Value added taxes, excise and custom duties can count up to a third of a company’s annual turnover. Hence, indirect taxes can have a tremendous impact on a company’s cash flow if they are not forecasted and managed properly. Indirect taxes raise significant risks to all kinds of businesses and, therefore, they require special focus and management.
With the support of our experienced professionals, your company can assess potential risk areas, can plan and structure cross-border transactions in a tax efficient manner, while outsourcing any compliance matters.
Value Added Tax (VAT)
The VAT is by far the most sensitive indirect tax. Even if the VAT regulations in the European Union countries are harmonized, there still are country specific requirements that any business must meet.
Owing to flexible interpretations of the national or EU regulations, the liabilities arising out of the performance of your business need to be carefully assessed.
Therefore, our team can offer you assistance in the following areas:
Advice on any type of national and cross-border transactions
Structuring of company operations/processes so as to diminish the VAT impact
Assistance in the completion of VAT refund procedures and the settlement of disputes with the Tax Authorities
Staff trainings on specific VAT issues
Special care should be given to the latest legislative changes brought to the Romanian tax legislation. In this respect, as of 1 January 2013, the VAT upon receipt of payment system shall enter into force in Romania.
While some of excise duties are harmonized in the EU territory, others are not, being subject to national specific regulations. Compliance with all legal requirements and observance of all formalities represent key factors in mitigating unnecessary risks and cutting down on costs. Our experts can assist you in any of the following:
Advice on the completion of excise duties formalities
Information regarding the procedure for obtaining tax warehouse authorizations
Excise tax reviews
Support during tax inspections and settlement of disputes with the Tax Authorities.
Despite the trend to reduce trade barriers, customs duties still remain an area of high interest due to strict and countless regulations. In this respect, our professionals can offer your company any of the services mentioned below:
Advice on the completion of customs formalities
Import and export planning
Consultancy regarding tariff classification, preferential tariff treatment and no drawback rule
Assistance during customs audits and support during customs litigations and submission of complaints.