Wolf Theiss joins tax advisory league

The Bucharest office of the law firm Wolf Theiss opened a tax advisory firm, Wolf Theiss Tax Advisory, thus joining the list of companies tapping into the fiscal and accounting practices.

The action is part of Wolf Theiss’ strategy to complete the range of legal advisory services offers with tax advisory, in countries like Austria, Serbia, Hungary and Romania.

Leading Wolf Theiss’ tax practice in Romania will be Iulia Radocea (photo) who joined the firm in December as Head of Tax Services. Prior to joining Wolf Theiss, Radocea served as International Tax Manager at Deloitte in Bucharest and before that as Senior Tax Consultant at Ernst & Young.

“In the past, business clients had to use one firm to address the legal aspects and another to handle the tax aspects of any given matter. The move follows a trend in Romania and other countries that emerged as a result of an increase in cross-border deals, but also of local tax legislation undergoing constant revision process”, said Balasz Bekes, Wolf Theiss’ regional tax partner.

A trend in business law

Over the past two years, a number of law firms took the tax and accounting practices by storm, as a response to the market’s need of greater flexibility in approaching clients, both in terms of services and fees.

Zamfirescu Racoti Predoiu (ZRP) opened recently a tax advisory department, that is expected to generate 5% of the company’s turnover.

Voicu & Filipescu expanded its reach a year ago into tax and accounting advisory by integrating the specialized firm Steuer & Buchhaltung Partners SRL.

The largest tax advisors in Romania are Ernst&Young, KPMG, Deloitte and PricewaterhouseCoopers, as well as BDO Consulting, Mazars and Tax House.

Nestor Nestor Diculescu Kingsten Petersen (NNDKP)
opened last year its tax advisory division, that was expected to generate around one million euro in revenues.

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