The Option for the Certification of the Annual Profit Tax Return
MAZARS ROMÂNIA S.R.L. - 28 November 2011
According to Government Emergency Ordinance No.35/30 March 2011 establishing measures for the implementation of programmes of public or social interest, the fulfilment of tax obligations and best functioning of State institutions, as well as for the unitary application of legal provisions (the 'Ordinance'), legal entities' obligation to have their tax returns certified by a tax consultant prior to submitting them to the relevant tax authority has been suspended until 1 January 2013.
However, considering that the Romanian tax environment is rather unstable and tax inspectors may impose extreme interpretation of law, we recommend that your company's annual profit tax return for 2011 be certified by a tax consultant.
The reason for such recommendation is that, in the case of tax control, the related Certification Report will keep your company on the safe side, because the Report contains not only the results of the consultant's analysis of income and expenditure exceeding the significance threshold set by the Chamber of Tax Consultants, but also suggestions for how potential risks can be eliminated, although such suggestions do not fall within the scope of certification. In addition, the suggestions contained in the Certification Report make you aware of the tax risks with which your company may be confronted during tax inspection and, implicitly, of the areas where corrections should be made in order to avoid such risks in future.
In addition, after certification, your company will receive a Note to the Certification of Form 101 which represents the profit tax return. This Note authenticates both the correct completion of such return and the accurate tax treatment applied by the company to every income or expenditure item. Therefore, the Note will confer additional safety on the tax result recorded by your company in 2011.
Having in view the requests which we have already received from other clients in this respect, as well as the foregoing aspects, please inform us whether you are interested in having your company's profit tax return for 2011 certified by a tax consultant. To this end, the tax team of MAZARS which is a member of the Chamber of Tax Consultants can offer this certification service to you.
Upon request, MAZARS tax team can provide you with their offer of services in consideration of the tax complexity of your business activities.
Should you be interested in our offer, please let us know it by 22 December 2011, at the latest, so that MAZARS tax team can properly prepare their certification schedule.
Tags: company
return
profit
certification
Higher returns are now available for investors with Citibank’s structured notes
facebook
twitter
linkedin
youtube
rss
newsletter