Romania

Details

  • Type: Video
  • Date: 1/17/2014
  • Length: 01:32 Minutes

Perspectives on Taxation - January 2014 Conference 

Steering out of the “crisis mode”

 

Dragos Doros, Tax Director, KPMG Romania, considers that 2014 could be a year when more and more companies would steer to get out of the “crisis mode” and implement new strategies for growth and development in the newly established economical environment. Fiscal legislation and not only, can be an instrument that is pushing the process forward. The holding legislation (long awaited) is now about to be implemented.

Romania is sending a welcoming signal to investors in order to locate their structures in our country and furthermore, to attract their businesses, to have more companies able to generate profits, employment and hence more taxes to the state budget. This is one of the few measures that can be computed as “pro economic growth” in a number of others which, unfortunately, are issued only in the immediate purpose of producing more money to the state budget. There is still a severe lack of public debates when a new tax or law is to be implemented. And many of the unwelcomed measures could be more easily digested if proper and reasonable explanation are provided by the Authorities.

 

On the same idea but in a different area, we should pay special attention to the reorganization process of NAFA, financed by World Bank with an amount of 70 million Euros, which is meant to be a fundamental restructuring of all the functions and processes that this institution is based on. The purpose is to create a new entity that should be able to respond properly to the challenges of a modern fiscal administration. It is a process that is expected to take about 4-5 years, which is quite long, but the final product is intended to be at highest level. Nevertheless, based on our unfortunate history on the issue, we hope to last no longer than that.

 

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. The information presented in this video was last updated at 20 January 2014. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.