The tool addresses any Romanian company, regardless of its size and field of activity, except financial services industry, whose particularities are to be implemented in a future version. The SmarTax app ensures a high level of automation and control and thus considerably reduces human errors and the time allocated by tax and accounting professionals for this process.
“In Romania, the tax compliance process is extremely complex, due to the constantly changing legislation and the difficulties that often appear when applying the regulations from one year to another. Our team has created SmarTax starting from clients’ needs to improve their ability to make decisions quickly based on updated tax provisions and to compare quarterly or annual tax treatment with the previous ones, in order to better manage the tax results and the supporting documentation for sensitive transactions. The application may prove to be even more useful in the context of the COVID-19 pandemic, in which remote work is encouraged. The launch of SmarTax completes Deloitte’s portfolio of innovative technology-enabled tax solutions, a field in which we are worldwide recognized,” said Dan Bădin, Tax Partner, Deloitte Romania.
The new tool allows users to reduce the time spent with the calculations, thanks to the automation of repetitive processes, to replicate tax treatments from a quarter or year to another for the new transactions. It also improves the archiving process of supporting documentation for transactions and provides better control over the entire CIT compliance process throughout the years.
Thus, the application, functional through a simple internet connection, archives the information necessary for completing the corporate tax returns , establishes the applicable tax treatment, based on the type o transaction or tax treatment previously applied and automates calculations on limited deductibility in cases specifically provided by the tax legislation, such as the legal reserve, interest expenses, sponsorships etc. Finally, with a single click, the application automatically generates the corporate income tax return to be signed and submitted to the tax authority.
The portfolio of in-house developed digital tools provided by Deloitte Romania also includes solutions such as PartnerSCAN app, which allows companies to assess the potential tax risk of their business partners, D.Tax, an innovative application dedicated to VAT reporting, Total Rewards, an automated tool allowing companies to model their HR policies, a calculator that estimates wage costs for employers which are affected by the restrictions imposed in the context of the COVID-19 pandemic.