“Though it is a topic with strong political connotations all over the world, the global tax reset of multinational companies relies more on the realities of a more and more digital and global economy. As usual, companies are one step ahead of the states in adopting innovation, technology and consumer trends. Therefore, states have initiated an intensive global plan to catch up with the latest developments of the business environment", added Dan Badin.
The impact of the 15 actions of the BEPS plan will impact Romanian companies on two main plans. On one hand, the tax authorities will focus more on analysing the economic substance of the transactions and less on their shape. On the other hand, the fiscal transparency increases. For this reason, the Romanian tax authorities will have access to the financial and tax information of all entities part of a group that parent companies report in their jurisdiction, including information about their branches / permanent headquarters in Romania.
"The Romanian tax authorities will have more and more detailed information to use for fiscal audits. At the same time, Romanian taxpayers have to analyse the business structure to ensure that they comply with the new rules. They also have to pursue more strictly the way corporate profits are taxed, depending on the place where economic activities take place. According to the global survey, tax professionals say that the rapid pace of implementation of the BEPS plan during the past year was suprising. The global trend will affect Romania as well", Dan Badin concluded.
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