+entna.Do!atno: tan*7eni /oi4(o! 3oe i3ati */ei-a1ne 8aa8tei*ti8e 8o-e 5a !i7eenia-+ o! !+5ih(ai-anti i*to5 /oi4(o!a. Ti;na i-ena 4a inte3e!i-ani /oi4(o! -e /i3-eena te8 8a! *+ 8(a1iteta:!o*ta(a: /o/+*ti i /o/atni *e(i*i i!enti9ni. Na!a1-e 3o5+0e -e 8+/iti inte3e!i-ani /oi4(o! nae8*teno3 ti;t+ o! !o)a(1-a9a 8o-i /o!a-+ /o /i(e3eno *nieni3 i-ena3a "hitna /o!a-a' 8o-a -ei*/o! +8+/ne i-ene a1i i4na! (ai-a)i1ne i-ene. A8o -e o/*8)na -e!inia /e8a/aitiana 3o5+0e -e!a !o,e !o 8i(ih o!1+8a 4)o5 *to5o5 /i!a(an-a "/a(i1a' ti;no5 o!e,i(an-a i-ena.

N/. /et/o*ta(i3o !a o/*8)na -e!inia /o*-e!+-e e4e(ni 8a/aitet i /oi4(o!iinte3e!i-ani /oi4(o! /i in8e3enta1no3 to;8+ o! =#&&&G tan*7ena i-ena 4a o(a- /oi4(o! *e

/o*ta(1-a /o i-eni na (an-*8o3 ti;t+ i i4no*i =#6&&. Sa!a /et/o*ta(i3o !a !o)a(1-a9inte3e!i-ano5 /oi4(o!a /o!a-e /o /i(e3eno *nieno- i-eni o! =#>&&. U o(o- *it+ai-i 3ana5e/i-e3ne -e!inie 0e a!i-e 8+/iti inte3e!i-ani /oi4(o! o! (an-*8o5 !o)a(1-a9a /o =#>&& ne5o o!


4/23

o/*8)na -e!inia /o =#6&&. S o)4io3 !a o/*8)na -e!inia i3a e4e(ni 8a/aitet e1e(antna i-ena/oi4(o!n-e inteno i4no*i =#&&&: i *to5o !an-e ti;no5 o!e,i(an-a i-ena 3oe *to5a 3oti(iati3ana5ee 4a !ono;en-e o!1+8a 8o-e ni*+ + na-)o1-e3 intee*+ /o!+4e0a.

Bo3/1i8ai-e in!iiane + /etho!no3 o!1o38+ na*ta1e *+ -e ti;te 4a inte3e!i-ani/oi4(o! ni-e *a(;eno 8on8+entno. Sto5a -e (ano +t(!iti !a 1i *e ti;no *tan-e /i)1ia(a *tan-+*a(;ene 8on8+eni-e. A8o -e ta8o: tan*7ena i-ena te)a )iti /o*ta(1-ena /o ti;no- i-eniinte3e!i-ano5 /oi4(o!a i *(a8i /e8o3-eni inte!i(i4iona1ni 4aht-e( 4a o/*8)o3 i1i /e8o3-enao/*8)a 3o5+ *e i-e;iti 8+/n-o3 i1i /o!a-o3 inte3e!i-ano5 /oi4(o!a na (an-*8o3 ti;t+. U8+/an/o7it /o!+4e0a 0e ta!a )iti o/ti3i4ian. I/a8 a8o *tan-e na ti;t+ ni-e )1i*8o *tan-+ *a(;ene8on8+eni-e: 8oi;ten-e ti;ne i-ene 4a intene tan*7ee 3oe 4na9iti !a 0e o/*8)na -e!inia )iti/ota8n+ta !a i*/o+9+-e 3an-e i1i 0e /i-e3na -e!inia )iti /ota8n+ta !a +4i3a 3an-e ne5o ;to -e/ote)no 4a o/ti3i4ian-e /o7ita /o!+4e0a. Po3oti3o *a!a /o*ta(1-an-e tan*7enih i-ena 8a!a -eti;te 4a inte3e!i-ani /oi4(o! ne*a(;eno i1i 9a8 ne/o*to-e0e. Inii-a1no 0e3o /et/o*ta(iti !ane3a ti;ta 4a inte3e!i-ani /oi4(o!.

-OSTAVLJANJE CIJENA 0ADA NE -OSTOJI TR4I5TE ,A INTER9EDIJARNI-ROI,VOD

Ba!a ne /o*to-i ti;te 4a inte3e!i-ani /oi4(o!: e8ono3*8a teoi-a 8ae !a -e$eorij'"i i'#ravna$ran'/erna .ijena "oja o%o&!8ava $o$ani or&aniza.ij'"i o#$i%!%7 ! od'!$no'$i o&rani(enja"a#a.i$e$a7 &rani(ni $roa" #roizvodnje in$er%edijarno& #roizvoda na o#$i%anoj razini o!$#!$aza .ijeo #od!ze8e: i to -e ona a4ina o+t/+ta 5!-e -e

De*na *tana -e!na!)e "26.2' /o4nata -e 8ao neto 5ani9ni /iho!. Ovo 'e de/inira "ao &rani(ni#rihod "oji #rije%na divizija izvodi iz #rodaje doda$ne jedini.e !%anjenje za &rani(ni $roa"#re$varanja in$er%edijarno& #roizvoda ! /inani: $a"o da ne$o &rani(ni #rihod i'"j!(!je$ran'/ern! .ijen!* O#$i%ani nivo o!$#!$a 'e %o6e #re/or%!ira$i "ao nivo o!$#!$a #ri "oje%

;rani(ni $roa" o#'"r+ne jedini.e < Ne$o &rani(ni #rihod #rije%ne jedini.e

O(o /a(i1o tan*7ene i-ene -e i1+*tiano + ta)1ii 26.2. Da )i /o-e!no*ta(i1i ana1i4+: /et/o*ta(it0e3o !a *e o+t/+t 3oe /oi4(o!iti i /o!a(ati *a3o + *ei-a3a o! #&&& -e!inia. Moe *e (i!-eti !a-e o/ti3a1na a4ina o+t/+ta: 5!-e -e 5ani9ni to;a8 -e!na8 neto 5ani9no3 /iho!+: &&& -e!inia.Teoi-*8i i*/a(na tan*7ena i-ena 4a *ei-e o! #&&& -e!inia -e 5ani9ni to;a8 na to3 ni(o+ o+t/+ta"t-. =&&&'. Pi-e3na -e!inia 0e +*/oe!iti o(+ tan*7en+ i-en+ *a *(o-i3 neto 3a5ina1ni3/iho!o3 "8o1ona 6 + ta)1ii 26.2' 4a *(a8+ a4in+ o+t/+ta i )iti 0e 3oti(iana !a /o(e0a(a o+t/+t *(e!o a4ine 5!-e *e tan*7ena i-ena ne i4-e!na9i * n-eni3 neto 5ani9ni3 /iho!o3 "t-. &&& -e!inia'.Tan*7ena i-ena o! =&&& 0e ta8o,e /ota8n+ti o/*8)n+ !i(i4i-+ !a /oi4(e!e &&& -e!inia. Naa4ini o+t/+ta nio- o! &&& -e!inia: o/*8)na -e!inia 0e )iti /ota8n+ta !a /o(e0a o+t/+t -etan*7ena i-ena 8o-+ /i3a o! /i-e3ne -e!inie /e1a4i n-en 5ani9ni to;a8. O/*8)na -e!inia: /a8:ne0e )iti 3oti(iana !a /oi4(o!i i4na! &&& -e!inia: -e )i -o- ta!a 5ani9ni to;8o(i /e1a4i1i

tan*7en+ i-en+.

ani9nito;a8o/*8)ne !i(i4i-e ?

ani9nito;a8/i-e3ne !i(i4i-e

ani9ni/iho!/i-e3ne !i(i4i-eH

ani9ni/iho!/i-e3ne !i(i4i-e

ani9nito;a8o/*8)ne !i(i4i-e H

ani9nito;a8/i-e3ne !i(i4i-e

O(a *e -e!na!)a 3oe !+89i-e na/i*ati 8ao


5/23

Po7iti 4a *(a8+ !i(i4i-+ /i a41i9iti3 ni(oi3a o+t/+ta: te3e1-eni na tan*7eno- i-eni o!=&&& /o *ei-i o! #&&& -e!inia: *+ /e4entiani + ta)1ii 26.' "2' "='

#&&& &&& &&& #&&& #&&&& #&&&& 6&&&2&&& &&& &&& $&&& =>>> &&& %&&& >2&&& >&&& & &&&&& >%&&& #&&&& #2&&& >&&& #&&& "&&&'

a5ani9ni /iho! -e !e7inian 8ao +8+/ni /iho! o! /o!a-e 7ina1no5 /oi4(o!a 3in+* /e+4eti to;8o(i8on(e4i-e. Tan*7ene i-ene ni*+ +81-+9ene.

-ri"az 12*?Za)i1-eeni /o7iti /i tan*7eno- i-eni o! =&&& /o *ei-i

O/*8)na !i(i4i-a Pi-e3na !i(i4i-a

Poi4(e!ene

-e!inie

U8+/ni

to;a8 "='

Pi31-enatan*7ena

i-ena

Po7it"5+)ita8'

"='

U8+/nineto

/iho! "='

P1a0enatan*7ena

i-ena "='

Po7it"5+)ita8'

"='

Do)ita8"5+)ita8'4a i-e1o

/o!+4e0e"='

#&&& &&& &&& & #&&&& &&& 6&&& 6&&&2&&& &&& %&&& #&&& #$&&& %&&& ##&&& #2&&&&&& #&&&&&& ##&&& #6&&& >&&& &&& 2&&& 2#&&&


6/23

Pi3-eti1i *3o + /o51a(1-i3a 2 i $ 8a8o (e0ina a9+no(o,a /et/o*ta(1-a !a -e 5ani9ni to;a88on*tantan /o -e!inii o+t/+ta +n+ta e1e(antno5 o/*e5a o+t/+ta. D+5i3 i-e9i3a: 4a 8at8oo9neo!1+8e o o+t/+t+ 5ani9ni to;a8 *e o)i9no inte/etia 8ao e8(i(a1ent (ai-a)i1no5 to;8a /o -e!iniio+t/+ta.

Pet/o*ta(i3o !a -e + /i8a4+ 26.2 5ani9ni to;a8 e8(i(a1entan (ai-a)i1no3 to;8+ i 4no*i=6&&& /o *ei-i o! #&&& -e!inia. D+5i3 -e9i3a: 5ani9ni to;a8 "8o1ona < + /i8a4+ 26.2' i4nio*io )i=6&&& 4a *(e ni(oe o+t/+ta: a 8o1ona +8+/no5 to;8a )i *e /o(e0a(a1a /o in8e3enti3a o! =6&&&.O/ti3a1ni ni(o o+t/+ta )io )i na >&&& -e!inia: ni(o /i 8o-e3 -e 5ani9ni to;a8 -e!na8 neto5ani9no3 /iho!+. Ba!a -e 5ani9ni to;a8 8on*tantan: 5ani9ni to;a8 /oi4(o!n-e inte3e!i-ano5/oi4(o!a /i o/ti3a1no3 ni(o+ o+t/+ta )iti 0e -e!na8 (ai-a)i1no3 to;8+. Sto5a: + o!*+*t(+8a/aitetnih o5ani9en-a toet*8i 8oe8tna tan*7ena i-ena )i1a )i -e!na8a (ai-a)i1no3 to;8+ /o-e!inii o+t/+ta. Pi3-eni3o 1i o(o /a(i1o na /i8a4 26.2 i*/a(na tan*7ena i-ena -e =6&&& /o *ei-i.

