Deloitte wins Transfer Pricing award for Central Europe

Deloitte Central Europe received the award for "Central Europe Transfer Pricing Firm of the Year” at the 8th annual International Tax Review (ITR) European Tax Awards, held on 16 May in London. 

"The recognition is a testament to the high quality of work provided by our transfer pricing professionals, our expert-to-expert dialogue and pro-activity, and our capacity to listen and provide tailor-made solutions to our clients,” states Iwona Georgijew, Transfer Pricing leader at Deloitte Central Europe. 

Deloitte started to build the Central European Transfer Pricing Service Line in 2002. Today, the Firm has a network of highly-skilled practitioners able to resolve complex issues and provide first class advice across the region.

Transfer pricing (TP) is a global issue facing all multinational companies. In practice, the Romanian TP file requirements were published in 2008. Then it became clear that the enforcement of transfer pricing laws will become more stringent as the government seeks to maximise tax revenues from its tax base. 

"Companies need to ensure they are fully compliant with transfer pricing laws before it is too late, and should view this from both a risk and an opportunity perspective: they are taking serious risks if they do not adopt stricter compliance measures, and there is an opportunity for maximising their tax situation if they do,” comments Dan Badin, Tax Partner with Deloitte in Romania. "Over the past 2 years, we have witnessed a sustained growth in this area; since 2010, Romanian groups are also obliged to present authorities with the Transfer Pricing file.”

In Romania, Deloitte has a team of fully-dedicated specialists working on transfer pricing issues for some of the largest multinationals in the marketplace. The team is capable of serving its clients seamlessly across multiple geographies as a member of the Deloitte network of member firms.

Ciprian Gavriliu, Manager and leader of the Romanian TP team, added: "In some cases, the Transfer Pricing File is like an X-Ray of transactions of affiliated companies within the business developed by companies in Romania. Over the past three years, on the background of increased demand and complexity of related issues, we have grown our specialized team three times, and our business went from zero to around 12% of total Deloitte Tax revenues. We serve around 100 clients, most of them multinationals.”

Deloitte member firms recognised for excellence

For the second consecutive year, Deloitte member firms received more awards than any other network. Deloitte member firms collectively received top regional honors, being named the European Transfer Pricing and European Tax Policy regional network of the year. 

"The Deloitte global network strives to provide high-quality, seamless service to clients in Europe and the rest of the world. We are grateful to ITR for once again recognizing Deloitte's world-class capabilities and commitment to helping clients effectively address their most important challenges in a rapidly changing global tax environment,” said Dan Lange, Global Managing Director, Tax & Legal, Deloitte Touche Tohmatsu Limited (DTTL).

Leading tax and legal firms from 26 European jurisdictions, plus South Africa, were nominated for the awards. To determine winners, ITR considered submissions made by the participating firms and ITR's team of journalists undertook detailed research from a variety of sources, including a poll of international tax executives. Awards were given for work performed during the previous 12-month period.

Deloitte member firms are part of a global network that includes approximately 28,000 member firm tax partners and professionals worldwide.

The flexible service delivery model of Deloitte member firms and the global Deloitte network enables clients to choose a level of support that is right for them. Services can be provided using a local approach, a global or regionally coordinated approach, or a centralized approach to increase efficiency and control over tax activities.  

Clients benefit from the global reach of the worldwide Deloitte network of member firms, while retaining access to local tax knowledge when and where they need it. This means enhanced relations with revenue authorities, fast responses to regulatory changes, and a tax provider with a deep understanding of their issues and the environments in which they operate.