Finance News by Forvis Mazars Romania November 2024

Sat | 30.11.2024

Accounting/audit/tax

Aligning with OECD’s Pillar 2: Romania and Türkiye are implementing the global minimum tax to promote fairer business practices, by Forvis Mazars

The OECD's Pillar 2 Global Anti-Base Erosion (GloBE) rules ensure multinational enterprises (MNEs) pay a global minimum tax of 15% in each jurisdiction where they operate. Romania and Türkiye have adopted these rules to promote global tax fairness and create a level playing field for businesses.

According to Liviu Gheorghiu, Tax Partner at Forvis Mazars in Romania, “Multinational entities should begin collecting data for the first reporting covering FY 2024 which will be due in June 2026. The introduction of the global minimum tax brings Romania in line with international standards and ensures a fairer competitive environment for businesses operating here.”

Preparing now for these sweeping changes will not only help avoid penalties but also support long-term financial planning and stability in an increasingly regulated global market.

Read more info HERE.

Continuous auditing: technology replaces tradition, but not people, shows a Forvis Mazars analysis

As technology rapidly evolves, traditional auditing methods are being replaced by automated solutions and advanced data analytics. Artificial intelligence, machine learning, and real-time analysis are empowering auditors to detect anomalies much faster and more efficiently.

While traditional audits rely on periodic assessments, continuous auditing allows for ongoing monitoring of financial and operational processes, offering greater transparency and the ability to identify potential issues in real time.

"Continuous auditing is beneficial both for those preparing reports and for auditors. It not only removes the pressure associated with critical reporting periods but also allows everyone involved to focus on the more dynamic aspects of their roles. By implementing a continuous auditing approach, companies can add value through enhanced visibility, and auditors can invest more in improving the quality of the services they provide. Whether continuous auditing becomes a reality depends on access to dynamic software solutions and the development of a solid implementation strategy.", mentioned Marius Roman, Senior Manager, Audit & Assurance.

Read more info HERE.

Romania’s property sector could use a smaller VAT for renovations, by Forvis Mazars

Edwin Warmerdam, Partner, Head of Tax at Forvis Mazars in Romania, spoke to Property Forum about the taxation outlook in 2025 and the tax changes that could spur investments in the local market.

Read more info HERE.

CEE and Central Asia Tax & Payroll Newsletter, by Forvis Mazars

The CEE and Central Asia Tax & Payroll Newsletter aims to share Forvis Mazars’ latest news on tax, labour, and payroll legislation in the region, aiming to helping you to prepare for the changes that could lie ahead in the following CEE countries: Austria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia, Slovenia, Ukraine, and Central Asia: Kazakhstan, Kyrgyzstan, Uzbekistan.

Insights to guide you through today’s evolving regional tax, labour, and payroll landscape:

The Unshell Directive and the current CEE context by Forvis Mazars’ joint regional team of tax experts in Central & Eastern Europe.
New rules on pay transparency - Pay Transparency Directive 2023/970 by Jana Boštíková, Outsourcing HR & Payroll Leader, Forvis Mazars in CEE and Ivana Martinková, Senior Manager, HR & Payroll, Forvis Mazars in the Czech Republic.

Read more info HERE.

Forvis Mazars Learning Lab: HR & Payroll workshop

Join Forvis Mazars for the second session of their HR & Payroll workshop, designed to equip HR and finance professionals with the knowledge and skills needed to accurately calculate, report, and comply with payroll regulations.

On the agenda:

Tax implications: income tax and social contributions, especially in complex scenarios;
Salary deductions: a comprehensive overview;
Form 112: understanding and completing this essential tax document.

Read more info HERE.

This article is provided by our Finance Partner, Forvis Mazars Romania.

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