Finance News by Forvis Mazars Romania July 2024

Tue | 30.07.2024

Accounting/audit/tax

Forvis Mazars shakes up professional services industry with its new $5 billion global network

Two leading professional services firms, Mazars, an international partnership operating in over 100 countries and territories, and FORVIS, a top ranked firm in the United States, launched their new global network, Forvis Mazars.

Forvis Mazars, a top 10 global network, is the largest new entrant into the global rankings in decades. As a two-firm network, Forvis Mazars is unique in the market and provides the agility, capacity and coverage to support clients wherever in the world they operate. This move brings increased choice in the market, serving the public interest.

Global Network Board:

Hervé Hélias will serve as the first Chair of the Global Network Board. Hélias will also continue to serve his ongoing mandate as Chairman of the Group Executive Board of Forvis Mazars Group, SC (formerly Mazars Group). Matt Snow, Chairman of Forvis Mazars, LLP (formerly FORVIS, LLP) will serve as Vice Chair of the Global Network Board.
In the United States, Tom Watson will continue to serve as CEO of Forvis Mazars, LLP (formerly FORVIS, LLP) and will also sit on the Network Board. Rob Pruitt, Fran Randall and Tim York from Forvis Mazars, LLP will sit on the Global Network Board.
David Chaudat, Pascal Jauffret, Véronique Ryckaert and Phil Verity from Forvis Mazars Group will sit on the Global Network Board.

Read more info HERE.

Forvis Mazars' 2024 CEE Tax Guide highlights key taxation trends

Forvis Mazars released its latest CEE Tax Guide 2024, providing comprehensive insights into the tax systems of 22 European and 3 Central Asian countries.

The CEE Tax Guide 2024 aims to help businesses stay up to date on tax trends, as staying informed about tax regimes is crucial to navigating the ever-changing European tax landscape. The report offers guidance to investors exploring market opportunities in these regions by analysing trends in tax burdens, wages, and inflation.

Main conclusions:

The global minimum tax introduces a new standard for multinational taxation;
Digitalisation in tax systems is enhancing transparency and compliance globally;
Significant disparities in tax rates and competitiveness indicators across the CEE region.

Read more info HERE.

The talent revolution: companies are no longer just competing for talent; they are competing to retain it, shows a Forvis Mazars’ analysis

The new world of work, as we called it after 2020, has dramatically evolved. Employees are no longer satisfied with mere job security and a paycheck. They seek meaningful work, flexibility, and a supportive work environment.

Recent findings shed light on the strategic priorities of business leaders for the next 3-5 years. Forvis Mazars’ survey revealed that one of the biggest strategic priorities for Romanian C-suites is implementing a new or revised talent attraction/retention strategy (33%). This shows that leaders are aware that they need to change something in their approach, and in the new talent economy, developing and retaining skilled employees is not just a matter of competitive advantage, but a necessity for organisational resilience and growth.

Main conclusions:

In Romania, talent shortage in the market is the biggest recruitment challenge;
77.77% of Romanian C-suites agree that an organisation's reputation is paramount in attracting talented employees;
Reskilling and upskilling are crucial competitive advantages in the new talent economy.

Read more info HERE.

Voluntary transfer pricing adjustments in Romania, by Forvis Mazars

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.

Forvis Mazars’ tax experts prepared a material on the voluntary (compensating) transfer pricing adjustments made by taxpayers.

Read more info HERE.

CEE Tax & Payroll Newsletter, by Forvis Mazars

The CEE Tax & Payroll Newsletter aims to share Forvis Mazars’ latest news on tax, labour, and payroll legislation in the Central and Eastern Europe region, with the scope of helping you to prepare for the changes that could lie ahead in the following countries: Austria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia, and Ukraine.

Insights to guide you through today’s evolving regional tax, labour, and payroll landscape:

CEE Tax Guide 2024 highlights key taxation trends by Dr. Dániel H. Nagy LL.M, Partner, Head of Tax and Legal Services, Forvis Mazars in Hungary;
Wages, pensions, and employee benefits in the CEE region. A look into Croatia, the Czech Republic, and Romania by Forvis Mazars’ joint regional team of payroll experts in Central & Eastern Europe.

Read more info HERE.

This article is provided by our Finance Partner, Forvis Mazars Romania.

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