U4 tan*7en+ i-en+ o! =6&&& /o *ei-i 3ana5e /i-e3ne !i(i4i-e 0e /o(e0a(ati o+t/+t !o8tan*7ena i-ena ne /o*tane -e!na8a neto 5ani9no3 /iho!+. Da81e /i-e3na -e!inia 0e )iti3oti(iana 4a /oi4(o!n-+ >&&& -e!inia: ;to -e o/ti3a1ni ni(o o+t/+ta 4a 9ita(o /o!+4e0e. I/a8 0eo/*8)na -e!inia )iti in!i7eentna /e3a 8o1i9ini 8o-+ i*/o+9+-e /i-e3no- -e!inii a8o *e tan*7ei

o)a(1-a-+ +4 (ai-a)i1ni to;a8 o! =6&&& /o *ei-i -e 0e 4aa!iti & /iho!a na *(a8o- tan*7eiano-*ei-i. S !+5e *tane +8+/an /iho! /o!+4e0a o! =#&&&& "=&&&& neto /iho!a 3in+* = # 2> "#


7/23

Bo1ona /i8a4+-e 5ani9ni /iho! 8o-i *e 3oe !o)iti /o!a-o3 inte3e!i-ano5 /oi4(o!a na(an-*8o3 ti;t+: a 8o1ona 6 /i8a4+-e neto 5ani9ni /iho! o! 8on(e4i-e inte3e!i-ano5 /oi4(o!a +7ina1ni /oi4(o! i n-e5o(e /o!a-e na e8*teno3 ti;t+ 7ina1nih /oi4(o!a.

Da )i*3o o!e!i1i o/ti3a1ni ni(o o+t/+ta 3oa3o o!e!iti ni(o inte3e!i-ano5 /oi4(o!ai43e,+ /o!a-a na (an-*8o3 ti;t+ inte3e!i-anih /oi4(o!a te ti;t+ 7ina1nih /oi4(o!a. Po!a-a/(e -e!inie na inte3e!i-ano3 e8*teno3 ti;t+ !a-e 5ani9ni to;a8 "T' o! =& +*/oe!i(o *aneto 5ani9ni3 /iho!o3 "NP' o! = + *1+9a-+ !a -e /(a -e!inia tan*7eiana /i-e3no- !i(i4i-i i/o!ana 8ao 7ina1ni /oi4(o!. Po*1-e!i9no: /(a -e!inia o+t/+ta o/*8)ne !i(i4i-e te)a )iti /o!anana ite3e!i-ano3 (an-*8o3 ti;t+. D+5a -e!inia o+t/+ta ta8o,e te)a )iti /o!ana nainte3e!i-ano3 ti;t+ -e -e P o! ='. +*/oe!)o3 o(e !(i-e 8o1one (i!1-i(o -e!a o/ti3a1ni o+t/+t i4no*i ## -e!inia. #2t+ -e!ini+ ne )i te)a1o /oi4(e*ti -e -e 5ani9ni to;a8o/*8)ne !i(i4i-e (e0i o! PNP !o)i(eni3 na-/o7ita)i1ni-o3 +/oa)o3 /oi4(o!a.

Teoi-*8i i*/a(na tan*7ena i-ena -e 5ani9ni to;a8 o/*8)ne !i(i4i-e na o/ti3a1no- a4inio+t/+ta "t-. =2'. I1i /ei4ni-e: o/ti3a1ni ni(o o+t/+ta-e ne;to (e0i o! ## -e!inia: a 5ani9ni to;a8 0e)iti i43e,+ =2 i =2.>& na o/ti3a1no- a4ini o+t/+ta. D+5i3 i-e9i3a: a8o )i*3o 5a7i98i /e!o9i1i/o!at8e i4 /i8a4a 26.> 5ani9ni to;a8 i a*/oe! PNP )i *e /e*i-ea1i + to98i i4na! =2: a i*/o!=2.>&. Sto5a tan*7en+ i-en+ te)a /o*ta(iti + )i1o 8o-+ to98+ i43e,+ =2. i =2.$.

Po51e!a3o 1i 8o1on+ /i8a4a 26. (i!i3o !a 0e: a8o -e tan*7ena i-ena /o*ta(1-ena i43e,+=2. i =2.$ 3ana5e o/*8)ne !i(i4i-e /o!ati /(ih > -e!inia inte3e!i-ano5 /oi4(o!a na(an-*8o3 ti;t+ "*to5a -e -e 5ani9ni /iho! (e0i o! tan*7ene i-ene': a o*tata8 o+t/+ta tan*7eiati/i-e3no- -e!inii "-e -e tan*7ena i-ena (e0a o! 5ani9no5 /iho!a'. Ta8o,e -e (i!1-i(o !a 0e3ana5e o/*8)ne -e!inie o!a)ati ni(o o+t/+ta o! ## -e!inia -e on ne0e /oi4(e*ti -e!inie a8o -e5ani9ni to;a8 (e0i o! tan*7ene i-ene.


8/23

A8o -e tan*7ena i-ena /o*ta(1-ena i43e,+ =2. i =2.$ 3ana5e /i-e3ne !i(i4i-eo!a)at 0e /o!a-+ 6 -e!inia "8o1ona 6: /i8a4 26.' -e -e NP (e0i o! tan*7ene i-ene. Tan*7enai-ena /o*ta(1-ena + o(o3 o/*e5+ 0e *to5a /ota8n+ti o/*8)n+ -e!ini+ !a /oi4(e!e ## -e!inia:/o!a > -e!inia na (an-*8o3 ti;t+ i tan*7eia 6 -e!inia /i-e3no- !i(i4i-iG /i-e3na !i(i4i-a 0eta8o,e ht-eti 8+/iti 6 -e!inia o! o/*8)ne. O(a- *1+9a- -e i!enti9an o/ti3a1no3 a*/oe!+ o+t/+ta 4ai-e1o /o!+4e0e i1+*tiano + /i8a4+ 26.>.

Bo-a )i )i1a i*/a(na tan*7ena i-ena a8o )i (ai-a)i1ni to;a8 /o -e!inii inte3e!i-ano5/oi4(o!a )io 8on*tantan "t-. 5ani9ni to;a8 -e!na8 (ai-a)i1no3 to;8+' O!5o(o -e !a #ri%jena#ravia &rani(no& $ro"a rez!$ira #o'$avjanje% $ran'/erne .ijene na razin! varija+ino& $ro"a#o jedini.i o#'"r+ne divizije*Vi!1-i(o -e !a a8o )i (ai-a)i1ni to;a8 "5ani9ni to;a8' o/*8)ne!i(i4i-e i4no*io =2$ + 9ita(o3 a*/oe!+ o+t/+ta + /i8a4i3a 26. i 26.>: /i3-ena na(e!ene/oe!+e e4+1tia1a )i tan*7eno3 i-eno3 o! =2$.

a7i98a i1+*tai-a o!e,i(an-a o/ti3a1ne tan*7ene i-ene + *1+9a-+ ne*a(;eno5 ti;ta 4ainte3e!i-ani /oi4(o! /e4entiana -e *1i8o3 26A. + !o!at8+ o(o3 /o51a(1-+.

O&rani(enja "a#a.i$e$aA"o #o'$oji o&rani(enje "a#a.i$e$a $ran'/erna .ijena odre)ena #o #ravi! &rani(no& $roa"a

ne8e o'i&!ra$i #o'$izanje o#$i%anih nivoa o!$#!$a. N/. /et/o*ta(i3o !a -e + /i8a4i3a 26. i26.> 8a/aitet o/*8)ne !i(i4i-e o5ani9en na 6 -e!inia. Vi!1-i(o -e i4 an5ian-a "8o1one i 6: /i8a426.' !a o*8+!ni 8a/aitet o/*8)na !i(i4i-a 6 -e!inia te)a a1oiati ta8o !a *e < -e!inie tan*7eia-+/i-e3no- -e!inii: a < /o!a-+ na inte3e!i-ano3 (an-*8o3 ti;t+. I/a8: 8o1ona + /i8a4+ 26.in!iia !a 0e /i tan*7eno- i-eni i43e,+ =2. i =2.$ o/*8)na !i(i4i-a 3a8*i3a1i4iati (1a*titi/o7it /o!a-o3 > -e!inia inte3e!i-ano5 /oi4(o!a na (an-*8o3 ti;t+ i tan*7eo3 -e!ne -e!inie/i-e3no- !i(i4i-i. A1tenati(no /o51e!a3o 1i 8o1on+ 6 (i!i3o !a 0e /i-e3na -e!inia 3a8*i3a1i4iati*(o- /o7it /e+4i3an-e3 9ita(o5 o+t/+ta o/*8)na !i(i4i-a o/*8)nih -e!inia /o!a(a-+0i 5a 8ao7ina1ni /oi4(o!.

Da81e: + o!(o-eni3 /ota5a3a o)-e !i(i4i-e 4a n-iho(i3 na-)o1-i3 intee*i3a ne0e *e na0io/ti3a1no -e;en-e 4a /o!+4e0e t-. /o!a-a ti -e!inie inte3e!i-ano5 /oi4(o!a i ti -e!inie7ina1no5 /oi4(o!a. S+8o) na*ta-e -e na-)o1-i intee*i /o-e!inih !i(i4i-a ni*+ + na-)o1-e3 intee*+

9ita(o5 /o!+4e0a. Je!an na9in /o*ti4an-a o/ti3a1no5 -e;en-a -e*t !a enta1na +/a(a !o)i-ain7o3ai-e o/*8)na !i(i4i-a o/*8)nih i /i-a3nih !i(i4i-a te na/a(i o/ti3a1ni /oi4(o!ni /o5a34a *(a8+ !i(i4i-+. I/a8 o(a8a( /i*t+/ /o5a,a + *a3o *e /o)1e3a tan*7enih i-ena -e -e o/ti3a1ni/oi4(o!ni /o5a3 na*tao /o(e!o3 !i(i4iona1ne a+tono3i-e. Vatit 0e3o *e na o(+ te3+ 8a*ni-e +/o51a(1-+.

