Tax Regulations Recent amendments to the Romanian Fiscal Code, specifically to Article 31 regulating the tax losses are applicable starting with 2024 (or the modified fiscal year beginning in 2024, as applicable). Under these changes, annual tax losses as declared through the corporate income tax return can be offset against taxable profits earned in the…
2025 comes with a new tax compliance requirement for small taxpayers in Romania, namely the obligation to prepare and submit the 406-SAF-T return (Standard Audit File for Tax) to the tax authorities. The role of this return is to transmit the company’s accounting data electronically to ANAF (National Fiscal Administration Authority). In other words, the…
Starting January 1, 2025, companies in Romania will need to align with a new version of the CAEN Classification (Classification of Activities in the National Economy), in accordance with National Institute of Statistics (INS) Order no. 377/2024. This update requires companies to carefully review the CAEN codes they currently use, with possible modifications needed in…
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A data breach in the European Union (EU) is defined under the General Data Protection Regulation (GDPR) as a security incident that leads to the accidental or unlawful destruction, loss, alteration, unauthorized disclosure of, or access to personal data. This can affect the data’s confidentiality (ensuring that it is accessible only to those authorized to…
Unveiling the Vital Role of Internal Audit in Today’s Business Landscape Article by: Nicoletta Savva – Manager, Governance, Risk and Compliance Services, Baker Tilly South East Europe Why is Internal Audit even more relevant today? Internal audit functions serve as the guardians of integrity, efficiency, and compliance, playing a pivotal role in safeguarding assets, enhancing…
Baker Tilly South East in Europe in the process of its successful expansion is pleased to announce leadership promotions at its seven offices in Cyprus, Greece, Romania, Bulgaria and Moldova. Specifically, seven Directors, four Chief Operating Officers and ten Managers have been promoted, effective from January 1, 2024. Baker Tilly South East Europe is proud…
Revenues up 11% globally to US$5.2bn All regions saw significant revenue growth led by Europe and Latin America Headcount now at over 43,000 in 141 territories Baker Tilly International has today announced record global revenues of US$5.2bn for the financial year ended 31 December 2023, up 11% on the previous year or 12.2% at constant exchange rates. This continues a…
Global M&A activity is poised to bounce back after 12 months of dealmaking doldrums, with experts from Baker Tilly expecting the mid-market to drive the recovery. The series of global shocks over the past year may seem unrelenting but the economic headwinds haven’t dampened dealmakers’ spirits. The latest review of Global M&A Activity by Baker…
