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Work for Deloitte this year has included the implementation of the procedure regarding the assignment of receivables. The procedure led to significant savings for clients as it allowed them to reclaim input VAT with output VAT of one of its business ... [more]

Work for Deloitte this year has included the implementation of the procedure regarding the assignment of receivables. The procedure led to significant savings for clients as it allowed them to reclaim input VAT with output VAT of one of its business partners. Led by Pieter Wessel, the deal outcome allowed both parties to avoid significant cash-flow leakages.

Wessel, who is recommended in the market, also advised on the most tax-effective structure for the acquisition of an important gas exploitation company on the Romanian market.

Alexandru Reff is head of the Deloitte tax department which comprises 53 professionals. Clients include multinational and national corporations, including many of the top 500 companies in Romania.

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Ernst & Young's tax practice has about 100 professionals divided into six sub-service lines: business tax services, indirect tax services, international tax services and transfer pricing, human capital services, transaction tax services, as well as legal ... [more]

Ernst & Young's tax practice has about 100 professionals divided into six sub-service lines: business tax services, indirect tax services, international tax services and transfer pricing, human capital services, transaction tax services, as well as legal services.

The team's industry-focused group includes real estate, financial services, power & utilities and retail.

Over the past year the firm has been active on a range of banking and insurance domestic deals.

Venkatesh Srinivasan, the tax leader, has more than 20 years of experience in assisting domestic and international clients in the manufacturing, retail and fast-moving consumer goods sectors.

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The tax division at Baker Tilly is well regarded in the market, by peers and clients alike. One client said: "We are pleased with the services offered indeed and are working with them since 2011. The main areas of collaboration are the audit of our financial ... [more]

The tax division at Baker Tilly is well regarded in the market, by peers and clients alike. One client said: "We are pleased with the services offered indeed and are working with them since 2011. The main areas of collaboration are the audit of our financial figures and consulting in the tax area."

The Oanea Nadia Lacramioara-led practice worked with Epstein-Architecture and Engineer, a member of Epstein International USA, on preparing its transfer pricing country file. The matter was finalised according to a tight deadline resulting from a tax inspection and required coordination with tax advisers of another Romanian entity from the same multinational group to comply with legislation on the avoidance of correlative adjustments.

Other clients over the past year have included Liebherr Romania, Estee Lauder, Sarantis and Zes Zollner Romania.

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KPMG's tax department, led by Mark Gibbins, includes four partners and three fee earners. Its work includes addressing strategic issues, cross-border M&A, risk management, organisational and infrastructure change and e-commerce.Gibbins and Teodora Alecu ... [more]

KPMG's tax department, led by Mark Gibbins, includes four partners and three fee earners. Its work includes addressing strategic issues, cross-border M&A, risk management, organisational and infrastructure change and e-commerce.

Gibbins and Teodora Alecu advised a well-known IT developer in October 2011 on transfer pricing planning for wide distribution changes as well as on the restructuring of IP companies.

In May 2012 a team of seven advised a Romanian group on the tax implications and implementation. This also included advice on establishing a defendable transfer pricing policy.

The firm was required to provide coordination of all tax aspects in different jurisdictions with various regulations, to achieve consistency at group level, minimise tax exposures and enhance tax benefits.

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Taxhouse – Taxand is led by Angela Rosca, a former Andersen tax specialist with 17 years of experience. Cristian Radulescu, also a former Andersen adviser, has been a partner at the firm since its establishment and has 11 years of experience.The department's ... [more]

Taxhouse – Taxand is led by Angela Rosca, a former Andersen tax specialist with 17 years of experience. Cristian Radulescu, also a former Andersen adviser, has been a partner at the firm since its establishment and has 11 years of experience.

The department's areas of expertise include investment structuring, real estate, M&A, due diligence, income tax and capital gains tax compliance.

Work this year included advising a regional television broadcasting company, a global food-chain company and regional real estate developer on the preparation of a complete set of transfer pricing documentation, using the master and country file approaches.

The practice also advised on the tax structuring, including the set-up of holding and royalty vehicles, for a large group of companies operating in the distribution business in Romania. The firm has also been active on a range of indirect tax work including assisting with the recovery of overpaid VAT and assistance with the application of VAT exemptions within the framework of an initial public offering (IPO) of shares.

Its client base includes multinational, mid-market and locally listed companies. Clients are from a range of industry sectors such as banking, real estate, consumer goods and services, pharmaceuticals, automotive, energy and financial services.

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Musat & Asociatii has invested in developing the tax team's skills by getting involved in several complex mandates including tax optimisation schemes, litigation and corporate tax projects.Under the leadership of Ionut Bohalteanu, the tax team has developed ... [more]

Musat & Asociatii has invested in developing the tax team's skills by getting involved in several complex mandates including tax optimisation schemes, litigation and corporate tax projects.

