EUROPE’S BIGGEST COMPANIES

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TOP 100 banks Transfer pricing consultancy services to top demand in SEE region Panayiotis Diallinas, Director Regional Operations, involved in the development of the Group’s business in the wide Balkan Region Anastasia Sagianni, head of the Eurofast Transfer Pricing division, now leading Eurofast TP team in SEE Which of the countries that you cover in Southeast Europe (SEE) have advanced the most in terms of tax legislation and which ones are lagging behind, and why? The EU member states in the region have progressed in modernising their tax legislation, and so have some non-EU countries that are implementing some basic EU directives with the aim to comply with the European legislation. In this respect, countries like Cyprus, Bulgaria, Greece, Romania, and Croatia have an advantage and that is why they are a target for foreign investors. Serbia and Montenegro are also business-friendly countries, while Albania is making tremendous progress compared to the past in this respect. How is Eurofast positioned to compete with other major companies providing the same services in the region? Eurofast is a regional business advisory organisation employing over 200 people in SEE and the East Mediterranean through fully fledged subsidiaries in Lefkosia, Athens, Thessaloniki, Sofia, Bucharest, Belgrade, Podgorica, Tirana, Skopje, Zagreb, Pristina, Banja Luka, Sarajevo, Cairo, Alexandria, Tbilisi, Kiev, Moscow, Northern Iraq, Lebanon and Beijing. Our extensive portfolio of service lines gives us the advantage to act as a “one stop shop” for international companies. Eurofast works selectively with independently owned associate companies to offer clients comprehensive and well-rounded solutions for any additional service they require. What is the outlook for transfer pricing services in SEE? Good question! Due to the tax base erosion and profit shifting (BEPS) initiative of the Organisation for Economic Cooperation and Development (OECD), we will have changes to domestic transfer pricing law and regulation throughout the globe, and it is anticipated that transfer pricing services will again be on top of demand in SEE. Let’s not forget that in most countries across the region, transfer pricing is a new development. New regulations will increase complexity and will lead to the need for extra services. Are there any risk indicators for the Bulgarian tax authorities? Are there any differences with other tax authorities in SEE? High transfer pricing risk areas are usually similar from country to country across the region mainly because the motivation remains the same - “how an entity can minimize its tax liability”. However, in Bulgaria due to low tax rate of 10%, the motivation is not intense. Nevertheless, demand on public services continues to grow in the region as more and more countries strengthen efforts to eliminate such cases. Indicators of high risk areas usually can be found in transactions with tax heavens, transactions with companies that have tax losses for utilization in a multinational organization and material service transactions without substance. How do you help companies manage their transfer pricing issues and what services do you provide? In light of the changes in the international tax landscape and due to the reason that one of the key challenges in international taxation is transfer pricing, taxpayers should manage their transfer pricing risks by being aware of key risks. Our solutions include preparation of the transfer pricing documentation, transfer pricing model design, review and localization of the group master file and compliance with each country’s law. 28
WE CARE Ready For Your Business to Bloom? info@eurofast.eu | www.eurofast.eu Your Regional Business Advisory Services Firm Market Entry Services Corporate Services Tax Planning & Tax Compliance Outsourced Payroll and Employment Solutions Transfer Pricing Mergers & Acquisitions and Transactional Advisory Find out more in www.eurofast.eu 2015 Ranked Tier One Tax Transactional Practice in Cyprus INTERNATIONAL TAX REVIEW 2014 European Transfer Pricing Firm of the Year Taxand ITR European Awards 2014 Regional M&A Tax Firm of the Year M&A Today Global 2014 Ranked Top Tax Advisor in Cyprus INTERNATIONAL TAX REVIEW 2013 Ranked Tier One Tax Transactional Practice in Cyprus INTERNATIONAL TAX REVIEW 2012 Taxand World Tax Association Corporate INTL Global Awards 2012 Ranked Tier One Tax Planning Advisor INTERNATIONAL TAX REVIEW 2012 Cyprus Tax Firm of the Year INTERNATIONAL TAX REVIEW 2012 Ranked Tier One Tax Transactional Practice in Cyprus INTERNATIONAL TAX REVIEW 2011 Cyprus Tax Firm of the Year INTERNATIONAL TAX REVIEW 2011 Ranked Tier One Tax Transactional Practice in Cyprus INTERNATIONAL TAX REVIEW 2010 Best Tax Practise in Cyprus European CEO Tax & Accountancy Awards 2010 Ranked Tier One Tax Transactional Practice in Cyprus INTERNATIONAL TAX REVIEW 2010 European Inderect Tax Firm of the Year: TAXAND ITR European Awards 2009 Cyprus Tax Firm of the Year INTERNATIONAL TAX REVIEW Eurofast Locations: Athens | Thessaloniki | Nicosia | Sofia | Bucharest | Belgrade | Podgorica | Tirana | Skopje | Zagreb Pristina | Banja Luka | Sarajevo | Cairo | Alexandria | Tbilisi | Beirut | Erbil | Moscow | Kiev | Beijing
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Page 14 and 15: TOP 100 companies Romanian car make
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Page 40 and 41: SEE most dynamic Wholesalers, retai
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Page 54: SEE TOP industries Romania A strong
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Page 77 and 78: SEE innovations The Amberg factory
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SEE colours forced “to feed the G
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SEE colours Albania TOP 10 No SEE T
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Romania TOP 10 Current account bala
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EUROPE’S BIGGEST COMPANIES

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