KPMG Romania

We are very pleased to have supported Wolt with tax due diligence and transaction assistance for a major deal involving the company’s acquisition of shares in Tazz, one of the leaders in the home delivery services sector in Romania. Tazz has been part of the eMAG group since 2019. Founded in 2014 in Finland, Wolt is a technology company that develops a local commerce platform that connects people looking to order food, groceries, and other goods with people interested in selling and delivering them. Wolt partners with restaurants, grocery stores, and other vendors across 28 countries, with the aim of providing the best possible platform to serve local sellers, consumers and couriers.    We look forward to continuing to work with Wolt on the next stages of this project as we have much enjoyed working with the company’s specialists in preparing this transaction. The KPMG in Romania tax team was coordinated by Dragos Nicolae and included Alex Comanescu, Alexandru Dobrin, Raluca - Loredana Udroiu, Adrian Stoian and other consultants. #kpmg #kpmgtax #tazz #wolt

Forbes România: René Schöb, Partener, Head of Tax & Legal, KPMG în România, la Forbes CEE Forum 2024: Nevoia de echilibru https://lnkd.in/dKUvEe44 #kpmg #kpmgtax #technology #innovation

A political agreement was reached on 5 November 2024 for the VAT in the Digital Age (ViDA) proposal, confirming unanimous support from all 27 EU Member States for the intended VAT reforms. However, full adoption still requires European Parliament approval, with formal adoption by the Council anticipated in the coming months. The updates will impact E-Invoicing and Digital Reporting, the Platform Economy, and Single VAT Registration. The main changes include: - Allowing Member States to make e-invoicing mandatory for domestic transactions without prior approval from the Council of the European Union. - Requiring EU VAT registered businesses to issue e-invoices for cross-border B2B and B2G supplies in the EU within 10 days of the supply date (or payment date, if earlier). - Digitally reporting certain data to tax authorities immediately after issuance of the e-invoice (or within five days for self-billing arrangements), eliminating the need for periodic EC Sales and Purchases Lists (i.e. in Romania – Form 390); - Expanding One Stop Shop (OSS) registration for cross-border VAT reporting. - Imposing VAT obligations on platforms facilitating short-term accommodation (i.e. 30 consecutive nights or less per customer) and transport services. The proposal includes several dates when the various measures take effect. The most significant are 1 July 2028 for the implementation of the Platform Economy and Single VAT Registration pillars, and 1 July 2030 for the e-Invoicing and Digital Reporting pillar. While the deadlines may appear distant at present, we recommend that organizations should closely monitor developments in this area and begin evaluating the potential impacts of the proposed VAT reforms. We anticipate that most businesses will be affected by the proposed VAT amendments to some extent, requiring changes to their current systems and processes. Consequently, timely preparation is essential to ensure smooth and effective implementation. Follow us for upcoming details and insights on this topic. #kpmg #kpmgtax #einvoice #vat #digitalage CC: Alin Negrescu, Alex Comanescu, Diana Hadăr

Tudor Grecu, Partner, Head of Advisory, KPMG in Romania, shared valuable insights on the role of management in the age of Artificial Intelligence (AI) at the International Management Conference organized by the Bucharest University of Economic Studies (ASE), exploring both the promising opportunities and the complex challenges this technology brings to the business landscape. From the transformative potential of AI in boosting business value to navigating risks like AI bias and data privacy, his presentation highlighted the importance of responsible AI adoption. Tudor emphasized how aligning with European values—focusing on transparency, accountability, and sustainability—can lead to ethical AI advancements that support societal needs. He also discussed the European AI Act, shedding light on how these regulations aim to create a balanced framework that protects public interest while fostering innovation. More details: https://lnkd.in/dwNp5PSv #KPMG #clearchoice #AI #InternationalManagementConference 

Cities are where humanity’s greatest challenges will be addressed. Cities should lead the energy transition, define social equity, develop climate resilience and deliver economic transformation. Find out how some of the leading cities are moving on their agendas in this new report from KPMG International. Download the report here: https://social.kpmg/z5hl18

The time to assess the Pillar Two Global Anti-Base Erosion (“GloBE”) impact is now. Even though the first deadline for reporting and payment is in FY2026, there are several actions which must take place as soon as possible, the most important one being the potential need of booking accruals at the level of FY2024. The KPMG in Romania Pillar Two team already has experience in working with clients across multiple industries, assisting with the full implementation of the GloBE requirements and with providing relevant assistance on specific matters. Read more https://lnkd.in/dccbVNyH #kpmg #kpmgtax #PillarTwo #globalminimumtax #globe CC: René Schöb, Daniel Pana, Ionut Mastacaneanu, Elena Geageac, Andrada Goriță,

ZF Live: Tudor Grecu, Partner, Head of Advisory, KPMG in Romania - Ce spune AI Act? Cum poţi balansa între necesitatea de fi productiv şi nevoia de a fi responsabil? Vezi ediția ZF live aici: https://lnkd.in/dEPjhucU

A new EU Special Scheme for Small and Medium Sized Enterprises (SME-SS) will come into effect on 1 January 2025 see Council Directive EU 2020/285 - https://lnkd.in/eRycB8WY The purpose of the SME-SS is to reduce the administrative burden on EU established small businesses (SMEs) by allowing them to apply the special VAT regime for small enterprises not only in their Member State of establishment, but also in any other EU Member State that applies such a regime, under certain conditions. Additionally, with effect from January 2025: - Member States will have the option to implement a national VAT exemption threshold for small enterprises, up to a limit of 85,000 euros. - An EU-wide VAT exemption threshold of 100,000 euros will be established for SMEs seeking to use the special VAT exemption regime in Member States other than their country of establishment. Businesses not established in the EU will not benefit from the SME-SS. In conclusion, Council Directive 285/2020 seeks to harmonize the VAT exemption threshold throughout the EU, reducing bureaucracy and creating fair competition conditions for all EU SMEs through simplified registration and reporting procedures. Romania must incorporate these regulations into its national legislation by the end of 2024, which will require amendments to the Fiscal Code. According to the information published on the website of the National Agency for Fiscal Administration, Romanian VAT legislation in this area is currently under development. Follow us for upcoming details and insights on this topic. #kpmg #kpmgtax #vat #SMEs CC: Alin Negrescu, Alex Comanescu, Diana Hadăr

Surveying 23 countries and regions, KPMG’s 2024/2025 Customer Experience Excellence report shows how organizations are turning #AI into real value. Read more: https://social.kpmg/gkdrz6

Ministerul Finanțelor Publice a publicat recent un proiect de OUG din care reiese intenția sa de a modifica reglementările actuale privind amenzile aplicabile în cazul sistemului RO e-Transport, ca răspuns la solicitările venite din partea operatorilor economici afectați de sancțiunile impuse pentru nerespectarea reglementărilor acestui sistem. Prin proiectul de act normativ se prevede un sistem gradual de sancțiuni în așa fel încât contribuabilii aflați la primele abateri să fie afectați mai puțin financiar. Aflați mai multe detalii https://lnkd.in/dndd7XHp #KPMG #KPMGTax #etransport CC: Alin Negrescu, Alex Comanescu, Diana Hadăr