Six months larger-than-expected tax litigation portfolio of approx. EUR 15 million

Six months larger-than-expected tax litigation portfolio of approx. EUR 15 million - 7 July 2009

As of the beginning of 2009 the tax litigation portfolio of bpv GRIGORESCU, measured by the value of claims, has increased by more than 20% that initially anticipated, to approximately EUR 15 million.

“We anticipate that by the end of the year the value of tax claims represented by our firm will exceed EUR 35 million”, says Catalin Grigorescu, managing partner of bpv GRIGORESCU. “The increase in tax litigation work is caused mainly by two factors: an increase in the tax collection activities by the tax administration focusing on large tax payers, and the growing reluctance of the tax payers to accept unreasonable practices or findings by the tax administration under the current circumstances of economic distress. We expect that this trend will continue as economic conditions deteriorate further.”

The dispute resolution department of bpv GRIGORESCU, which focuses on commercial, tax and administra-tive litigation, was given a boost at the beginning of 2009, with the hiring of Liz Minea as a partner and head of dispute resolution. “We encourage clients to keep good terms with the tax administration, however, this should only then be possible when the tax administration does not exercise its authority abusively”, says Liz Minea.

Anca Grigorescu, Head of Tax at bpv GRIGORESCU, adds that “one third of our tax litigation work is referred to us by tax consultancy firms which perceive our tax litigation capabilities as suitable complements to their tax advisory practice”.

In 2008 bpv GRIGORESCU registered a turnover of approximately EUR 3 million, in growth by 30% compared to the financial year 2007, and forecasts similar turnover for 2009 compared to 2008.

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