Tax Consultancy Goes Online: PricewaterhouseCoopers Romania launched two new online tools
PwC ROMANIA - 21 January 2010
PricewaterhouseCoopers Romania (PwC) launched the internet tools Taxonline.ro and ClickTVA.ro, two new web-based solutions that expand the PwC offer to online tax consultancy services.
Taxonline.ro allows individual clients to access in real time a large amount of information including a daily update of the Official Gazette, daily reviews of the Romanian, European and international news and tax developments, as well as a summary of the latest updates of the Romanian tax system. In addition, clients will be able to engage in constructive debates on tax issues on the website's forum, and to raise questions to the PricewaterhouseCoopers tax and legal experts. Anticipating the practical problems that the VAT Package will bring in the daily activity of Romanian companies and being aware of the complexity of the new rules regarding the taxation of services with VAT, PwC has addressed the needs of the business environment by creating a new product - "Click VAT". This is a simple, easy-to-use, software solution whose main purposes are to help you quickly consult the new regulations automatically and offer you more comfort regarding the precision of the identified solution.
"In the current economic environment, that continues to be tough for the business sector, companies should pay particular attention to the updates of the Fiscal Code. They must find ways to optimize their tax position and to maintain a healthy cash-flow. It is in this context that we decided to take tax consultancy one step forward and be the first firm in Romania offering online tax services, giving clients full 24/7 access to our databases, our tax best practices and our professional advice", stated Peter de Ruiter, Partner, Tax and Legal Services Leader with PricewaterhouseCoopers Romania. The new internet tools were launched at the Annual Tax and Legal Conference 2010, organized by PricewaterhouseCoopers Romania and its correspondent law firm D&B David şi Baias. Already at the eleventh edition, the Annual Tax and Legal Conference was focused on practical tax solutions for economic recovery.
Particular attention was given to the lessons learnt after the difficult period experienced last year by Romanian companies, when businesses had to face simultaneously the challenges of falling demand and revenues, as well as difficult access to financing.
"As Romania's international financing agreement moves forward, the Romanian authorities will have to walk that fine line between reducing the budget deficit without putting too much fiscal pressure on the economy, so as to stimulate a predictable, but still frail recovery. However, companies should keep in mind that tax increases in the years to come are likely, as fiscal policy will have to be tight in Romania, just like in all other economies that have run massive budget deficits in the past two years in order to fend off the danger of economic depression", stated Peter de Ruiter. In addition to the online tax consultancy services, PricewaterhouseCoopers Romania launched also two new publications: The Tax Pocket Book 2010 and the Tax Litigation Guide, two instructive booklets about the Romanian tax system with useful tips on how to improve the tax position of any given company and deal with the tax authorities.
PricewaterhouseCoopers Romania tax experts proposed a sectorial approach to the tax issues, with different break-out sessions organized for companies from the Financial and Real-Estate Sector, the Pharma industry, Information Technology and Entertainment sector and Retail.
Financial managers of banks and other financial companies were presented with up to date information about how to deal with non-performing loans both on-balance and off-balance sheet. Other topics included subjects like transfer pricing and VAT pro-rata savings. In what concerns the real-estate sector, the PricewaterhouseCoopers tax and legal advisers gave concrete examples of how to deal with property taxes, as well as issues arousing from disputes between tenants and landlords in case of early lease terminations.
For the healthcare and pharma industries, the debates centred on the tax and regulatory implications of interactions with healthcare professionals. Also, the status of the "claw back" system was discussed, as well as new pricing regulations in force as of the 1st of January 2010.
In what concerns the information technology, communication and entertainment industry, the PricewaterhouseCoopers tax experts shared their experience on subjects such as the e-commerce and transfer of software, as well as the advantages and disadvantages of the joint ventures.
For the retail sector, the PwC tax specialists discussed the issue of inventory losses, the provisions of the law 321/2009 regarding the trading of food product, and self-invoicing and transfer pricing.
The Annual Tax and Legal Services Conference is a traditional tax consultancy event organized on a yearly basis by PricewaterhouseCoopers Romania. In time, the conference has become a benchmark for financial managers and all other executives interested in the current issues of Romanian tax legislation and practice.
About the Tax and Legal Services Department of PricewaterhouseCoopers RomaniaPricewaterhouseCoopers Romania's tax advisory practice comprises international and local tax experts, and customs, VAT, individual taxation and human resources specialists. As the country's largest tax consultancy, they are able to specialise in all areas of tax, including corporate taxation, indirect taxation, and legal services, provided in cooperation with the correspondent law firm D&B David şi Baias.
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The Global Tax Monitor acknowledge that PricewaterhouseCoopers is the leading tax adviser in Romania by reputation and expertise in advising on difficult and complex issues, with a very strong lead over the competition. Launched in 2000, the Global Tax Monitor (GTM) is an independent survey conducted by research agency TNS, that examines the competitive position of the main professional services firms in the tax advisory market at global, regional, and national level and industry sectors.
PricewaterhouseCoopers (www.pwc.com/ro) provides industry-focused assurance, tax and advisory services to build public trust and enhance value for our clients and their stakeholders. More than 163,000 people in 151 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice. PricewaterhouseCoopers and PwC refer to the network of member firms of PricewaterhouseCoopers International Limited (PwCIL). Each member firm is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way. No member firm is responsible or liable for the acts or omissions of any other member firm nor can it control the exercise of another member firm's professional judgment or bind another member firm or PwCIL in any way.
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