You may read each article below.
On 2 December 2024, Regulation 2952/2024 was published in the Official Journal of the European Union, establishing the template and electronic reporting format for the submission of information in income tax reports -Public Country-by-Country Reporting (Public CbCR).
In this article, we will focus on exploring the ways climate change is impacting the world of business and finance and how we can address the requirement for a “robust climate risk and vulnerability assessment” as stated in the EU Green Taxonomy (Regulation EU 2020/852).
We are pleased to share our updated guide on doing business in Romania. Whether you are considering entering the Romanian market or already running a business here, this comprehensive resource offers clear, practical information to support your business decisions.
We are taking this opportunity to inform you of the new legislative provisions allowing the waiver of ancillary tax liabilities related to principal tax liabilities with due dates up to and including 31 August 2024.
14 August 2024 Mergers and Acquisitions (M&A) in Romania have become an increasingly dynamic sector, reflecting the country's evolving economic landscape and integration into the global markets.
Forvis Mazars is proud to continue its sponsorship of the BVB Arena, the flagship program of the Bucharest Stock Exchange (BVB) for Romanian companies.
27 June 2024 The obligation to respect the arm's length principle in transactions between related parties is set out in Article 19 of the Fiscal Code. Recently, the number of tax audits in the transfer pricing area has increased significantly. Companies that continue to experience losses or low profitability are still at high risk in a transfer pricing audit.
Choosing the business scope is one of the most important strategic decisions an entrepreneur has to make when starting a new business. It defines the scope and area of operations of the future company, setting the framework for the products, services and markets it will address. Therefore, the right choice of scope can have a significant effect on the success and longevity of your business.
The first quarter does not bring much news on IFRS. However, several clarifications have been made by the International Accounting Standards Board (IASB) regarding ongoing discussions.
A comprehensive guide for emerging tech enterprises, detailing essential steps for establishing a profitable business and providing expert guidance on navigating the growth path.
Every employee in Romania encounters several fundamental terms while working, including gross and net salary. These two elements have a significant influence on individual income, so it is essential to understand the basic concepts of what they are and how they can be calculated. By knowing this useful information, employees will be able to understand more easily and correctly how their work is rewarded...
Mazars in CEE ranks #3 by number of successful M&A deals advised and #5 by disclosed M&A deal value according to ‘Mergermarket Accountant League Table 2023’
18 January 2024
24 November 2023
31 October 2023 Globalisation and the rapid growth of international trade, facilitated in recent years by the digital revolution, has brought complex regulatory and tax issues to the forefront of every multinational organisation’s agenda. In the wake of media scrutiny and international projects led by the Organisation of Economic Cooperation and Development (OECD), transfer pricing has remained an...
26 October 2023 In the mining industry, Base Erosion and Profit Shifting (BEPS) represents a challenging concept to identify and, implicitly, eliminate due to the limited capabilities of tax authorities in developing countries rich in natural resources.
12 October 2023 On 4 October 2023, a draft law was published concerning the global minimum level of taxation for multinational groups and large-scale domestic groups operating in Romania.
6 September 2023 Digitalisation has become a crucial factor for modern businesses. In the rapidly advancing technological landscape, the integration of digital strategies has shifted from a novelty to an essential demand.
5 September 2023 In an economic context marked by the consequences of the COVID-19 pandemic, discussions regarding the necessity of increasing budget revenues in Romania have become omnipresent, even despite the economic growth in 2022 that exceeded the European average. In addition, the social problems generated by last year's inflationary environment, which persist to this day, make it difficult...
16 August 2023 The Country by Country Report is on a journey from being a fiscal authority filing cabinet filler, to public reporting and a core component of Pillar 2 – Globe with many countries taking slightly different approaches.
31 July 2023 On 1 February 2023, the Organisation for Economic Co-operation and Development (‘OECD’) published the Manual on the Handling of Multilateral Mutual Agreement Procedures and Advance Pricing Arrangements (‘the Manual’).
We are pleased to present our comprehensive guide, 'Doing Business in Romania'. This resource has been meticulously crafted to provide a detailed overview of the Romanian market, offering insights into the process of establishing a business, understanding the taxation system, labour laws, accounting regulations, and audit requirements.
3 July 2023 Connecting the dots: the EU’s Corporate Sustainability Reporting Directive, CO2 footprint, and packaging management
28 June 2023 The increasing pressures generated by the globalisation process, together with the economic context of the last years, have had a negative impact on the cash flow of companies, by widening the time gap that ties up the availability of money in various forms of lending. In general, maintaining the cash flow is a key factor to the success of any company, so given the current complex environment,...
21 June 2023 1. Scope of OECD and EU tax reform Action 1 of OECD’s BEPS Action Reports from 2015 outlined the difficulties generated by the digitalisation of the economy from a tax perspective.
4 April 2023 In 2021, the growing interest and support for increased tax transparency, coupled with a heightened public interest regarding this matter, have urged the European Union (EU) to accelerate the implementation of the Public Country-by-Country Reporting (Public CbCR), through the (EU) Directive 2021/2101.
