Finance News by Mazars Romania July 2023

Tue | 01.08.2023

Accounting/audit/tax

Doing business guide - unlock investment opportunities in Romania, by Mazars

Mazars is pleased to present their comprehensive guide, 'Doing Business in Romania', which 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.

Whether you're planning to invest in Romania or already own a business here, Mazars’ guide will equip you with the knowledge to navigate the Romanian business landscape with confidence. Stay ahead of the curve by understanding the local business environment, legal requirements, and cultural nuances that can impact your business operations.

Download the publication below, and let it be your ultimate roadmap to achieving your business goals in this dynamic market.

Read more info HERE.

Navigating New Norms: Mazars Releases its 2023 Tax Guide for Europe

Mazars released the eleventh edition of the CEE tax guide, a comprehensive guide to current tax trends and regulations in 25 European and Central Asian countries. The publication, which has grown from covering 15 countries in 2013 to 25 in 2023, delves into a broad spectrum of tax issues, focusing on corporate income taxation, transfer pricing, employment, and VAT or similar taxes.

Mazars' analysis of regional taxation trends in 2023 reveals significant shifts in key areas. While minimum and average wages are experiencing an upward trajectory, the region is witnessing the conclusion of a period marked by reductions in wage-related taxes and social contributions. The European Union's concerted efforts against harmful tax competition have led to the impending incorporation of the global minimum tax into national legislation by year-end. Furthermore, the adoption of digital technology is revolutionising value-added tax collection efficiency across the region. Additionally, transfer pricing rules have become intrinsic components of the tax systems in nearly all Central and Eastern European markets, as highlighted in the 2023 Tax Guide.

Mazars’ tax team prepared a material, which has the following main conclusions:

The global minimum tax must be incorporated into the Romanian legislation by the end of the year.
CEE countries exhibit varied corporate profit taxation, with average tax rates between 15 and 20 percent.
The adoption of digital technology has allowed countries with high standard VAT rates to ensure compliance and streamline their tax processes.

Read more info HERE.

Romania reconsiders its Public Country-by-Country Reporting legislation and aligns it with the EU Directive, by Mazars

Since 1 September 2022, Romania became the first EU country to transpose the (EU) Directive 2021/2101 on Public Country-by-Country Reporting (Public CbCR) into domestic law, through Order no. 2048.

Nearly one year after the initial implementation, the Romanian legislation has been aligned with the provisions of Directive (EU) 2021/2101, in the sense that Romanian medium-sized and large subsidiaries which are controlled by multinational groups with an ultimate parent entity based in the EU are no longer subject to Public CbCR obligations in Romania. In other words, the publication obligation only lies with the EU parent entity.

Mazars’ tax team prepared a material, which you can read below.

„Tax transparency has become the foundation of public trust in the fairness of tax systems. Aiming at enhancing public transparency and countering harmful tax practices, Public CbCR will run in parallel with the non-public CbCR obligations, which means companies will continue to file group tax information to local tax authorities.”, mentioned Edwin Warmerdam, Partner, Head of Tax, Mazars in Romania.

Read more info HERE.

The EU’s Corporate Sustainability Reporting Directive, CO2 footprint, and packaging management, by Mazars

As we witness the effects of climate change and environmental degradation, it is imperative for companies to step up and take responsibility for their actions. This means measuring and reducing their carbon footprint, implementing sustainable packaging strategies, and integrating the ESG factors.

Mazars’ experts prepared a material, from where you can find out more information about the importance of CSRD, CO2 footprint, and packaging management.

Read more info HERE.

CEE Tax & Payroll Newsletter, by Mazars

The CEE Tax & Payroll Newsletter aims on sharing Mazars’ latest news on tax, labour, and payroll legislation in Central and Eastern Europe, 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, Slovakia, Slovenia, and Ukraine.

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

Navigating new norms: tax trends and regulations in Europe for 2023 by Dániel H. Nagy, Partner, Head of Tax and Legal Services, Mazars, Hungary.
More than a payroll market trend, digitisation continues to shape the way we work, how we get paid for it, and everything in between by Hanna Andziak, Senior Manager of Innovation and Optimisation Department, Mazars, Poland, and Ton Meesters, Partner, Outsourcing and Payroll, Mazars, Netherlands.

Read more info HERE.

This article is provided by our Finance Partner, MAZARS Romania

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