Demystifying GDPR & Transfer Pricing

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.

We continue our path to excellence

In its endeavor to excel in the professional quality of its employees tgs proudly announces that another four of our colleagues have today passed the CECCAR admission exam.

We congratulate (in alphabetical order):

Larisa Adam
Rodica Dandea
Corina Dugan
Sinziana Stanciu

They have showed commitment and resilience in passing this exam (one that includes accounting, tax and law) while working a full 8 (at least) hour schedule providing top quality services to clients.

The colleagues above have proven their professional adequacy (at least) which will continue to be reflected in our services.

We wish them success in their future strife to improve themselves professionally- always with the support of tgs Romania The colleagues above have proven their professional adequacy (at least) which will continue to be reflected in our services.

TGS global, a dynamic international business network, launches on the Romanian market

BUCHAREST, September 25 2019 – Fidexpert and TPG , two long-established local audit, accounting and tax consultancy professional practices, have just joined forces and became tgs Romania, part of tgs global. Created in 2012, tgs global is today a dynamic international business network of independent firms, operating in 51 countries, with more than 3,400 professionals.

‘We are honored to have become a member of this prestigious business network. We are confident that our team will add value, as we are renown for our skilled and experienced professionals, with a wide exposure to assurance, corporate finance, accounting, tax, and audit services’, said Christos Seferis, Managing Partner tgs Romania.

tgs Romania has a current portfolio of 170 clients from various industries and estimates revenues 15% higher in 2019 compared to previous year. Being part of a global network, the company provides increased efficiency of clients’ international trade operations, while enabling development opportunities on the global market.

On the short term, tgs Romania will focus on investing in its people and expanding the team and its competencies. At the same time, a strong focus will be on emerging technologies, with all the business processes being more digitally focused.

tgs Romania has a team of over 60 professionals and aims at becoming the most trusted financial consultancy in Romania, serving the top companies in the country. It is part of tgs global, a dynamic international business network of independent firms, operating in 51 countries, with more than 3,400 professionals.

TGS Romania assisted White Star Real Estate to complete acquisition of Liberty Technology Park Cluj

TGS Romania provided due diligence services for White Star Real Estate to complete the acquisition of Liberty Technology Park Cluj, which includes 18,000 square meters of former industrial buildings, transformed in the last six years into a modern technology park. White Star Real Estate is an international real estate company with a history of highest standing. His team has been active in Central and Eastern Europe since 1997 and has led the completion of over 50 development projects throughout the region.