VAT compliance assistance

Services

VAT compliance assistance

Indirect tax

Whether you are a local entity registered for VAT purposes or a multi-national company carrying out activities in Romania triggering the VAT registration, you have to comply with the Romanian VAT legislation and accurately file VAT returns.

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Context

When talking about his tax return, Albert Einstein once said “This is too difficult for a mathematician. It takes a philosopher.

Things have changed since then, but his saying still remains valid. Keeping pace and complying with the frequently changing VAT legislation becomes a challenge for more and more companies. Moreover, the way companies undertake their compliance and reporting is changing rapidly. For example, the significant part of that change is the move to centralized models in cost-effective locations.

The pressure to cut expenses continues to grow but an important issue remains: at what cost? The choices basically boil down to either reducing the quality of services while increasing the reputational risk of the organization or making use of technology and automating the standard processes.

VAT assistance

Capabilities

At Deloitte, we decided to go for the second option, as we consider new technology is making it possible to drive efficiency within the compliance process and actually derive value from the utilized data.

We have streamlined our processes and technologies, offering you efficiency, transparency and control.

We have invested in developing our capabilities and reshuffled the VAT compliance process, making it more efficient. Specifically, we have designed our services on four cornerstones:

  1. A dedicated team of professionals highly knowledgeable of local requirements and legislation;

    We have set up a dedicated team for the VAT compliance assistance whose main goals are:
    • consistent high quality deliverables;
    • standardized methodology;
    • increased efficiency.
  2. Standardized compliance process using technology developed in-house;

    We have developed software specialized in VAT compliance service for clients engaged in all industry sectors aimed to:
    • Reduce costs, but not at the expense of reduce quality;
    • Reduce human errors;
    • Increase efficiency
    • Work with data extracted from SAP or various other ERP systems.

    Our VAT compliance process includes a series of mathematical and consistency checks ensuring a proper reporting of transactions.
  3. Technology-enabled process for sharing information, tracking compliance status and providing you with on-time access;

    We are using innovative technology that, through secure access to the single web-based management system, offers you:
    • real time visibility of status reports and other documents;
    • document management;
    • access to monitor deadlines.
  4. A single point of contact.

Our services

Our compliance assistance covers a wide range of VAT services, such as:

• VAT registration services both for foreign and local entities;
• VAT de-registration services both for foreign and local entities;
• VAT compliance services (preparation and submission of periodical VAT returns);
• Assistance during VAT audits;
• Review of VAT returns;
• Assistance in drafting appeal letters;
• Assistance in requesting interest for late VAT refunds;
• Various meetings with tax inspectors

At a standard rate of 24% and annual interest and late payment penalties of approximately 18%, VAT exposure may increase rapidly and become a significant cost. This risk can be mitigated if the perfect mix of actions and professionals exists. We have the proper mix of tools and people backed with the necessary experience to help you.

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Ramona Trusculescu

Ramona Trusculescu

Tax Director

Ramona is a Director within the Indirect Tax Department of Deloitte Romania. She is currently leading the VAT compliance team, focusing on how to organize the indirect tax compliance processes in the ... More