Page 11 - KPMG Tax in Romania

These are some do’s and dont’s in constantly changing environment

Doing business in • Hire an accountant before a managing director
Romania
• Know that accountants are not tax experts – but taxable base is to a very large extent
100% reliant on accounting records and accounting documents

• Do not assume you know a tax rule – check! The tax law and connected legislation
changes at least twice a year – the New Tax code was already amended, before
entering into force

• Substance over form may be the new mantra of tax authorities (when applying the anti-
tax abuse rules) but keep in mind that form remains mandatory for legitimate
transactions.

• Do not rely on “In dubio contra fiscum”, the new principle recognized in Tax Procedure
code, we do expect to be enforced only by the courts following disputes

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