Ooni Koda
  1. Home
  2. /
  3. Newsfeed
  4. /
  5. The internal flows of companies in the financial-banking...

The internal flows of companies in the financial-banking industry can be affected by the rapid pace of legislative novelties

May 26, 2022

The internal flows of the companies in the financial-banking industry may be affected by the rapid pace of the legislative novelties, the growth of the number of fiscal reports, digitization of the fiscal administrations, and the intensification of the exchange of information between the Romanian fiscal authorities and those of other countries, said the specialists present at the Tax Forum, organized by EY Romania.The review of operating models, including financial and fiscal functions, as well as the accelerated implementation of technology – so-called digitisation – is shifting from desideratum to obligation. This was the conclusion of the tax Forum dedicated exclusively to the financial and banking sector "Taxation in the financial and banking sector: A photo at the minute and projections for the future", organized by EY Romania.   Gratiela Constantin, manager with the Department for Fiscal Assistance in the domain of Financial Services, EY Romania said that, in order to face the new and even more numerous obligations of report and transparency, the financial-banking companies must revise their fiscal function.It has shown that, from the perspective of fulfilling the FATCA and CRS reporting obligations, automation, along with reviewing and updating internal tax procedures according to the particularities of the legislation, as well as implementing “training” programs for employees of financial institutions involved in the process of data collection and analysis of accounts – there are some significant aspects that financial and banking institutions should have in mind priority view. ‘The fact that the fiscal authorities invest massively and use new technologies to impose similar amendments in the fiscal function – automation is already not only ‘nice to have’ but a ‘must’. Moreover, the pressure to offer to the taxation authorities a huge volume of data, in real time. They lead to the obligation of transformation of the fiscal function’ said Gratiela Constantin.At the same time, Andra Casu argues that “digitalization is the key, tax reporting and compliance are becoming increasingly challenging, while the tax departments, in fact, should deal with those elements that bring added value, in other words on creating added value for financial-banking companies.”   EY is one of the biggest companies of professional services at global level, with 312,250 employees in over 700 offices in 150 countries and income of approximately 40 billion dollars in the fiscal year closing on 30th June 2021. EY has over 800 employees in Romania and the Republic of Moldova uses integrated services of audit, fiscal, judicial assistance, strategy and transactions, consultancy to multinational la local companies. EY has offices in Bucuresti, Cluj-Napoca, Timisoara, Iasi and Kishinev.

Read in full - click here
Romania travel: Four destinations for a fall getaway

Colorful foliage, tranquil surroundings, and plenty of nature to explore: from mountain towns to wine-country escapes, we've selected below several options for an autumn break. Buzău Land This area, located in the southeastern part of the country, in the Carpathian bend, has been a UNESCO Geopark since 2022. It's a completely rural area that offers […]

Beyond Business School opens 3rd cohort to build Romania’s future business leaders

Beyond Business School, founded by serial entrepreneurs Andra Ghibuțiu and Grégoire Vigroux, today announced the launch of the 3rd edition of its executive program in Bucharest. Designed for ambitious professionals ready to accelerate their careers, the program combines internationally accredited courses, hands-on business training, and direct access...

ORA Jazz Festival returns to Oradea for its 6th edition this November

The sound of jazz will once again fill Oradea this November as the ORA Jazz Festival returns for its sixth edition, bringing together artists from across Europe and beyond. The festival will take place between November 14 and 16 at the Oradea State Philharmonic and the Sion Neolog Synagogue. This year’s edition features performers from […]

Codruța Furtună has been appointed Deputy Chief Executive Officer of Allianz-Țiriac Asigurări

Allianz-Țiriac Asigurări announces the appointment of Codruța Furtună, currently Sales and Distribution Director, as Deputy Chief Executive Officer. The nomination has been approved by the Financial Supervisory Authority (ASF) and will be registered with the National Trade Register Office. Codruța Furtună will continue to oversee the Sales and Distribution area in Allianz-Țiriac, playing a key […]

Voices of Romania: What does it take to lead with optimism in an ever-changing business landscape?

Join us in this enlightening episode of Voices of Romania, where host Dylan Delhommois sits down with the inspiring Calin Matei, the CEO of Groupama Asigurări Romania. Together, they explore the evolution of leadership during uncertain times, focusing on the critical elements of trust, adaptability, and the power of personal connections. Calin takes us on […]

Cushman & Wakefield Echinox: Romania’s new retail supply surpasses 2024 total after strong first nine months

The volume of new retail projects completed in Romania during the first nine months of 2025 has already exceeded the total recorded for the entire previous year, according to data from Cushman & Wakefield Echinox’s ‘Romania Retail Marketbeat Q3 2025’ report. According to the real estate consultancy company, 2025 is shaping up to be the […]