Accounting and Tax Compliance services

in Romania

Accounting and Tax Compliance services in Romania

As the world becomes increasingly regulated, the pressure on your finance department grows. How do you ensure your compliance requirements are in hand? What risk management strategies do you have in place?

Accounting

Everyone’s accounting needs are different; that’s the very nature of business. But regulatory requirements are immovable. We work with every company individually to provide a flexible and scalable solution that suits individual needs.

In Romania, TMF Group can help you with:

Statutory bookkeeping: Maintaining your books and records in accordance with local rules and directives, and preparing and filing all required reports and specifications, e.g. the annual financial statements and the annual report to regulatory bodies. The bookkeeping can be maintained using our accounting software or yours, from our office or at your premises, as per your preferences and requirements.

International management reporting: Tailored to your individual requirements in terms of formatting, currency, language, frequency and accounting standards (including IFRS/IAS, US GAAP, UK GAAP, and any other GAAP).

Consolidated reporting: Monthly, quarterly and yearly assistance in preparing output accounting reports and accounting reconciliation, including the reconciliation between statutory and (company or group) management reports.

Specific projects: Reorganising accounting systems, assisting with the implementation (localisation) of accounting software packages and establishing accounting control procedures.

Administrative support: Assistance with the preparation of your payment orders, the issuing of your customers’ invoices and the archiving of your accounting documentation, as well as with the preparation of statistical reports required by the local statistical office.

Tax compliance

For companies doing business across borders, tax is fast becoming one of the single largest compliance burdens and expense items. Hard-pressed governments across the world see raising tax rates, or increased audits and administrative requirements to trigger fines and interest penalties, as a key component of supporting their revenue bases. Add to that the lack of harmonisation between jurisdictions and the burden can quickly seem overwhelming.

Our specialist tax professionals around the world are expert at managing both direct (corporate income tax) and indirect (VAT, GST, sales taxes, IPT) tax compliance.

When it comes to taxation, the reporting requirements can be a burden which can take your focus away from your core business. Talk to us about your needs, and let TMF Group take care of the hassle for you.

Our Romanian office can provide you with the following tax compliance services:

  • Registration with tax authority
  • Assistance with tax calculations and settlements with the tax authorities
  • Preparation and submission of tax declarations
  • Managing filings and payments through local bank accounts
  • Handling queries from the authorities, including managing tax audits
  • Handling basic questions, notices or assessments from the tax offices
  • Assistance during tax audits

Major taxes applicable to legal entities established in Romania:

  • Corporate income tax: Working alongside our Accounting and Reporting teams, our corporate income tax (CIT) experts are able to ensure that our clients’ direct tax reporting obligations are fully met.
  • VAT: Once registered, companies are required to submit periodic filings (monthly or quarterly) and make regular VAT payments. Each country has highly detailed requirements, enforced by tough penalties and interest charges for infringement. We are on top of the rules and can help your business stay fully compliant, while removing anxieties over potential delays of - or penalties for - your VAT returns. If your business incurs foreign VAT, you may be able to recover some or all of it. Offering an efficient and secure service, our extensive office network can process and repay VAT reclaims rapidly, helping to improve cash flow.
  • EC Sales List: Sales to EU customers outside of a company's home state may have to be reported on the EC Sales List (ECSL). Typically filed on a monthly basis (although this varies around the EU), the ECSL details the customers' name, local VAT registration number and the value of the taxable supplies. Reporting thresholds for each EU country vary.
  • Real estate tax and real estate transfer tax: The tax on buildings applies to owners of real estate located in Romania and varies based on the area occupied.

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