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
Sursa: Light art festival brings immersive installations, projections to Bucharest

Sursa International Light Art Festival, an event featuring immersive installations, projections, and light structures, will take place at the National Library of Romania from October 13 to October 19. The event brings together international and Romanian artists “in a visual dialogue about technology, architecture and sensitivity,” the organizers announced. “We wanted to build the opportunity […]

Romanian Army reportedly acquires drone detection systems from Germany’s Rheinmetall

Romania’s Defense Ministry has signed a contract worth RON 50.4 million with Rheinnmetall Automecanica, a subsidiary of the German defense industry giant Rheinmetall, for the delivery of drone detection systems, Economedia.ro reported. The radar system will be delivered within 18 months at most and will reportedly be...

Western Romania: Former cinema hall in Cluj to reopen as music hub

The former Steaua Roșie cinema in Cluj-Napoca will reopen as Edison-House of Music, a cultural hub dedicated to music and community, the organizers of the Jazz in the Park festival announced. Built in the early 1900s, the Edison building became, after World War II, the Steaua Roșie cinema. After 1989, the venue underwent several changes […]

Romania reports record levels of precipitation after cyclone Barbara in early October

Unprecedented amounts of precipitation have been recorded in Romania as cyclone Barbara hit the country on October 5-8, according to the authorities. At the same time, Bucharest exceeded the absolute maximum levels of rain for October. “Between October 5–8, 2025, Romania was affected by the Mediterranean cyclone Barbara, which formed over the Ionian Sea and […]

Romania launches first AI Factory as part of European innovation network

Romania is one of six European countries recently selected to develop a new artificial intelligence and supercomputing center under the EuroHPC – AI Factories program. The project, known as the AI Factory, will be Romania’s first national AI infrastructure, marking a major step toward strengthening its digital and research capabilities. The initiative will be led […]

North Bucharest Investments becomes the official strategic partner of the Adrian Mutu Football Academy

North Bucharest Investments announces a strategic partnership with the Adrian Mutu Football Academy, marking the beginning of a collaboration focused on developing sports among children and young people, health education, and promoting an active lifestyle. As part of this partnership, the two organizations are launching the North Bucharest Investments Cup, a youth football competition taking […]