Romania: Dealing with critically large tax assessments in Romania

Ensuring business continuity when dealing with critical value tax assessment decisions is of paramount importance for any company.

Proper policies and procedures are required for this purpose which should be centered around four main pillars:

• establishing the company’s risk profile in advance based on certain guidelines (e.g. regulatory environment, approach of the authorities, risk-prone business dealings etc.)
• putting in place the proper policies and procedure to manage / mitigate the tax risk
• identifying the proper team and assigning the appropriate roles
• designing a tax dispute strategy which includes, among others, means to avoid the enforcement of large tax assessments

In this video, Theodor Artenie reveals viable tips and tricks on the practical implementation of these policies and procedures.

The key message: A proper tax audit management policy, including the appropriate dispute management strategy, will give one time to react and may, ultimately, make a difference between business continuity and critical failure.