Sa6e$a"Sa! 0e3o *+3iati na;e /ona1a*8e o ne*a(;eno3 ti;t+ 4a inte3e!i-ani /oi4(o!. A8o o/*8)na-e!inia ni-e 8a/aiti(no o5ani9ena: $eorij'"i i'#ravna $ran'/erna .ijena je'$ &rani(ni $roa"#roizvodnje in$er%edijarno& #roizvoda na o#$i%ano% nivo! o!$#!$a (i$avo& #od!ze8a* A8o -e(ai-a)i1ni to;a8 -e!inie 8on*tantatan i 7i8*ni to;a8 o*ta-e ne/o3i-en-en o(o /a(i1o !a-e tan*7en+i-en+ -e!na8o (ai-a)i1no3 to;8+ /o -e!inii o/*8)ne !i(i4i-e. I/a8 a8o /i3-eni3 8a/aitetna

o5ani9en-a i ne 3oe *e /o*ti0i o+t/+t 8o-i )i 3a8*i3a1i4iao /o7it: tan*7ene i-ene )a4iane na5ani9no3 to;8+ ne0e o*i5+ati o/ti3a1ni o+t/+t te -e + o(o- *it+ai-i /ote)no !a o*o)1-e enta1ne+/a(e +*/o*ta(i o/ti3a1ne /oi4(o!ne /o5a3e 4a *(a8+ !i(i4i-+.

EFE0T COST-LBS TRANSFERNIH CIJENA

U*tano(i1i *3o !a a8o ne /o*to-e 8a/aitetna o5ani9en-a tan*7en+ i-en+ te)a /o*ta(iti /o(ai-a)i1no3 to;8+ /o -e!inii /oi4(o!n-e inte3e!i-ano5 /oi4(o!a a8o -e (ai-a)i1ni to;a88on*tantan /o -e!inii o+t/+ta. I/a8 i*tai(an-a To38in*a "#$


9/23

Pi3-e0+-e3o !a -e o/ti3a1ni ni(o o+t/+ta ## -e!inia te -e + to- to98i 5ani9ni to;a8o/*8)ne -e!inie -e!na8 neto 5ani9no3 /iho!+ /i-e3ne -e!inie. Pet/o*ta(i3o !a -e tan*7enai-ena /o*ta(1-ena /o (ai-a)i1no3 to;8+ /1+* &. To na3 !a-e tan*7en+ i-en+ o! =#. /i o(o-tan*7eno- i-eni /i-e3na !i(i4i-a 0e o5ani9iti *(o- o+t/+t na -e!inia te ne0e )iti /o*ti5n+to/ti3a1ni o+t/+t /o!+4e0a.

-ri"az 12*2 E7e8t tan*7enih i-ena )a4ian @o*t/1+* 3eto!i

Poi4(e!ene -e!inieVai-a)i1ni

"5ani9ni' to;a8"='

Poi4(e!ene -e!inie Neto 5ani9ni /iho! "='

# #& # 2&2 #& 2 #$< #& < #% #& #> #& > #66 #& 6 #>

#& #% #& % # ## 3>#2 #& #2 $

Pi3-eti3o !a tan*7ei 3oa-+ )iti /o*ta(1-eni /o *tan!a!no3 5ani9no3 to;8+: a ne*t(ano3 to;8+ /o;to 0e *e o(i3 /i*t+/o3 i4)-e0i /i-eno* )i1o 8a8(ih nee7i8a*no*ti o! o/*8)ne!i(i4i-e /e3a /i-e3no-. Ki1o 8a8(a a41i8a i43e,+ tan*7eianih i *t(anih to;8o(a )i 4na9i1a i1ine5ati(ne i1i /oe1-ne (ai-ante ;to )i /ota81o 3ana5ee o/*8)nih -e!inia !a 3ini3i4ia-+ (1a*tite

to;8o(e.

0ORI5TENJE LINEARNO; -RO;RA9IRANJA RADI ODREIVANJA O-TI9ALNIHTRANSFERNIH CIJENA

A8o o/*8)na -e!inia ne 3oe o*t(aiti o+t/+t 8o-i )i 3a8*i3a1i4iao /o7it te)a1a )i 8oi*titi1ineano /o5a3ian-e !a )i +*tano(i1a o/ti3a1ni /oi4(o!ni /o5a3. O(o3 te3o3 *3o *e )a(i1i +/o51a(1-+ 2 i /e/o+9a *e /ono(no 9itan-e to5 /o51a(1-a !a )i *e o*i5+a1o te3e1-ito a4+3i-e(an-e1ineano5 /o5a3ian-a /i-e !a1-n-e5 na/e!o(an-a. A8o (a3 ni-e /o4nato 1ineano /o5a3ian-e i1i*e 4a*a! ne e1ite 7o8+*iati na o!e,i(an-e o/ti3a1nih tan*7enih i-ena +4 /o*to-an-e 8a/aitetniho5ani9en-a te)a1i )i*te na*ta(iti + *1-e!e0i o!*-e9a8 o(o5 /o51a(1-a.

Po3oti3o *it+ai-+ + 8o-o- /o!+4e0e i3a !(i-e !i(i4i-e: o/*8)n+ i /i-e3n+ !i(i4i-+.

O/*8)na !i(i4i-a /oi4(o!i 2 inte3e!i-ana /oi4(o!a I#i I2. ne /o*to-i (an-*8o ti;te 4ainte3e!i-ani /oi4(o! I#: a I2*e 3oe /o!ati e8*teno. Pi-e3na !i(i4i-a /oi4(o!i !(a /oi4(o!a F#i F24a 8o-e te)a I#i I2. Po*to-e 8a/aitetna o5ani9en-a + o/*8)no- !i(i4i-i ta8(a !a o5ani9a(a-++8+/ni o+t/+t I#i I2. Pi/a!a-+0a in7o3ai-a o/*8)nih i /i-e3nih !i(i4i-a na1a4i *e + /i8a4+ 26..

-ri"az 12* Po!ai i4 o/*8)nih i /i-e3nih !i(i4i-a

O/*8)na !i(i4i-a Poi4(o! I# Poi4(o! I2Vai-a)i1ni to;a8 /o -e!inii "=' 2Po!a-na i-ena /o -e!inii na e8*teno3ti;t+ "='

2.>&

Do/ino* /o -e!inii "=' &.>&Ma8*i3a1na /oi4(o!n-a "-e!inie' %& &&& #2& &&&

$


10/23

Pi-e3na !i(i4i-a Poi4(o! F# Poi4(o! F2Vai-a)i1ni to;a8 /o o)a,eno- -e!inii +/i-e3no- !i(i4i-i "='

< 2

Po!a-ne i-ene "=' & #.&&Re1e(antni to;a8 "tan*7ena i-ena' >.>&


11/23

Tan*7e I# Tan*7e I2Po!a-a I2na

(an-*8o3 ti;t+"=' "=' "='

Tan*7ena i-ena e8*tena /o!a-na i-ena >.>& &Vai-a)i1ni to;a8 .&& 2.&& 2.&&Do/ino* #.>& #.&& &.>&

Mana5e o/*8)ne -e!inie 3oe 3a8*i3a1i4iati !i(i4iona1ne /o7ite 7o3+1ian-e3 3o!e1a 1ineano5/o5a3ian-a + 8o-e3 I#i I2/e!*ta(1-a-+ tan*7ee inte3e!i-ano5 /oi4(o!a: a I2e/e!*ta(1-ainte3e!i-ano5 /oi4(o!a I2na e8*teno3 ti;t+. Po)1e3 + 1ineano3 /o5a3ian-+ -e *1i-e!e0i

Maksmalizacija doprinosa = 1.50I1+ 1.00I2 + 0.5 I2e

Po +(-eto3 I1 %& &&& I2+ I2

e #2& &&&I1, I2, I2

e &

O/ti3a1no -e;en-e 4a o/*8)n+ !i(i4i-+ -e*t /oi4(o!n-a %& &&& -e!inia I#i #2& &&& I2/i 9e3+ *e9ita( o+t/+t tan*7eia /i-e3no- !i(i4i-i. To -e o/ti3a1no -e;en-e 4a 9ita(o /o!+4e0e i !a-e +8+/an!o/ino* o/*8)no- !i(i4i-i o! =2& &&& ;to -e -e!na8o +8+/no3 !/ino*+ i-e1o5 /o!+4e0a.

Po3oti3o 8a8o 0e 3ana5e /i-e3no5 o!-e1a ea5iati na /e!1oene tan*7ene i-ene o!=>.>& i =.>&' 22 " -e!inia /o =>.>&' 22

I2" -e!inie /o =


12/23

Sa!a 3oe3o /i3-eniti ani-e +t(,en+ /oe!++ !a !o)i-e3o tan*7en+ i-en+ o! = 4a I#"= (ai-a)i1no5 to;8a ? =& o/ot+nitetno5 to;8a' i = 4a I2"=2 (ai-a)i1no5 to;8a ? =#.>o/ot+nitetno5 to;8a'. Da81e 3ana5e o/*8)ne !i(i4i-e /i (ai-a)i1no3 to;8+ 0e e1-eti3a8*i3a1i4iati tan*7e I2a!i-e ne5o I#;to !ono*i =& !o/ino*a. Poa9+n !o/ino*a /oi4(o!a/i-e3ne !i(i4i-e /o8a4+-e !a 0e 3ana5e e1-eti 3a8*i3a1i4iati /oi4(o!n-+ F#te !a 0e )itiin!i7eentan /e3a F2. O(o ni-e + *+51*no*ti * o/ti3a1ni3 -e;en-e3 4a i-e1o /o!+4e0e. Sto5atan*7ene i-ene !o)i(ene i4 -e;en-a o(o5 1ineano5 /o5a3ian-a ni*+ n+na 5aani-a 3oti(ai-e3ana5ea 4a /o*ti4an-e o/ti3a1no5 ni(oa o+t/+ta.

Mo!e1 1ineano5 /o5a3ian-a i/a8 -e /ote)an !a )i *e o!e!io o/ti3a1ni /oi4(o!ni/o5a3 4a *(a8+ !i(i4i-+. O(a- /i*t+/ 0e !o(e*ti !o 5+)it8a !i(i4iona1ne a+tono3i-e -e -e a*/oe!/oi4(o!n-e o!e!i1a enta1na +/a(a. Po*to-e !o!atni /o)1e3i + /i3-eni 1ineano5 /o5a3ian-a 4ao!e,i(an-e tan*7enih i-enaG 4aintee*iani 4a o(+ te3+ te)a-+ *e /o4(ati na Mane*a "#$&' 4a!eta1-n+ !i*8+*i-+. Pi3-eti3o ta8o,e !a -e o!e,en )o- a+toa /e!1oio 3eto!e 4a na!i1aen-e/o)1e3a 8o-i na*ta-+ 8oi;ten-e3 o/ot+nitetnih to;8o(a 8ao )a4e 4a o!e,i(an-e tan*7enih i-ena"(i!i n/. To38in*: #$ do#rino'a za o#'"r+n! divizij!. Mana5e o/*8)ne !i(i4i-e3oe na51a*iti !a -e /oi4(o!n-a inte3e!i-ano5 /oi4(o!a e*eni-a1na 4a /o7it i-e1o5 /o!+4e0a te!a )i on te)ao !o)iti !io to5 /o7ita. Ia8o )i tan*7ena i-ena )a4iana na (ai-a)i1no3 to;8+ 3o51a)iti na-/i81a!ni-a 3eto!a 4a !ono;en-e o!1+8a: 3a1o -e (-eo-atno !a 0e o/*8)na !i(i4i-a )iti3oti(iana 4a tan*7e inte3e!i-anih /oi4(o!a /o (ai-a)i1no3 to;8+ a8o -e na to ne +/+ti enta1na

+/a(a. To 0e e4+1tiati 5+)it8o3 !i(i4iona1ne a+tono3i-e i i4(-e;ta-e3 o /e7o3ana3a 8o-i ne/o8a4+-e *t(an+ *1i8+ e8ono3*8ih !o/ino*a 8o-e -e o/*8)na !i(i4i-a na9ini1a 4a +8+/an /o7it/o!+4e0a.

