On 23rd of October TGS Romania along with Moore Assurance & Advisory and Drakopoulos law firm had the honour of being invited by the Hellenic-Romanian Bilateral Chamber of Commerce to speak and share the panel at the “Demystifying GDPR & Transfer Pricing” workshop organised at the Athenee Palace Hilton in Bucharest.
We discussed aspects of our experience specific to Data Privacy & Transfer Pricing topics and presented several recommendations on how to ensure compliance with applicable regulations and practices. The discussions took into account both legal aspects and specific technical aspects of interest for attendees.
Persons with responsibilities in transfer pricing, data protection and security within their organizations present at the workshop had the opportunity to discuss and analyse key aspects in transfer pricing and data protection, together with the panellists and the TGS Romania experienced professionals. It was highlighted that all transactions with related parties have to comply with arm’s length principle according to the Romanian fiscal code. As a first step, the minimum to comply with MFPO 442/ 2016, each Company should document the arm’s length assessment of all intercompany transactions (preferably prior to the submission of the annual profit tax return, meaning by 25th of March).
As to data protection debates were focused on key issues such as identifying the processes that might involve personal data processing specific to different industries, assessing the risks related to personal data processing as well as tips on how to implement various compliance measures taking into account both the legislative requirements and the commercial needs of the companies.
For more details and examples used to “demystify” the topics discussed during the workshop please visit the attached presentations.
TGS Romania’s transfer pricing and GDPR teams can assist your Company in assessing impact you may have on the intra-group transactions and data privacy requirements. For more information please contact our team.