Deloitte Romania launches SmarTax application, a digital tool that allows companies to calculate and prepare the quarterly and annual corporate income tax (CIT) computation based on accounting documents.
The application incorporates the entire fiscal legislation in force, while also remaining flexible to adjust to any future changes in the corporate tax area.
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.
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.