Bon71i8t i43e,+ +t(,i(an-a tan*7ene i-ene 8o-a -e i*/a(na 4a !o)e o!1+8e +4 4a!a(n-e!i(i4iona1ne a+tono3i-e i *t(aan-e /ih(at1-i(e 3-ee /e7o3ani ta8o,e *e 3oe /i3-eniti na/i-e3n+ !i(i4i-+. N/. +t(!i1i *3o !a a8o o/*8)na !i(i4i-a ne3a !o(o1-no 8a/aiteta 4a i4(;a(an-e*(ih 4a!a0a: 1ineano /o5a3ian-e /e!1ae tan*7en+ i-en+ /i 8o-o- 0e o/*8)no- !i(i4i-i )iti!o!-e1-en +8+/an /o7ti /o!+4e0a. U o(o- *it+ai-i /i-e3na !i(i4i-a 0e 4aa!iti & !o/ino*a. O/et 0etan*7ena i-ena 4an9iti !i(i4ina1ne a+tono3i-e i i4(-e;ta- o /e7o3ana3a 8o-i ne e71e8tiae8ono3*8+ /e7o3an+ !i(i4i-e.

#2


13/23

RJE5AVANJE 0ONFLI0ATA ODREIVANJA TRANSFERNIH CIJENA

;rani(ni $roa" #!' /i"'na na"nadaR-e;en-e 8o-e -e /e!1oeno a8o -e ti;te 4a inte3e!i-ani /oi4(o! ne*a(;eno i1i ne/o*to-e0e: te a8oo/*8)na !i(i4i-a ne3a 8a/aitetna o5ani9en-a -e*t /o*ta(1-an-e *(ih tan*7ea /o 5ani9no3 to;8+ ina/1a0i(an-e 7i8*ne na8na!e /i-e3no- !i(i4i-i 4a /i(i1e5i-+ !o)i(an-a o(ih tan*7ea /o 5ani9no3to;8+. O(a- /i*t+/ *e /ona8a! o/i*+-e 8ao dvodijeni 'i'$e% $ran'/erno& odre)ivanja .ijena. O(i3*i*te3o3 /i-e3na !i(i4i-a *ti9e !o!atne -e!inie inte3e!i-ano5 /oi4(o!a /o 5ani9no3 to;8+/oi4(o!n-e. Sto5a 8a! ona i4-e!na9i *(o-e 5ani9ne to;8o(e * 5ani9ni3 /iho!i3a !a )i o!e!i1ao/ti3a1ni ni(o o+t/+ta 4a 3a8*i3a1i4ian-e /o7ita: 8oi*tit 0e o!5o(aa-+0i 5ani9ni to;a8 o/*8)ne!i(i4i-e. O/*8)na !i(i4i-a 3oe (atiti *(o-e 7i8*ne to;8o(e i /o7itiati na inte!i(i4iona1ni3tan*7ei3a /+te3 7i8*ne na8na!e 8o-a *e 4aa9+na(a /eio!i9no. Fi8*na na8ana!a te)a /o8iti !io7i8*nih to;8o(a i o3o5+0iti /o(at 8a/ita1a. N/. 3oe *e te3e1-iti na /oa9+n*8o3 8oi;ten-+/o*-e9no5 8a/aiteta o/*8)ne !i(i4i-e o! *tane /i-e3ne !i(i4i-e. Sto5a a8o /o-e!ina9na /i-e3na

!i(i4i-a /1ania 8oi*ti 2> /oa9+na 8a/aiteta o/*8)ne !i(i4i-e: !i(i4i-i 0e *e na/1atiti 2> 7i8*nihto;8o(a /1+* !o!atni i4no* !a *e 4a!o(o1-i 4aht-e(ani /o(at 8a/ita1a.Pe!no*t o(a8(o5 /i*t+/a -e !a 0e tan*7ei )iti i4(e!eni /o 5ani9no3 to;8+ o/*8)ne

!i(i4i-e i o)-e 0e !i(i4i-e 3o0i /i-a(iti /o7it o! inte!i(i4iona1no5 t5o(an-a. Na!a1-e: /i-e3ne!i(i4i-e /o*ta-+ *(i-e*ne /+no5 to;8a na)a(e inte3e!i-ano5 /oi4(o!a o! !+5ih !i(i4i-a.Ne!o*tata8 -e !a o/*8)ne !i(i4i-e ne3a-+ /otia-a taiti o/ti3a1ni ni(o o+t/+ta /o;to ne /o7itia-+na tan*a8i-a3a +n+ta /eio!a. Za i1+*tai-+ (ai-ai-a na(e!eno5 /i*t+/a + 8o-e3 *+ i45+)1-enana/1ata i inteni t5o(a98i /o/+*t /i!o!ani o/*8)no- !i(i4i-i /o51e!a- E33an+e1 i ee "#$%2'.

Dvojno odre)ivanje $ran'/ernih .ijenaD+5o -e;en-e 8o-e -e /e!1oeno 4a i4)-e5a(an-e *it+ai-e + 8o-o- -e 9ita( !o/ino* !o!-e1-en i1io/*8)no- i1i /i-e3no- !i(i4i-i -e 'hva8anje da ne #o'$oji #o$re+a za jedno% $ran'/erno% .ijeno%.

Po3ati3o /oa9+n*8e (ai-a)i1ne to;8o(e i /iho!e /e!*ta(1-ene + /i8a4+ 26.% 8o-i *e o!no*i nainte!i(i4iona1no t5o(an-e + o!no*+ na #&& &&& -e!inia inte3e!i-ano5 /oi4(o!a. Teoi-*8ii*/a(na tan*7ena i-ena /o*ta(1-a *e /o (ai-a)i1no3 to;8+ o! =2 /o -e!inii inte3e!i-ano5/oi4(o!a ;to 0e e4+1tiati n+1ti3 !o/ino*o3 o/*8)ne !i(i4i-e i +8+/ni3 !o/ino*o3 o! =2&& &&&o! inte!i(i4iona1no5 t5o(an-a !o!-e1-eni3 /i-e3no- !i(i4i-i.

-ri"az 12* Po-e8i-a /oa9+n*8ih to;8o(a i /iho!a /o!+4e0a

"=' "='Po!a-a 7ina1no5 /oi4(o!a #&& &&& -e!inia /o =#& # &&& &&&Vai-a)i1ni to;8o(i O/*8)na !i(i4i-a "#&& &&& /o =2' 2&& &&& Pi-e3na !i(i4i-a "#&& &&& /o =6' 6&& &&& %&& &&&U8+/ni !o/ino* o! inte!i(i4iona1ne t5o(ine 2&& &&&

D(o-no o!e,i(an-e tan*7enih i-ena 3oe *e i3/1e3entiati na/1a0i(an-e3 =2 (ai-a)i1no5 to;8a o!/i-e3ne !i(i4i-e i 8e!itian-e3 o/*8)ne !i(i4i-e i4no*o3 8o-i /e8oa9+-e (ai-a)i1ni to;a8. Da)i*3o /o-e!no*ta(i1i /et/o*ta(i3o !a *e a!i o *tan!a!no3 (ai-a)i1no3 to;8+ /1+* >&. A8o o!/i-e3ne !i(i4i-e na/1a0+-e3o *tan!a!ni (ai-a)i1ni to;a8 /o -e!inii 3ana5e 0e )iti /ota8n+t 4a!ono;en-e i*/a(nih o!1+8a 4a i-e1+ o5ani4ai-+. Pe7o3ana 3ana5ea o/*8)ne !i(i4i-e ta8o,e 0e)iti +na/i-e,ena !o*ta(1-an-e3 !o(o1-no !o)aa 4a 4aht-e(e /i-e3ne -e!inie -e 0e *(a8a !i(i4i-a )ititan*7eiana /o i-eni =< te 0e o*i5+ati !o/ino* * o)4io3 na +8+/ne 7i8*ne to;8o(e. Po3oti3o*a! *it+ai-+ + /i8a4+ 26.% 5!-e -e +8+/no tan*7eiano #&& &&& -e!inia. Re4+1tati 4a *(a8+ !i(i4i-+

)it 0e 8a8o *1i-e!i

#


14/23

O/*8)na !i(i4i-a "=' Pi-e3na !i(i4i-a "='Tan*7ei o/*8)no- !i(i4i-i /o=< "#&& &&& -e!inia /o =2 /1+*>&' ' +*ta-+ + o)an+ 3i;1-en-a !a !o5o(one tan*7ene i-ene 3o5+ /o3o0i + e-;a(an-+8on71i8ata i43e,+ o5ani4ai-*8ih /o!-e!inia. Oni /i5o(aa-+ -e 3ate3ati98i e1e5antna -e;en-a/o)1e3a tan*7eno5 o!e,i(an-a i-ena 3o5+ )iti 3an-e ne5o i!ea1na + )eha(ioa1ni3 te3ini3a -e-e !eenta1i4ai-a /ot(o(na + o/t3a1i4ai-i n+3ei98ih -e;en-a. Laene i Lo*h* "#$%6'i*ta+-+ !o8a4e 8o-i in!iia-+ !a *+ +*/-e;na /o!+4e0a + ne*i5+ni3 o8+en-i3a )i1a */o*o)na+9in8o(ito -e;iti inteo!-e1ne *+8o)e te -e na-(ani-i na9in -e;a(an-a o(o5 8on71i8ta )i1a 8on7otai-a"n/. /e5o(oi'. at*on i Ka+31e *to5a t(!e !a a8o -e o!5o(aa-+0i /oe* -e;a(an-a *+8o)a

/e5o(aan-e: tan*7ena i-ena te)a )iti ona !o)i(ena na ta- na9in. Ta8o,e 8a+ a8o -e o*t(ai(/ote)an *t+/an- !eenta1i4ai-e i /o*to-i /o)1e3 + /o*ti4an-+ a!e8(atne inte5ai-e i43e,+ !i(i4i-a:on!a -e -e!an inte5ati(ni a1at 8o-i -e na a*/o1a5an-+ *i*te3 !o5o(onih i-ena.

