Thank you for participating in our Executive Talk. You can find the recording on our youtube channel here.
For further discussions on this topic, please contact our speakers:
KPMG public resources on DAC6
Dedicated website accessible - MDR Updates
Summary and observations - September 2020 update
Recorded WebEx sessions
Guidance from your local KPMG advisor
Frequent contacts with regulators in EU member states
KPMG: working together with our network of EU tax law specialists throughout the European Union.
In the upcoming Executive Talk, we are meeting with Andrada Goriță, Tax Manager within the Financial Services department, and Ionuț Măstăcăneanu, the leader of the Financial Services Team within the Tax department, @KPMG Romania.
They will discuss reporting rules and taxation within the European Union and how the new European Directive on Administrative Cooperation in the field of taxation (2018) has changed the reporting regime increasing transparency and cooperation in the way taxes are reported and calculated across member states.
The event will take place online [on Microsoft Teams platform] on the 28th of October from 5 PM [RO Time]. Participation is free, and 100% online on our Microsoft Teams channel.
Taxation and tax reporting are policy issues that are often shadowed at the European level in the favor of other discussions that focus on regional convergence, integration, and development. However, for more integration, Europe also needs a tighten cooperation and more transparency in taxation and tax reporting. In light of the recent investigations on harmful practices and the use of offshore companies (the so-called "Lux Leaks", "Panama Papers" and "Malta Leaks"), the European Parliament has called on the Commission to introduce tougher transparency requirements for intermediaries.
In this sense, a new Directive on Administrative Cooperation in the field of taxation (the DAC) was introduced, making the automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements as mandatory. The directive introduced an obligation on intermediaries and, in certain cases, taxpayers, to disclose potentially aggressive tax planning arrangements, enabling at the same time the tax administrations to exchange information on these structures. The Directive was formally adopted during the ECOFIN meeting on May 25, 2018, and has entered into force on June 25, 2018. Unfortunately, the outbreak of the current pandemic has slowed things down.
These new rules entered into force with the 1st of July 2020, when relevant taxpayers were supposed to file information on reportable cross-border arrangements the first step of which was implemented between the date of entry into force (June 25, 2018) and the date of application of the Directive (July 1, 2020). In the pandemic context, however, countries were given the option to postpone the reporting deadlines for a maximum period of six months, therefore the reporting period will start as of 1 January 2021 for the majority of EU Member States, Romania included. This allows us some time of reflection and the opportunity to discuss during this Executive Talk the effects and consequences of these reforms on the taxation regime in Romania and the rest of EU countries.
About the speakers:
Andrada Goriță is a Tax Manager in KPMG Romania for over 10 years, working in the Financial Services department. Throughout this time, she has worked mostly with banks, insurance companies, investment funds, advising them on various complex projects in national and international taxation. While working in KPMG, Andrada was seconded for 3 months abroad in KPMG’s Sydney office. She is a member of the Association of Chartered Certified Accountants (ACCA), an affiliate of the Advanced Diploma in International Taxation (ADIT) body, as well as a member of the Romanian Chamber of Fiscal Consultants (CCF). Andrada holds a BA degree in Finance-Banking as well as an MA degree in Corporate Finance from the Academy of Economic Studies in Bucharest. She is part of the core DAC 6 team in Romania and will assist with the analysis of potentially reportable transactions for DAC 6 purposes and the reporting process both for KPMG and KPMG’s clients at the same time.
Ionuț Măstăcăneanu is the leader of the Financial Services Team within the tax department in KPMG Romania, as well as the leader of the DAC 6 core team of consultants. He has experience of more than 16 years in providing assistance both to local companies and to multinationals in various industries on direct tax matters, including corporate income tax, withholding tax on income derived by non-residents, tax implications of various structures, tax impact resulting from IFRS standards implementation, as well as compliance with several reporting requirements, DAC 6 included. Ionuț is a member of the Romanian Chamber of Fiscal Consultants (CCF), of the Association of Chartered Certified Accountants (ACCA), and an affiliate of the Advanced Diploma in International Taxation (ADIT). He holds a BA degree from Université d’Auvergne in France. He was involved in discussions carried out with the Romanian tax authorities on DAC 6 implementation requirements and has appeared as a keynote speaker on DAC 6 themes at various events.
Transilvania Executive Education is an executive education provider based in Cluj-Napoca. In partnership with Hull University, it aims to connect the companies and entrepreneurs in the region with the opportunities of international business and promote connected and critical thinking amongst the future leaders and professionals of the Romanian business community.
The Executive MBA delivered by the Hull University Business School is the only genuine British EMBA from the Transylvania area. The program is certified by AMBA & AACSB accreditations and the modules are taught 100% by a fly-in faculty. The program was launched in 2015 and so far, has had more than 140 students and alumni enrolled in the program. A new class is scheduled to start in April 2021. More info: www.teecluj.ro