A global workforce presents challenges that require expert HR knowledge and specialised processes. HR & payroll legislation is a highly complex area. With rules and policies so often in flux, processing HR & payroll in-house is often costly and inefficient.
8 February 2023 With the first month of the year already passed, and while anticipating the imminent sustainability reporting requirements, one of the most important 2023 resolutions for C-suite leaders refers to ensuring that their business becomes more “future-proof” through integrating sustainability into their core operations.
6 February 2023 The past year has not brought many changes when it comes to IFRS, but through this newsletter, we want to offer you an overview of the new texts applicable on 31 December 2022 and ESMA's recommendations, to help you close this financial year.
20 companies listed on the Bucharest Stock Exchange received maximum scores for investor communication, out of 120 companies evaluated
For the seventh year running, Mazars is ranked fifth by Mergermarket for the number of successful M&A Transaction Services projects advised in 2022 according to the Accountant League Table for Central & Eastern Europe.
Over the past decade, but especially in the last two years, the entire business environment was challenged with meeting the demands of many brisk legislative changes and increased audits. And, as the digital wave has become stronger, the adoption of new technologies in the tax function has also gained further momentum.
25 May 2022 In recent years, the number of tax audits focused on direct taxes and transfer pricing has become significant and 2022 brings a surge in this regard.
The Romanian entrepreneurs, partners and supporters, as well as employees of Romanian companies, can nominate until May 31, a company to be included in the Made in Romania program. Nominations can be submitted on www.investingromania.com, a platform that continues to offer 24/7 the possibility of directly connecting entrepreneurs with investors and consultants, as well as with other entrepreneurs.
We are taking this opportunity to inform you of the legislative provisions included in the Emergency Ordinance no. 153/2020, which allows taxpayers to benefit from discounts between 2% and 15%, depending on the net asset position as reflected in the annual financial statements.
We live in a world where we want to have access to the most recent information, from anywhere and at any time. Data security standards and legislation are also becoming increasingly important. That is why we created Signals, our digital collaboration platform to collaborate with our clients.
For the sixth year running, Mazars is ranked fifth by Mergermarket for the number of successful M&A Transaction Services projects advised in 2021 according to the Accountant League Table for Central & Eastern Europe.
8 March 2022
14 December 2021
The OECD has long attempted to create a harmonized playing field for transfer pricing documentation, although countries have only recently started to apply a more consistent approach based on the recommendations provided.
This year, the European Union (EU) will make another step towards the definitive VAT system, a measure based on the VAT Action Plan, published by the EU Commission in 2017. Starting with 1 July 2021, important VAT and customs changes will be introduced for e-commerce, therefore, these amendments are long awaited.
Over the last few years, in-depth tax analysis and political debates were triggered by the need to maintain a balance between supporting the development of the global digital economy, while maintaining a fair and largely accepted model of allocating the taxing rights between states for the revenues that were generated worldwide by such global digital economy.
This year has started with a relatively stable IFRS framework in which to prepare the financial statements for this financial year, given the limited number and scope of the standards that came into force on 1 January.
Recent developments in transfer pricing documentation requirements should prompt MNCs to reassess management of cross border tax compliance.
2020 was a busy year from a fiscal perspective, mainly driven by the ongoing COVID-19 pandemic. We know that news is coming in fast, from every direction, and we are trying to support everyone that is going through an intense period regarding their business goals.
According to a Gartner survey made in March 2020, 74% of CFOs expect to shift some employees to remote work permanently. This is a big change even if we talk about some employees in 74% of the companies from the markets. It is a change on multiple layers that may impact positively the happiness level in those companies if managed properly....
The Romanian Ministry of Finance has recently published a proposal for a legislative amendment related to electronic communication by means of the “Virtual Private Space” service <SPV – Spatiul Virtual Privat>.
Romania is a country where many citizens intend to open a business in the near future in order to make a decent profit that will allow them to lead a comfortable life.
Entering the business world as an entrepreneur or self-employed person is an important step for those who have long dreamed of professional independence and even for those who want to make financial use of their ideas or innovations. This is where the decision to set up your own company and take your professional destiny into your own hands comes in.
A basic element of the economy and a cost of human capital, payroll is one of the most important aspects of an organisation's work, whatever its nature.
Setting up and running a business requires proper information on how to manage it as well as possible from an accounting point of view. In this respect the balance sheet of the company is an essential aspect that can help on the road to success.
Many entrepreneurs who choose to enter the business world, setting up a small or medium-sized company, often run into difficult situations due to the complex legislation and the many bureaucratic obligations they have to fulfill in order to operate legally.
Risk is an element encountered in all situations of life, governing in most circumstances the decisions that people make, so that they do not turn into real problems.
In commercial relations and, in particular, in the area of activity of a commercial entity, legal relationships between participants in economic life give rise to obligations that, once assumed, must be fulfilled in accordance with the contracts concluded. In all these operations, and especially in the fulfilment of contractual obligations, the relationship between the assets and liabilities of the...