Po)1e3 3oe na*tati a8o *e !i(i4iona1ni 3ana5ei ne 3o5+ *1oiti o8o +4a-a3no4a!o(o1-a(a-+0e tan*7ene i-ene i1i a8o *e -e!na !i(i4i-a o!)i-a *1oiti * !+5o3. Centa1na +/a(a )ita!a te)a1a i-e;titi ne*/oa4+3 a1i -e /ote;8o0a + to3e ;to *e +8+/na o!5o(ono*t 4a !-e1o(an-e!i(i4i-e ne 3oe /i/i*ati 3ana5ei3a. O(o ne *a3o !a /oti9e )eha(ioa1ne /o)1e3e * o)4io3 na3oa1 i 3oti(ai-+: ne5o ta8o,e 4na9i !a 0e /i /o-eni !i(i4iona1nih /e7o3ani 3ana5ei )itio!o5o(oni 4a e4+1tate o!1+8a 8o-e ni*+ !oni-e1i. U8+/an e7e8t o4na9a(a *1o3 + !eenta1i4iano-/o7itno- o!5o(ono*ti te *e 8e0e /e3a enta1i4iano3 !ono;en-+ o!1+8a. I/a8 /o!;8a i+81-+9i(an-e (ho(no5 3ana53enta 3oa-+ )iti !o*t+/ni !a )i /o*e!o(a1i + *1+9a-no3 nea4i-e;i(o3*+8o)+ i1i !a )i inte(enia1i 8a! -e (i!1-i(o !a /oe* -en8an-a (o!i *+)o/ti3a1ni3 -e;en-i3a.

Vano -e /i3-etiti !a *+ !o5o(one tan*7ene i-ene ne/i81a!ne a8o /o*to-i *a(;eno ti;te4a inte3e!i-ani /oi4(o! -e *e + *it+ai-i *a(;eno5 ti;ta tan*7ene i-ene 3o5+ te3e1-iti na i-eni

#


15/23

8on8+entno5 ti;ta )e4 /ote)e !a *e 3ana5ei +81-+9e + /oe* /e5o(aan-a. U !+5o- 8a-no*ti a8one /o*to-i ti;te 4a inte3e!i-ani /oi4(o! 3a1o -e (-eo-atno !a *e 3ana5ei 3o5+ +81-+9iti +*3i*1ene /e5o(oe. Po*1-e!i9no: o/*8)ne i /i-e3ne !i(i4i-e ne3a-+ !+5e a1tenati(e o! 3e,+*o)ne8+/o(ine i /o!a-e i /oe* /e5o(aan-a 3oe 4a(;iti neea1i*ti9no3 tan*7eno3 i-eno3 )e4 o)4iana teoi-*8i i*/a(n+ tan*7en+ i-en+. O(o 3oe !o(e*ti !o !i(i4iona1no5 /o*1o(an-a i*/o!o/ti3a1nih ni(oa o+t/+ta.

Do5o(one tan*7ene i-ene *e *to5a na-/i81a!ni-e + *it+ai-a3a + 8o-i3a /o*to-i8on8+entno ti;te a1i /o*to-e o!e,ene ne*a(;eno*ti 8ao ;to *+ a41i9iti /o!a-ni to;8o(i /ie8*teni3 /o!a-a3a i tan*7ei3a i4e3e,+ /o!+4e0a. A8o ne /o*to-i ti;te 4a inte3e!i-ani/oi4(o! te -e (ai-a)i1ni to;a8 -e!na8 5ani9no3 to;8+: i*/a(na tan*7ena i-ena -e (ai-a)i1nito;a8. Ma1a -e (-eo-atno*t !a 0e 3ana5e o/*8)ne !i(i4i-e )iti */e3an /e5o(aati /o ta8(o- i-eni.I/a8 a8o *e /e5o(aa o /a+;a1no3 /1a0an-+ te *e tan*7ei o)a(1-a+ /o (ai-a)i1no3 to;8+inte3e!i-ano5 /oi4(o!a 3ana5ei )i te)a1i 3o0i /ona0i 4a!o(o1-a(a-+0e -e;en-e.

Do5o(one tan*7ene i-ene i3a-+ *1-e!e0a o5ani9en-a#. 3o5+ !o(e*ti !o /o!o/ti3a1nih o!1+8a2. 3o5+ !o(e*ti !o *+8o)a i43e,+ !i(i4i-a': a1ii/a8 /o*to-i o!e,eni !io a*/o!-e1e /o7ita i43e,+ !i(i4i-a.

Ut(!i1i *3o + na;o- a*/a(i !a -e /one8a! /i81a!no !a tan*7ene i-ene )+!+ )a4iane na(ai-a)i1ni3 to;8o(i3a. To i/a8 o4na9a(a !o!-e1+ +8+/no5 /o7ita /i-e3no- !i(i4i-i i 5+)ita8 -e!na87i8*ni3 to;8o(i3a !o!-e1-en o/*8)no- !i(i4i-i. A8o *e o(e !i(i4i-e na1a4e + a41i9iti3 !a(a3a/oe4ne 0e (1a*ti !a(e + 8o-o- *e na1a4i o/*8)na !i(i4i-a /o51a*iti tan*7en+ i-en+ ne/ih(at-i(o3)a4o3 4a /i-a(+ !i(i4iona1nih /o7ita. Ta8o,e a8o *+ /oe4ne *to/e + 4e31-i + 8o-o- !-e1+-e o/*8)na!i(i4i-a /+no nie ne5o + 4e31-i + 8o-o- !-e1+-e /i-e3na !i(i4i-a: 3oe )iti + intee*+ /o!+4e0a !a

/o3i-eni *(o- *i*te3 tan*7eno5 o!e,i(an-a i-ena !a )i /oa9+na1a /oe4ne /o7ite !a )i i4)-e51a!o!-e1-i(an-e (e0ine /o7ita /i-e3no- !i(i4i-i. Sto5a 0e tan*7ena i-ena )a4iana na (ai-a)i1no3to;8+ )iti /i81a!na 4a !ono;en-e o!1+8a: a1i ne/ih(at1-i(a 4a /oa9+na(an-e /oe4nih /o7ita. O(a-*e /o)1e3 3oe na!i0i 8oi;ten-e3 !(o!-e1no5 o!e,i(an-a tan*7enih i-ena. Tan*7ene i-eneta8o,e 3o5+ +t-eati na +(o4ne aine i /o(at !i(i!en!i. U(o4ne aine *e 3o5+ 3ini3a1i4iatitan*7eian-e3 /oi4(o!a /o ni*8i3 i-ena3a !i(i4i-i 1oiano- + 4e31-i * (i*o8i3 aina3a. Ne8e4e31-e ta8o,e o5ani9a(a-+ /o(at /oe4a i !ohot8a . Po(e0a(a-+0i tan*7ene i-ene !o)aatan*7eianih + !i(i4i-e 8o-e o/eia-+ * o(i3 o5ani9en-i3a: 3o5+0e -e /o(e0ati /o(at 7on!o(a )e4na+;a(an-a o5ani9en-a !i(i!en!i. Za !i*8+*i-+ o /o)1e3i3a 8o-i *e 3o5+ /o-a(iti i43e,+*+)*i!i-aa /i o!e,i(an-+ tan*7enih i-ena + 3+1tinaiona1ni3 8o3/ani-a3a /o51e!ati Kaett"#$'.

#>


16/23

-RE-ORB0E ,A ODREIVANJE TRANSFERNIH CIJENA

Ba!a /o*to-i 8on8+entno ti;te 4a inte3e!i-ani /oi4(o!: ti;na *e i-ena "3in+* *(e /i1a5o!)e8o-e o!aa(a-+ to;8o(e !o!atno5 /o!a(an-a: !i*ti)+i-e i na/1ate (an-*8i3 81i-enti3a' te)a8oi*titi 8ao tan*7ena i-ena. Ta3o 5!-e /o*to-i ne*a(;eno ti;te 4a inte3e!i-ani /oi4(o!:teoi-*8i i*/a(na tan*7ena -e i-ena: +4 /e/o*ta(8+ !a ne /o*to-e 8a/aitetna o5ani9en-a: 5ani9nito;a8 o/*8)ne !i(i4i-e na o/ti3a1no3 ni(o+ o+t/+ta. Da )i o!e!i1a t+ tan*7en+ i-en+ enta1na+/a(a 3oa /i8+/iti in7o3ai-e o /oi-ena3a to;8o(a i /iho!a /i a41i9iti3 ni(oi3a o+t/+ta 4a*(a8+ !i(i4i-+. A8o -e 5ani9ni to;a8 8on*tantan /i (e1i8o3 a*/on+ o+t/+ta: /a(i1o o!e,i(an-ateoi-*8i i*/a(ne tan*7ena i-ena (o!i 8a tan*7ei3a /i (ai-a)i1no3 to;8+ /o -e!inii o+t/+ta.Do!atno o/*8)ne i /i-e3ne !i(i4i-e te)a-+ /e5o(aati o /eio!i9no- 7i8*no- na8ana!i 8o-+ /i-e3na!i(i4i-a te)a /1atiti o/*8)no- 8a8o )i o/*8)na !i(i4i-a (ati1a /oa9+n*8e 7i8*ne to;8o(e io/ot+nitetni to;a8 in(e*tiano5 8a/ita1a. Do5o(oena 7i8*na na8ana!a te)a )iti )a4iana na8a/aitet+ o/*8)ne !i(i4i-e 8o-i /i-e3na !i(i4i-a /1ania /1an*8i 8oi*titi. A8o *e 7+n8i-a to;8o(a/o(e0a(a + 8oai3a /ote)no -e i3ati a*/oe!e to;8o(a i /iho!a *(a8e !i(i4i-e !a )i *e o!e!ioo/ti3a1ni ni(o o+t/+ta i 8oa8 8o-i -e /ote)no 8oi*titi 4a o!e,i(an-e 5ani9no5 to;8a.

A8o ne /o*to-i (an-*8o ti;te 4a inte3e!i-ani /oi4(o! te tan*7ei 9ine (e0i !io /o*1o(an-a

o/*8)ne !i(i4i-e: *tat+* !i(i4i-e te)a /o3i-eniti i4 /o7itno5 enta + to;8o(ni enta: a o+t/+t te)atan*7eiati /o *tan!a!no3 (ai-a)i1no3 to;8+. S !+5e *tane a8o tan*7eiani /oi4(o! /e!*ta(1-a*a3o 3a1i !io o+t/+ta o/*8)ne !i(i4i-e i /o*to-i (an-*8o ti;te 4a /eo*ta1i o+t/+t o/*8)na !i(i4i-a0e 3o0i o/a(!ati *(o-e /o*to-an-e 8ao /o7itni enta. So1o3on* "#$6%' !e7inia ti a41i9ite *it+ai-e +8o-i3a ne /o*to-i ti;te 4a inte3e!i-ani /oi4(o! te !a-e *1-e!e0e /e/o+8e.

