Deloitte has possibly the fastest growing tax practice in Romania. Partner Dan Badin, who has joined this year from PwC, is mentioned by his peers as a leader in the field of corporate tax. He is one of a number of hires this year and the practice now ...
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Deloitte has possibly the fastest growing tax practice in Romania. Partner Dan Badin, who has joined this year from PwC, is mentioned by his peers as a leader in the field of corporate tax. He is one of a number of hires this year and the practice now consists of about 85 practitioners. Peter Wessel is also mentioned as a leading indirect tax specialist. The tax team is headed by Alexandru Reff.
The practice, which is split between the firm's three offices in Bucharest, Timisoara and Cluj-Napoca, serves clients across four main specialised service lines: global employer services, transfer pricing, indirect tax and corporate tax. Out of those areas indirect tax has been the real growth area over the last year with revenue increasing by 32%.
This year Wessel advised a client about obtaining a binding ruling from the Ministry of Finance on VAT treatment to do with the VAT treatment of outsourced operations back to January 2007. The opinion led to significant savings for the client.
Other work this year includes advising a client on the legality of the mandatory contribution to the Special Fund for Oil products under EU law, and assisting a Romanian bank on the wind-up of non-Romanian business operations. This decision triggered a significant tax leakage but through careful structuring the practice was able to save the client around $10 million.
The practice advises domestic and multinational clients, including many of the top 500 Romanian companies. The practice's specialist team for the energy sector has seen noticeable growth this year, especially regarding the tax implications of economic exclusive zones.
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