The employment relationship between employer and employee is governed by Romanian legislation in force and by the conclusion of a document between the two parties, known as an individual employment contract. This document, signed at the start of employment, contains a number of valuable details, including the duration of the employment relationship between the employee and employer. In most cases,...
The Labour Code includes among its provisions the possibility to obtain some facilities for employees. One of the most commonly used such benefits is to obtain sick leave for a variable period, during which time they can take care of their health by dealing with medical conditions or looking after minor children.
The employment relationship between employers and employees is based on an agreement known as an individual employment contract. This document contains provisions on the identity of the two parties, the work performed and the payment received in return. Romanian legislation provides for the possibility of concluding two types of contracts of this type, namely open-ended and fixed-term contracts.
Labour relations between employers and employees are based on specific legislation, which provides a framework conducive to the proper conduct of economic activities and the physical and mental well-being of employees. One way of achieving a work-life balance is to allow employees to take time off from work to take time off for rest or personal projects. Among the types of leave that can be obtained...
The right to work is provided for in the Constitution of Romania and cannot be restricted. Each person is free to choose their profession or trade, as well as the place where they work. The relations between employee and employer are based on an extremely important document, called an individual employment contract. This includes basic regulations, accepted by both contracting parties, and is concluded...
Accounting is one of the most important activities in a business. It can be done by an accountant in a small business or by an entire finance department in a large organisation. Accounting manages the financial statements resulting from all the transactions of a business during an accounting period and can include several actions such as analysing and reporting them to supervisors or other regulatory...
The tax system is complex and companies are required to monitor the legislation closely to be compliant. Income tax is collected by the government and is based on taxable income after the expenses have been deducted. The profit tax rates vary greatly depending on the country, and in Romania, the taxation also depends on the classification of the company. Profit tax is very important, contributing...
Business management is not a task that can be done haphazardly, with business decisions backed up by complex numbers and principles that provide guidance for making the right decisions.
Statistics show that a significant number of Romanians want to develop a business, be their own boss and in this way obtain enough income to lead a comfortable life. The legislation of the Romanian state offers them several solutions for the establishment of businesses, among which the PFA type (authorized natural person) stands out. This option is recommended for entrepreneurs at the beginning of...
Accounting activities are of particular importance in any economic field, both in terms of legislative compliance and in terms of the support they provide to decision-makers in choosing the right path for different entities. Within the general accounting activity, the inventory of assets, a mandatory accounting exercise for a number of companies that must be carried out at least once a year, stands...
The activity of managing the accounts of an economic entity requires, through the specific legislation that governs it, checks on the rigour and accuracy with which current records have been made. These checks, which must be carried out internally as part of an entity's accounting activity, thus have a dual role. Firstly, it is to ensure that the basic principle of double-recording of economic transactions...
A collaboration agreement is a legal agreement between two or more parties that establishes terms and conditions to cooperate for a specific purpose or project. This type of contract is used in various fields and industries, from the creative and artistic sector to business and consulting. Once you understand what such a contract entails, you will have the opportunity to opt for it, developing yourself...
Financial analysis of a company is an essential activity for the smooth running of the business, as it can be used to determine whether management decisions are the right ones and whether rapid intervention is needed to eliminate existing risks.
Sustainability is a concept that means satisfying one's own needs, without compromising the ability of future generations to use the resources available to society today.
Economic activities involve hard work, but they also have a long-awaited reward in the form of profit sharing with the owners.
As is well known, a state's taxation is based on taxes and duties which, together with the tax mechanisms that designate the methods and techniques for imposing them, are laid down by organic laws or lower-ranking regulatory acts such as government decisions or emergency ordinances.
In any company, regardless of its size, there are certain obligations and rules that must be respected in order to operate legally and run smoothly.
Tax regulation is extremely complex, with entrepreneurs having to deal with a myriad of situations, otherwise they can suffer a number of significant legal and financial problems.
Inflation is an economic phenomenon that all countries face at some point. It is caused by rising prices of goods and services and a fall in the purchasing power of the national currency.
Entrepreneurs who want to start a business need to choose the type of company at the outset, as this will have far-reaching consequences for the way their business is run, the financial resources they need and the administrative obligations.
Today's economic environment is a dynamic one, often marked by various uncertainties, so it is imperative for any company to be able to make the right decisions for its future, with all the necessary information at hand, including those related to insolvency. This word is certainly a scary one for any entrepreneur, but it is considered a reality of the modern market.
Accounting is an essential area in any economic activity, as it is an ideal way of analysing financial success, but also of accurately establishing debts to the state or to business partners.
Bankruptcy is one of those situations that none of the parties involved wants, but it can be the perfect solution in a difficult case. A legal process that allows relief from debt (in part or in full), bankruptcy may be the only way to pay debts and restore the financial situation of the company and/or investors.
We invite you to read interviews with our specialists on various trends.
We invite you to read about the people behind successful businesses and insights into organisational culture.
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