A tax raid can be a significant event for companies, potentially triggering substantial financial risks. With the right approach though, businesses can mitigate the costs associated with tax inspections.
A survey conducted last year by Nowium, a local provider of integrated tax and legal advisory services, revealed that 82% of companies in Romania consider specialized advice during tax inspections to be important or very important. Time and resource management are the primary concerns for companies during these periods.
"We have observed that companies with mature structures and well-organized finance departments accurately assess their readiness for audits and seek specialized advice. Moreover, we are witnessing an increasing number of entrepreneurs and small companies acknowledging the necessity for assistance during tax audits," says Oana Nicorescu, Managing Partner at Nowium Tax and Finace.
The aforementioned survey indicated that 54% of companies in Romania are willing to invest more in professional assistance for tax audits. This finding is corroborated with the feedback provided by Nowium's clients, emphasizing the importance of partnering with experts who ask the right questions.
"When you consult an expert, they pose additional questions that help pinpoint potential issues. Alternatively, based on their experience, they can steer you away from pitfalls you might inadvertently encounter due to lack of awareness. Is reassuring to have someone to consult", says Nicoleta Marcu, Tax Economist at Varta Romania.
Nowium offers a comprehensive One-Stop-Shop solution comprising integrated tax and legal consulting services. With over 15 years of experience, Nowium consultants have successfully advised multinational and entrepreneurial companies on optimizing their operations, mitigating risks, and fostering sustainable growth.
Among the consulting services sought by companies during audits, regular accounting, and tax assistance, as well as ongoing legal and tax consulting, are deemed most crucial. Preferences for specific services vary based on respondents' roles within the company as well as the company size. For instance, small organizations tend to prioritize accounting and tax planning assistance, whereas large enterprises opt for a comprehensive range of consulting, tax, and legal services from the very beginning of a tax raid.
The survey commissioned by Nowium encompassed 103 respondents from diverse industries, holding positions such as Chief Financial Officer, Administrator, Legal Director, General Manager, or Chief Accountant.
