Bucharest, 16 February 2012 – The turnover increase was generated by the extension of the client portfolio and the increase of the number of tax advisory projects, especially in the industrial, real estate, construction and service area.
ZRP Tax Advisors, the tax consulting practice affiliated to the law firm Zamfirescu Racoti Predoiu (ZRP) SCA, recorded in 2011 a turnover which is higher by 40% than the turnover of 2010. The increase was mainly generated by the enlargement of the client portfolio by 30%.
“We had a very good year and we are happy about our financial results which confirm the appreciation of our clients for the services offered by ZRP. We have focused on integrated service packages consisting of both tax and legal assistance as well as on a multidisciplinary approach to our projects, said Ioana Sandru, Partner with ZRP Tax.
Our clients’ requests for tax consulting services were generated by the frequent tax law changes as well as by the increase of the number of tax authorities’ audits performed at the level of companies. The most frequent tax consulting requests which we received in 2011 referred to the following areas:
- Business restructuring (e.g.: mergers, spin-offs, transfers of lines of business);
- Tax planning and optimization structures;
- Preparation of transfer pricing files which demonstrate the arm’s length nature of the prices charged between related parties;
- Assistance during tax authorities’ audits;
- Drafting of litigation documents/contestations against tax assessment decisions issued by the tax authorities;
- Suspension of enforced collection of liabilities assessed by the tax authorities in cases where clients contest the tax assessment decisions.
„In the current economic climate where raising capital is often difficult and costly managers realize to a greater extent that it is more efficient to achieve the tax optimization of their business, which can generate higher liquidities, rather than to borrow funds from the financial market”, added Ioana Sandru.