3* Odvijaj! 'e $ran'/eri zna(ajnih izno'a ai oni ni'! ve8in'"i dio #o'ovanja o#'"r+nedivizijeU o(o3 *1+9a-+ o/*8)na !i(i4i-a ne o(i*i o /o*1i-e,i(an-+ !o)aa /i-e3no- !i(i4i-i !a )i o/a(!a1a*(o- *tat+* /o7itno5 enta: /a /et(o)a o/*8)ne !i(i4i-e i4 /o7itno5 etna + to;8o(ni ne !o1a4i +o)4i. So1o3on* /e!1ae !a *e tan*7ena i-ena /o -e!inii a9+na i4-e!na9a(an-e3 5ani9no5 to;8a/oi4(o!ne !i(i4i-e * neto 5ani9ni3 to;8o3 /i-e3ne !i(i4i-e. Do!atno: /i-e3na !i(i4i-a )i te)a1a

/1atiti o/*8)no- !i(i4i-i 5o!i;n-+ /a+;a1n+ *(ot+ 4a /i(i1e5i-+ tan*7eian-a /o 5ani9no3 to;8+.O(a i*/1ata t)a1a )i /o8iti !o/ino*e o! /oi4(o!n-e * o)4io3 na 7i8*ne to;8o(e i /o7it.E*eni-a1no -e !a o(a i*/1ata )+!e +t(,ena /e5o(oi3a na )a4i o9e8i(anih tan*7ea 8a8o )i *e/i-e3na !i(i4i-a o!no*i1a /e3a n-o- 8ao 7i8*ni3 to;8o(i3a.

1* Tran'/eri (ine ve8in'"i dio #o'ovanja o#'"r+ne divizije $e ona %o6e zadovoji$i 've%o&!8e zah$ijeveO(!-e So1o3on* /e!1ae !a o! !-e1+-e 8ao to;8o(ni enta: te *e tan*7ei /i-e3no- !i(i4i-i te)a-+/o *tan!a!no3 (ai-a)i1no3 to;8+ a8o -e -e!ini9ni (ai-a)i1ni to;a8 8on*tantan. A8o -e!ini9ni(ai-a)i1ni to;8o(i o/*8)no5 to;8o(no5 enta ni*+ o(i*ni o 8o1i9ini tan*7ea: enta1na +/a(ate)a inte(eniati. Pote)no -e +/oe!iti in7o3ai-e !o)i(ene o! to;8o(no5 enta o to;8o(i3a naa41i9iti3 ni(oi3a o+t/+ta: te in7o3ai-e !o)i(ene o! /i-e3ne !i(i4i-e o n-iho(i3 4aht-e(i3a /ia41i9iti3 tan*7eni3 i-ena3a. Tan*7ena i-ena *e ta!a o!e,+-e /e3a /on+!i i /otan-i.

I/a8 a8o *e tan*7ei )a4ia-+ na (ai-a)i1no3 to;8+ /o7itna /e7o3ana /i-e3ne !i(i4i-e)iti 0e /e+(e1i9ana -e ona ne0e no*iti niti -e!an !io 7i8*nih to;8o(a to;8o(no5 enta. So1o3on*4ato /e/o+9a !a *e 7i8*ni to;8o(i to;8o(no5 enta na/1a0+-+ 8ao /eio!i9ni to;a8 oni3!i(i4i-a3a 8o-e 8oi*te n-e5o(e /oi4(o!e. O(a na8ana!a te)a )iti +na/i-e! o!e,ena * o)4io3 na/o/oi-e 8a/aiteta to;8o(no5 enta na3i-en-eno5 4a *(a8+ /i-e3n+ !i(i4i-+. O(a /e/o+8a4na9i !a 0e *(a8a /i-e3na !i(i4i-a o*t(aiti in8e3enta1ni to;a8 4a *(o-e o!1+8e o o+t/+t+ ta8oo*i5+a(a-+0i !ono;en-e @4!a(ih o!1+8a. Na!a1-e: /i-e3na !i(i4i-a /o*ta-e *(i-e*na /+no5 to;8ana)a(1-an-a inte3e!i-ano5 /oi4(o!a o! o/*8)ne !i(i4i-e.

?* O#'"r+na divizija ne%a #o$re+an "a#a.i$e$ za izvravanje 'vih zah$ijeva

U o(o3 *1+9a-+ na-)o1-+ a1o8ai-+ o*8+!nih e*+*a ne 3o5+ i4(;iti *a3e o/*8)na i1i /i-e3na!i(i4i-a te -e /ote)na inte(eni-a enta1ne +/a(e i 8oi;ten-e 3eto!a 1ineano5 /o5a3ian-a !a )i

#6


17/23

*e +t(!io o/ti3a1ni /oi4(o!ni /1an. Ba!a -e +t(,en o/ti3a1ni /oi4(o!ni /1an o/*8)n+ !i(i4i-+te)a +/+titi !a !o*ta(1-a */ei7iiane 8o1i9ine inte3e!i-ano5 /oi4(o!a /i-e3no- !i(i4i-i. Too4na9a(a /o3-en+ *tat+*a to;8o(ne !i(i4i-e + o/*8)ni enta.

Ia/8 o*ta-e /o)1e3 tan*7ene i-ene 8o-+ 4a tan*7ee /i-e3na !i(i4i-a te)a /1aitito;8o(no3 ent+. So1o3on* 8ae !a ne3a a41o5a +!a1-iti *e o! 3eto!a + /etho!no- *it+ai-i 8a!ani*+ )i1a +81-+9ena 8a/aitetna o5ani9en-a. Sto5a *e tan*7ene i-ene te)a-+ )a4iati na (ai-a)i1no3to;8+ /o -e!inii na o!e,eno3 ni(o+ o+t/+ta +4 /oa9+n*8e 7i8*ne to;8o(e !o!-e1-ene 8ao/eio!i9ne to;8o(e !i(i4i-a3a 8o-e /e+4i3a-+ tan*7eiane /oi4(o!e.

-RE;LED -RA0SE B -ODB,EI9A

Pi8a4 26.$ *+3ia e4+1tate ;e*t i*tai(an-a o 3eto!a3a o!e,i(an-a tan*7enih i-ena 8o-e 8oi*tea3ei98e i )itan*8e 8o3/ani-e. P(e *e ti 8o1one + /e51e!+ 26.$ o!no*e na )itan*8e an8ete: a4a!n-e ti *e o!no*e na one /o!+4ete + SAD+. Vi!i *e !a /i)1ino & /o!+4e0a 8oi*ti ne8+ (*t+ti;ne i-ene: 2& 8oi*ti !o5o(one tan*7ene i-ene te !a i43e,+ & n-ih te3e1-e *(o-etan*7ene i-ene na to;8+. Pi)1ino >& /o!+4e0a 8o-e *+ +*(o-i1e 3eto!e +te3e1-ene na to;8+8oi*te *tan!a!ne to;8o(e !a )i i4a9+na1e tan*7ene i-ene. Tan*7ene i-ene 8o-e *e te3e1-e na

(ai-a)i1no3 to;8+ ni*+ + /a8*i + ;io8o- +/oa)i. N/. ana1i4a D+ya i o*ta1ih "#$$2' /ona1a4i !a-e *a3o 6 /o!+4e0a + i*tai(an-+ o!e!i1o i-ene inte!i(i4iona1nih tan*7ea /o (ai-a)i1no3to;8+. Pona1a*i e3/ii-*8ih i*tai(an-a in!iia-+ !a /o!+4e0a *+o9ena * -a8o 8on8+entni3ti;ti3a intene!i-anih !o)aa tee 8oi;ten-+ ti;nih i-ena 8ao tan*7enih te a8o *+ ti;tainte3e!i-anih !o)aa ne*a(;ena inte!i(i4iona1ni3 /e5o(oi3a *e +t(,+-+ tan*7ene i-ene i1i *e8oi*te a4ne @o*t/1+* 3eto!e.

-ri"az 12*Tan*7ene i-ene + /a8*i

Manhe*teK+*ine**Shoo1

To38in* E33an+e1Mo*ta7a i

!.Vani1

Tan5 i!.

"#$' "#$ # < 6 > P+ni @o*t/1+* #2 #2 #6 #O*ta1e te3e1-ene na to;8+ #Do5o(one 2# #$ 2 22 #%O*ta1o < 6 2

3>> 3>> 3>> 3>> 3>> 3>>

S(e+9i1i;na 1iteat+a i/a8 /oa84+-e !a @o*t/1+* tan*7ene i-ene 8at8oo9no !o(o!e !o/o!o/ti3a1nih ni(oa o+t/+ta. U3-e*to to5a /e/o+9+-e *e a8o ti;te inte3e!i-anih !o)a ni-e8on8+entno tan*7ee te)a /o*ta(iti /o 5ani9no3 to;8+. Vai-a)i1ni to;a8 a9+no(o,a *e o)i9no8oi*ti 8ao na!o3-e*ta8 4a 5ani9ni to;a8. I/a8 e3/ii-*8i !o8a4 in!iia !a tan*7ene i-ene /o

#


18/23

5ani9no3(ai-a)i1no3 to;8+ ne3a-+ ;i+ /i3-en+ + /a8*i. ini *e !a /o*to-e /o)1e3i8on(etian-a teoi-e + /a8*+.

Mo5+0i a41o5 4a o(+ ne8on4i*teni-+ -e 4aht-e( e8ono3*8e teoi-e !a enta1na +/a(ana3aene tan*7ene i-ene. To /o5a,a + *a3o *e !i(i4iona1ne a+tono3i-e. U3-e*to to5a !i(i4iona1ni3ana5ei /e5o(aa-+ o @o*t /1+* tan*7eni3 i-ena3a. Ba/1an i At8in*on "#$%$' a*/a(1-a-+ 4a;to*e 8oi*ti /+ni to;a8 4a tan*7ene i-ene. Oni 8a+ !a *e *e i-ena )a4iana na /+no3 to;8+ 3oe8oi*titi 8ao na!o3i-e*ta8 4a !+5oo9ni 5ani9ni to;a8 /o!+4e0a 8o-e /oi4(o!i /oi4(o!. I*ti9+ 8a8o;e7o(i (-e+-+: )e4 o)4ia na 8at8oo9ne to;8o(e: !a /oi4(o!ne o!1+8e e71e8tia-+ !+5oo9neo)(e4e te *to5a te)a-+ )iti )a4iane na !+5oo9ni3 to;8o(i3a 8o-i +81-+9+-+ 8o3/onente 7i8*nihto;8o(a. To38in* i MA+1ay "#$$2' 8a+ !a tan*7eno o!e,i(an-e i-ena i4na! (ai-a)i1no5 to;8a3oe )iti /i1i9no 8on4i*tentno *a o!e,i(an-e3 i-ena /o e8ono3*8o3 5ani9no3 to;8+. Oni t(!e

