The practice of gambling in 2018
Series of articles from “The Practice of Gambling” by Anchidim Zagrean, Rombet Vice-President
As a result of the fact that the special regulation of the gambling in Romania allows the exploitation of the gambles, in common or not, between one organizer and one or several economic operators or natural persons between whom there is a contract executed in the conditions of the law, the most practical form of exploitation of the gables is represented by the joint venture.
This type of contract, according to the legal provisions, comprises binding elements and then conventional clauses between the parties:
– the awarding to one or several persons a participation to the benefits and losses of one or several operations undertaken;
– the contract proves itself only in writing;
– cannot become a legal person and cannot represent in front of third parties a distinct person from the person of the associates;
– the third party has no right with regard to the association and binds only before the associate with whom he had contracted;
– the associates remain the owners of the goods put at the disposal of the association;
– may agree that the goods brought into the association, as well as those obtained after their use, become common property;
– the goods put at the disposal of the association may pass, totally or partially, in the property of one of the associates for the fulfillment of the object of the association, in the conditions agreed by the contract and by observing the formalities of publicity provided by the law;
– the associates may stipulate the regalement of the goods in kind, at the termination of the association;
– the associates, even acting on the account of the association, contract and bind on their own behalf towards third parties but are held jointly by the acts concluded by any of them;
– the associates exercise all the rights deriving from the contracts concluded by any of them but the third party is held exclusively towards the associate with whom he/she has contracted, unless the latter declared his quality at the time of conclusion of the act;
– any provision from the association contract limiting the liability of the associates towards third parties is non-opposable to them;
– any provision establishing a minimum guaranteed level of benefits for one or more associates is considered unwritten;
– the convention of the parties determines the shape of the contract, the extent and the conditions of the association, as well as the conditions of its dissolution and liquidation.
In order to organizing and managing the accountability as well as for the application of the appropriate fiscal treatment for joint ventures without legal personality, there must be taken into consideration the fact that:
– the joint ventures do not give birth to a new separate taxable entity;
– in an association, between two or more Romanian legal persons, the incomes and the expenses registered are assigned to each associate, according to the provisions of the association contract;
– the incomes and the expenses, determined by the venture operations, based on cost claim to each associate, according to the applicable accounting regulations, are taken into consideration for the determination of the taxable profit of each associate;
– the justification documents afferent to the venture operations are those having stood at the basis of the registration in the accounting evidence by the person designated by the associates, according to the contract of association;
– the company holding the evidence of the joint venture holds the evidence and elaborates verification balances different from those corresponding to their own activity;
– the tangible and intangible assets, put at the disposal of the venture, are comprised in the accounting evidence of the one owning them;
– the incomes and the expenses determined by the operations of the joint venture are accounted for distinctly by one of the associates, according to the provisions of the contract of association;
– at the end of the reporting period, the incomes and the expenses registered are transmitted based on cost claim, to each associate, in view of recording them in their own accountability;
– on the balance date, the goods afferent to the stocks, claims, liquid assets as well as debts of the joint venture, are registered in the annual financial situations of the associate managing the evidence of the venture.
The accounting evidence of the cost claims from the operations in participation, for the activity of the joint ventures, is kept with the help of the account 458 “Expense accounts from operations in participation “, respectively for discounting the expenses and the incomes made from operations in participation, as well as off the amounts transferred between co-participants.
The account 458 “Expense accounts from operations in participation “ is a bi-functional account;
1.In the credit of the account 458 “ Expense accounts from operations in participation “ there are recorded:
– the income obtained from the operations in participation transferred to co-participants, according to the contract of association (701 la 781);
– the expenses received by transfer from operations in participation, including the amortization calculated by the owner of the immobilization (601 to 681);
– the amounts received from the co-participants (512, 531).
2. In the debt of the account 458 “Expense accounts from operations in participation “ there are recorded:
– the incomes received by transfer from operations in participation (701 la 781);
– the expenses transferred from the operations in participation, including the amortization calculated by the owner of the immobilization, which is transmitted to the co-participant keeping the evidence of the operations in participation according to the contracts (601 to 681);
– the amounts paid to the co-participants or transferred as a result of the operations in participation (512, 531).
3. The credit balance of the account represents the amounts due to the co-participants as favorable result (profit) from the venture operations, as well as the amounts due by the co-participants for covering the potential losses registered from the venture operations.
4. The debtor balance of the account represents the amounts to receive from the co-participants for covering the potential losses registered from the venture operations, as well as the amounts to be received by the co-participants from the venture operations as favourable result (profit).
We’ll return with other opinions, in our next edition of the magazine…