Under the leadership of Ionut Bohalteanu, the tax team has developed its expertise in all areas of tax and won many high-profile mandates from existing clients as well new ones.

"I used Musat & Asociatii for various assignments of commercial & corporate law and I was impressed about the professionalism and pragmatic approach which I find useful," said a client, who highlighted Bohalteanu as a key practitioner.

Work this year included representing SBS Broadcasting Media, the Romanian subsidiary of ProSiebenSat 1 Media, in multiple cases against the Romanian fiscal authorities on the annulment of debt rescheduling decisions. The work was led by Bohalteanu and Catalin Baiculescu.

Other work included advising Romstal Leasing, part of the KBC Group, in complex litigation against the National Agency for Fiscal Administration (ANAF) relating to VAT, income tax and other duties.

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Nestor Nestor Dilescu Kingston Petersen is under the leadership of four partners, Ana-Maria Miron, Marius Ionescu, Alina Timofti and Dragos Doros.In May 2010,two professionals joined the practice to take the number to 26.The firm is experienced in dealing ... [more]

Nestor Nestor Dilescu Kingston Petersen is under the leadership of four partners, Ana-Maria Miron, Marius Ionescu, Alina Timofti and Dragos Doros.

In May 2010,two professionals joined the practice to take the number to 26.

The firm is experienced in dealing with clients from the energy and utilities, oil and gas, real estate, pharmaceuticals, telecommunications, and banking and finance and capital markets sectors.

The team is advising a client in the banking sector on its non-performing loans portfolio in Romania. The deal involves the review of an alternative accounting treatment for receivables with a significant fiscal impact.

In December 2011 the team advised real estate developers on the VAT treatment of different discount-types of mechanisms offered with the real estate industry under new economic crisis measures.

The firm was also active in advising a large oil and gas company in Romania on transfer pricing documentation.

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Transfer Pricing Services is made up of professionals skilled at providing a range of advice relating to intercompany transactions such as risk assessment analysis, documentation, policy design, implementation assistance and audit defence. For example, ... [more]

Transfer Pricing Services is made up of professionals skilled at providing a range of advice relating to intercompany transactions such as risk assessment analysis, documentation, policy design, implementation assistance and audit defence. For example, it developed a transfer pricing methodology manual and control matrix for a client which provided details of, among other things, the treatment of losses, and the treatment and allocation of expenses. Clients include Generali Romania Asigurare Reasigurare, Coty Cosmetics and OMV Petrom. Adrian Luca, the head of the three-year-old firm, is well known in the market. The firm sees itself as a reliable alternative to the big-four firms. [hide]

Viboal Consulting was established in the second half of 2010. It positions itself as a niche firm focused on transfer pricing work and providing assistance in setting up and developing, or exiting or liquidating business in Romania.Vigi Radu is head ... [more]

Viboal Consulting was established in the second half of 2010. It positions itself as a niche firm focused on transfer pricing work and providing assistance in setting up and developing, or exiting or liquidating business in Romania.

Vigi Radu is head of the transfer pricing department which includes two partners and two fee earners. Radu's experience is in financial auditing, transfer pricing projects, and tax and accounting due diligence assignments.

"We have a long time collaboration with Viboal, both for transfer pricing issues, accounting expertise and for fiscal consultancy and we are very satisfied with the quality and completeness of their advice and with the two consultants that work with us, Bogdan Costea and Vigi Radu," said one client. "They not only come with solutions to our problems, but they also have initiatives and propose new ways that improve the quality of our collaboration. I am happy to recommend Viboal to our business partners," the client added.

The practice is also active in preparing financial and tax reporting and is a member of the Altus Alliance, a global grouping of independent tax consulting firms.

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Head of DLA Piper Tax, which launched only in 2011, is Tudor Nedelea who previously worked for PwC and has more than 10 years experience in both Romanian and international taxation.The team includes Laura Lacurezeanu, also ex-PwC. She has six years of ... [more]

Head of DLA Piper Tax, which launched only in 2011, is Tudor Nedelea who previously worked for PwC and has more than 10 years experience in both Romanian and international taxation.

The team includes Laura Lacurezeanu, also ex-PwC. She has six years of experience in both Romanian and international taxation and specialises in VAT with a main focus on the pharmaceuticals sector.

Nedelea and Lacurezeanu have been active in advising on a range of corporate tax, indirect tax and tax dispute deals this year.

The tax practice works closely with its established core practice areas such as corporate and real estate to offer clients integrated legal and tax solutions.

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