Pa8*a o!e,i(an-a tan*7enih i-ena i4na! (ai-a)i1no5 to;8a 3oe )iti 8on4i*tentna *ao!e,i(an-e3 i-ena /o e8ono3*8o3 5ani9no3 to;8+. O9ita ne8on4i*tenii-a 3oe na*tati8oi;ten-e3 a9+no(o!*t(eno5 (ai-a)i1no5 to;8a 8ao na!o3-e*t8a 4a *t(ani 5ani9ni to;a8.U o9ito3 /i3-e+: e8ono3i*t )i /i5o(oio !a 5ani9ni to;a8 +81-+9+-e !o!atni t+! i 4no-+4o8o(an /o(e0an-e3 /oi4(o!n-e. a9+no(o,a +4i3a to + o)4i 8o4 a3oti4ai-+ 8o-a -e5oto(o +(i-e8 tetiana 8ao 7i8*ni to;a8. Da81e: 7i8*na i-ena 8o-a +81-+9+-e a/*o/i-+ 7i8*nih

to;8o(a 3o51a )i )iti )o1-a a/o8*i3ai-a *t(ano5 5ani9no5 to;8a ne5o ;to -e (ai-a)i1nito;a8. I*ti a5+3ent *e 3oe /i3-eniti na o*ta1e to;8o(e. A8o *+ ne8i ti/o(i to;8o(a n/.to;8o(i o*ni(an-a +81-+9eni +n+ta 7i8*nih to;8o(a i ni*+ i*/a(no /a0eni + n-iho(o-+4o9no- tan*8i-i: (ai-a)i1ni to;a8 *e + a9+n+ /ot-en-+-+ a8o -e ta tan*a8i-a /o(atna7+n8i-a ni(oa o+t/+ta ia8o ni-e + +o)i9a-eno3 /o/oiona1no3 o!no*+. Da81e: /i*t+//ot/+ne a1o8ai-e to;8o(a 3o5ao )i )iti )o1-a a/o8*i3ai-a *t(ano5 5ani9no5 to;8a.Naa(no )i1o )i )o1-e to9ni-e +t(!iti /io!+ *(ih to;8o(nih 7+n8i-a i /o(e4ati ih * n-iho(i3*/ei7i9ni3 tan*a8i-a3a te o!at1e * /o3-ena3a + ni(oi3a o+t/+ta. Ta- *e a5+3ent +4i3a4a o)a9+n )a4ian na a8ti(no*ti3a. Ta (*ta a5+3enta na(e1a -e Ba/1ana i At8in*ona "#$%$'!a +t(!e !a o)a9+n )a4ian na a8ti(no*ti3a 8o-i )i /+io *-e!in+-+0i 8one/t 4ao3o5+0a(an-e 8on7o3iteta i43e,+ /a8ti9no5 *i*te3a /+no5 to;8a i /a8ti9ne e8ono3*8eteoi-e.

To38in* "#$$&' -e ta8o,e /o3otio !o 8o-e 3-ee *e @o*t/1+* tan*7ene i-ene )a4iane na*i*te3+ /+no5 to;8a +!a1-a(a-+ o! 8at8oo9ne 3a8*i3a1i4ai-e /o7ita. Po8a4ao -e !a /o!+4e0eo!e,eni3 +(-eti3a @o*t/1+* tan*7ei ne 3o5+ /e(i;e o!3a8n+ti o! 8at8oo9ne 3a8*i3a1i4ai-e/o7ita. To38in* -e ta8o,e /o8a4ao !a a8o ne /o*to-e +(-eti 4a 8oi;ten-e @o*t/1+* i-ena:8o3)inai-a *i*te3a @o*t/1+* i-ena *a !(o!-e1ni3 *i*te3o3 o!e,i(an-a i-ena 3oe /on+!iti-e;en-e /o)1e3a o!e,i(an-a i-ena + )i1o 8o-e3 /o!+4e0+ +4 ne/o*to-e0e i1i ne*a(;eno ti;te 4ainte3e!i-ano !o)o. Za !eta1-ni o/i* o(o5 /i*t+/a (i!-eti To38in* "#$$&'.

-i$anja za 'a%o#ro.ijen!Te)a1i )i *te /o8+;ati o!5o(oiti na o(o /itan-e /i-e /o(-ee /e!1oeno5 o!5o(aa 8o-i *e na1a4i na*tania3a %6%6%. A8o -e ne8i !io (a;e5 o!5o(oa neto9an /o(-eite /a1-i(o !a 1i a4+3i-ete 5!-e*te /o5i-e;i1i.

Po!+4e0e i3a !(i-e !i(i4i-e. J+na !i(i4i-a /oi4(o!i inte3e!i-ani /oi4(o! 4a 8o-e ne/o*to-i inte3e!i-ano ti;te. S-e(ena !i(i4i-a o)1i8+-e ta- /oi4(o! + 7ina1ni 8o-i on!a /o!a-e. Je!na-e!inia inte3e!i-ani /oi4(o! 8oi*ti *e + /oi4(o!n-i 7ina1no5 /oi4(o!a. O9e8i(ane -e!inie7ina1no5 /oi4(o!a 4a 8o-e *-e(ena !i(i4i-a /et/o*ta(1-a !a 3oe /o!ati /o a41i9iti3 i-ena3ai4no*e 8a8o *1i-e!i

Neto /o!a-na i-ena Po!a-ne 8o1i9ine"=' "-e!inie'#&& #&&&$& 2&&&%& &&&>& 6&&&

#%


19/23

To;8o(i *(a8e !i(i4i-e *+ 8a8o *1i-e!i

J+na S-e(ena"=' "='

Vai-a)i1ni to;a8 /o -e!inii ## Fi8*)i to;a8 /o -e!inii 6& &&& $& &&&

Tan*7ena i-ena -e = 4a inte3e!i-ani /oi4(o! i o!e,ena -e na )a4i /+no5 to;8a. Pote)no -ea' /i/e3iti /o7itne /oa9+ne 4a *(a8+ !i(i4i-+ i /o!+4e0e /i a41i9iti3 /o!a-ni3 i-ena3a)' o)-a*niti 8o-a /o!a-na i-ena 3a8*i3a1i4ia /o7it *-e(eene !i(i4i-e i 9ita(o5 /o!+4e0a i

8o3entia-te 4a;to *-e(ena !i(i4i-a ne0e /ih(atiti 4a!n-+ i-en+' o!e!ite 8o-a 0e /o1iti8a o!e,i(an-a tan*7enih i-ena 3a8*i3a1i4iati /o7it !i(i4iona1no

o5ani4iano5 /o!+4e0a

SA4ETA0Do)a *i*te3 o!e,i(an-a tan*7enih i-ena te)a /o*ti0i o!e,ene i1-e(e

#. te)a 3oti(iati !i(i4iona1no5 3ana5ea 4a @4!a(e o!1+8e2. te)a o3o5+0iti na*tana8 i4(-e;ta-a o !i(i4iona1ni3 /o7iti3a 8o-i -e a4+3na 3-ea

3ana5e*8ih /e7o3ani + !i(i4i-i


20/23

0j!(ni #oj%ovi i "on.e#$iDeenta1i4ai-a !(o-ni *+*ta( o!e,i(an-a tan*7enih i-ena 7ina1ni /oi4(o!i inte3e!i-ani/oi4(o!i !o5o(one tan*7ene i-ene neto 5ani9ni /iho! "NP' *a(;eno 8on8+entno ti;te

DODATA0 12*3E0ONO9S0A ANALI,A ODREIVANJA TRANSFERNIH CIJENA

Te;8o -e a*/a(1-ati o e8ono3*8o- ana1i4i o!e,i(an-a tan*7enih i-ena + 9i*to (e)a1ni3 te3ini3a)e4 o!e,eno5 5+)it8a 8+to*ti. Da )i *e na!i;1a o(a te;8o0a ne8o1i8o teoi-*8ih 3o!e1a o!e,i(an-atan*7enih i-ena /i3-en-i(ih + a41i9iti3 *it+ai-a3a /e!*ta(1-eno -e + !i-a5a3*8o3 o)1i8+ o(o3!o!at8+. Oni *+ )a4iani na /ini/i3a 8o-i *+ /(i /i3-eni1i i*h1ei7e "#$>6' i o+1! "#$6'. Ra!i-e!no*ta(no*ti /et/o*ta(1-a3o !a *e /o!+4e0e *a*to-i o! *a3o !(i-e !i(i4i-e o/*8)ne i /i-e3ne!i(i4i-e. Teoi-*8i i*/a(na tan*7ena i-ena 8o-a 0e /ota8n+ti !i(i4i-e na /o*ti4an-e o/ti3a1no5o+t/+ta 4a 9ita(o /o!+4e0e: !o8 !-e1+-+ + na-)o1-e3 (1*tito3 intee*+ /e!*ta(1-ena -e + *1-e!e0o-ana1i4i.

Savreno vanj'"o $r6i$e za in$er%edijarni #roizvod

U na;o- /etho!no- !i*8+*i-i + 51a(no3 !i-e1+ /o51a(1-a +*tano(i1i *3o !a a8o /o*to-i *a(;eno ti;te4a inte3e!i-ani /oi4(o!: i*/a(na tan*7ena i-ena -e i-ena na inte3e!i-ano3 (an-*8o3 ti;t+.S1+9a- /e!*ta(1-en 5a7o3 26A.#.

Ci-ena na (an-*8o3 ti;t+ 4a inte3e!i-ani /oi4(o! -e &P i /o;to *e /et/o*ta(1-a !a -e(an-*8o ti;te 4a inte3e!i-ani /oi4(o! *a(;eno: 5ani9ni /iho! 4a inte3e!i-ani /oi4(o! "PO'-e 8on*tantan i /e!*ta(1-en hoi4onta1no3 1ini-o3 PE. NP 1ini-a /e!*ta(1-a neto 5ani9ni /iho!/i-e3ne !i(i4i-e i *a*to-i *e o! 5ani9no5 /iho!a /i-e3ne !i(i4i-e "PP' +3an-eno3 4a 5ani9nito;a8 8on(e4i-e "TP': a1i i*81-+9+-e tan*7ena i-ena /1a0en+ o/*8)no- !i(i4i-i.

Tan*7ena i-ena 0e )iti -e!na8a ti;no- i-eni inte3e!i-ano5 /oi4(o!a na *a(;eno3(an-*8o3 ti;t+ na 1ini-i &P. Po o(o- tan*7eno- i-eni /i-e3na !i(i4i-a 0e 4ahti-e(ati 8o1i9in+ &W #"t+-e NP -e!na8 tan*7eno- i-eni' te ne0e )iti (ano !o)i-a 1i o)+ o! o/*8)ne !i(i4i-e i1i * (an-*8o5ti;ta. O/*8)no- !i(i4i-i ta8o,e ne0e )iti (ano /o!a-e 1i o(+ 8o1i9in+ /i-e3no- !i(i4i-i i1i na

(an-*8o3 ti;t+. I/a8 o/*8)na !i(i4i-a 0e e1-eti /o!ati +8+/n+ 8o1i9in+ o! &W2te 0e /o!ati!o!atn+ 8o1i9in+ W#W2e8*teno a8o /o!a &W#inteno "+8+/na 8o1i9ina &W2-e ona /i 8o-o- -e5ani9ni to;a8 o/*8)ne !i(i4i-e TO-e!na8 *(o3 5ani9no3 /iho!+ PO'. Pi3-eti3o !a -ea*/oe! NP 4a 9ita(o /o!+4e0e KCDE: a na-/o7ita)i1ni-i o+t/+t -e + *-ei;t+ * 5ani9ni3 to;8o3/o!+4e0a + to98i D. To 4ahti-e(a o+t/+t o! &W2;to -e i!enti9no 8o1i9ini 8o-+ -e /oi4(e1a o/*8)na!i(i4i-a.

Tan*7ena i-ena &P 8o-a -e -e!na8a ti;no- i-eni inte3e!i-ano5 /oi4(o!a 4na9i !a 0e!i(i4i-e /o*ti0i o/ti3a1ni o+t/+t /o!+4e0a /i 9e3+ 3o5+ 3e,+*o)no /o*1o(ati 8a8o 5o! e1e.

;ra/i"on 12A*3 Sa(;eno e8*teno ti;te 4a inte3e!i-ani /oi4(o!

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Savreno $r6i$e za in$er%edijarni #roizvod i #ri'!'$vo #rodajnih $ro"ovao+1! "#$' a43ata *it+ai-+ 5!-e + /o!+4e0+ na*ta-+ tan*/otni i /o!a-ni to;8o(i 4)o5 8o-ih3oe na*tati a41i8a i43e,+ neto i-ene !o)i(ene 4a e8*ten+ /o!a-+ inte3e!i-ano5 /oi4(o!a ii-ene /o 8o-o- -e /oi4(o! 8+/1-en na (an-*8o3 ti;t+. Ta8o,e a8o -e inte3e!i-ani /oi4(o!tan*7eian inteno 3o5+ *e i4)-e0i ne8i /o!a-ni to;8o(i. Po!+4e0e ti3 o8o1no*ti3a 3o!a ne0e )iti3o5+0e /o*ti0i o/ti3a1n+ /oi4(o!n+ /o1iti8+ a8o *e !i(i4i-a3a !o4(o1i 3e,+*o)no i5noian-e4aht-e(a 4a tan*7e inte3e!i-anih /oi4(o!a.

S1i8a 26A.2 *a!i in7o3ai-+ i!enti9n+ 8ao i *1i8a 26A.# * ti3 !a -e 1ini-a ti;ne i-ene4a3i-en-ena * !(i-e 1ini-e 8+/o(no3 i-eno3 i /o!a-no3 i-eno3. S1i8a 26A.2a /e!*ta(1-a*it+ai-+ + 8o-o- *e 1ini-e NP i TO/e*i-ea-+ i*/o! neto /o!a-ne i-ene inte3e!i-ano5 /oi4(o!a.Vi!-et 0e3o !a -e -e7tini-e !a /o!+4e0e /oi4(o!i inte3e!i-ani /oi4(o! inteno ta8o !+5o !o8 -e5ani9ni to;a8 o/*8)ne !i(i4i-e TOi*/o! 8+/o(ne i-ene inte3e!i-ano5 /oi4(o!a na (an-*8o3ti;t+. I*/o! K -e -e7tini-e 8+/o(ati inte3e!i-ani /oi4(o! na (an-*8o3 ti;t+. Ta8o -e 5ani9nito;a8 9ita(o5 /o!+4e0a /i8a4an * FKC.

Do8 5o! /o!+4e0e 3oe o*t(ai(ati (e0i 5ani9ni /iho! 8on(e4i-o3 inte3e!i-ano5/oi4(o!a + 7ina1ni /oi4(o! te)a1o )i to i 9initi. O(a *e *it+ai-a /i3-en-+-e !o8 5o! 1ini-a NP 1eii4na! neto /o!a-ne i-ene inte3e!i-ano5 /oi4(o!a. To -e /e!*ta(1-eno *e53ento3 AD 1ini-e !a-+0i

o+t/+t &W#7ina1no5 /oi4(o!a 4a /o!a-+ na (an-*8o3 ti;t+ 7ina1nih /oi4(o!a. Do!atni o+t/+tinte3e!i-ano5 /oi4(o!a na8on &W#3oe *e /o7ita)i1no /o!ati na (an-*8i3 ti;ti3aG ta8o 0e +o(o3 *1+9a-+ W#W2inte3e!i-ano5 /oi4(o!a )iti /o!ano na (an-*8o3 ti;t+ /o i-eni &PO. E7e8to(o5a -e ta- !a 0e /o!+4e0e i3ati a*/oe! NP /e3a 1ini-i ADE: a /o;to ona /e*i-ea 7+n8i-+5ani9no5 to;8a inte3e!i-ano5 /oi4(o!a FKC !ie8tno i4na! W2o/ti3a1ni ni(o o+t/+ta 4a 9ita(o/o!+4e0e -e &W2.

Pi o/ti3a1no3 ni(o+ o+t/+ta o! &W2o/*8)na !i(i4i-a 0e /o*1i-e!iti &W#/i-e3no- !i(i4i-i4a o)a!+ i /o!a-+ na ti;t+ 7ina1nih /oi4(o!a. Do!atno: W#W2inte3e!i-ano5 /oi4(o!a )it 0e/o!ano e8*teno. Intena tan*7ena i-ena &PO"5!-e 1ini-a NP ADE /e*i-ea 1ini-+ T FKC' 0e/ota8n+ti o/ti3a1no /ona;an-e !i(i4i-a * ti3 !a *e o/*8)n+ !i(i4i-+ +/+ti !a /o*1i-e!i /i-e3no-!i(i4i-i *a( o+t/+t 8o-a ona 4ahti-e(a /o tan*7eno- i-eni &PO. Ra41o5 4a o(a- 4aht-e( -e*t !a 0eo/*8)na !i(i4i-a to9no o!e!iti o/ti3a1ni ni(o o+t/+ta &W2"5!-e -e 5ani9ni to;a8 *i-e9e *(o-

5ani9ni /iho! ;to -e /i8a4ano tan*7eno3 i-eno3 PODE': a1i 0e )iti in!i7eentna /e3a /o!a-i/i-e3no- !i(i4i-i i1i (an-*8o3 ti;t+. Pi-e3na !i(i4i-a /a8 e1i 8+/iti n-en+ +8+/n+ 4a1ih+ &W#. to -e+ na-)o1-e3 intee*+ /o!+4e0a te ne0e )iti +t-ea-a na /o7it o/*8)ne !i(i4i-e a8o ona /o*1i-e!i &W#/i-e3no- !i(i4i-i /o i-eni &PO. S o)4io3 !a 0e /i-e3no- !i(i4i-i )iti in!i7eentna 8o3e /o*1i-e,+-einte3e!i-ani /oi4(o! /ote)no -e !o!atno /a(i1o 8o-e )i -e nat-ea1o !a 4a!o(o1-i 4aht-e(e /i-e3ne!i(i4i-e 8a8o )i *e o*i5+a1a o/ti3a1no*t 9ita(o5 /o!+4e0a.

Na *1ii 26A.2) 1ini-e NP i TO*i-e8+ *e i4na! 8+/o(ne i-ene inte3e!i-ano5 /oi4(o!a.Poe!+a o!e,i(an-a o/ti3a1no5 ni(oa o+t/+ta o*ta-e i*ta. NP a*/oe! 4a 9ita(o /o!+4e0e -eACEF i 5ani9ni to;a8 o/*8)e /oi4(o!a -e KD. O(e !(i-e 1ini-e *i-e8+ *e + to98i C !a-+0io/ti3a1ni o+t/+t /o!+4e0a &W2. O/ti3a1na tan*7ena i-ena na1a4i *e + to98i na (eti8a1no- o*i 5!-e *e*i-e8+ o(e !(i-e 1ini-e. I*/a(na tan*7ena i-ena -e *to5a &PK. Pi o(o- i-eni /i-e3na !i(i4i-a 0eta8o,e e1-eti /o4(e*ti o/ti3a1ni o+t/+t /o!+4e0a &W2"5!-e NP 1ini-a ACE *i-e9e 5ani9ni to;a8

/i8a4an 1ini-o3 tan*7ene i-ene PKCD': a1i 0e )iti in!i7eentna * o)4io3 na to 8+/+-e 1i o! o/*8)ne!i(i4i-e i1i * (an-*8o5 ti;ta. O/*8)na !i(i4i-a 0e e1-eti /oi4(e*ti &W#4a /o!a-+ /i-e3no- !i(i4i-i/o tan*7eno- i-eni &PKi to 0e )iti + na-)o1-e3 intee*+ /o!+4e0a -e -e 5ani9ni to;a8 /oi4(o!n-enii o! e8*tene 8+/o(ne i-ene. K+!+0i !a -e /i-e3na !i(i4i-a in!i7eentna * o)4io3 na to 8+/+-e 1iinte3e!i-ani /oi4(o! o! o/*8)ne !i(i4i-e i1i * (an-*8o5 ti;ta te)a -e +/+titi !a 8+/+-e o!o/*8)ne !i(i4i-e 8o1i9in+ 8o-+ -e */e3na /o!ati /o tan*7eno- i-eni &PK. To 0e )iti 8o1i9ina &W#ita!a 0e /i-e3na !i(i4i-a na)a(iti !o!atne 4a1ihe "n/. W#W2' na (an-*8o3 ti;t+.

Na *1ii 26A.2 NP i TO*e *i-e8+ i43e,+ 8+/o(ne i /o!a-ne i-ene inte3e!i-ano5/oi4(o!a. O(!-e *e NP i 5ani9ni to;a8 o/*8)e *i-e8+ + to98i F !a-+0i o/ti3a1ni o+t/+t 4a 9ita(o/o!+4e0e &W. Tan*7ena i-ena o!e,ena -e to98o3 na (eti8a1no- o*i 5!-e *e *i-e8+ o(e !(i-e 1ini-e.To9na tan*7ena i-ena -e 4ato &P. Pi o(o- i-eni ne3a /ote)e 4a !o!atni3 in*t+8i-a3a o/*8)no-i1i /i-e3no- !i(i4i-i /o;to 0e *(a8a !i(i4i-a /e7eiati inteno /o*1o(an-e te *e /o!a-a i 8+/n-a ne0eo)a(1-ati na (an-*8o3 inte3e!i-ano3 ti;t+.

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;ra/i"on 12A*1 Sa(;eno e8*teno ti;te 4a inte3e!i-ani /oi4(o!

Ne#o'$oje8e $r6i$e za in$er%edijarni #roizvod i 'avreno $r6i$e za &o$ov #roizvodO(a *it+ai-a -e i1+*tiana *1i8o3 26A.


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Na ne*a(;eno3 ti;t+ 8o1i9ina inte3e!i-ano5 /oi4(o!a /o!ano5 e8*teno 0e +t-eati na ti;n+i-en+ i 5ani9ni /iho! 4a /o!a-+ inte3e!i-ano5 /oi4(o!a "PO' 0e *e *a3n-i(ati 8a8o o+t/+t a*te*1i8a 26A.. ani9ni to;a8 i 5ani9ni /iho! i-e1o5 /o!+4e0a /e!*ta(1-eni *+ *a TOi PO? NP.Po*1-e!n-i /e!*ta(1-a 5ani9ni /iho! o/*8)ne !i(i4i-e /1+* neto 5ani9ni /iho! /i-e3ne !i(i4i-e.O/ti3a1ni o+t/+t 4a 9ita(o /o!+4e0e *to5a 0e *e /o-a(iti 8a!a *e TOi PO? NP *i-e8+G t-. na ni(o+&W

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