Fiscal regulations change became a serious source of concern for the Romanian top managers as 66 percent of the local CFOs see a a high or very high level of fiscal uncertainty, compared to only 35 percent for those in the Central Europe region, according to a survey conducted by Deloitte.
“As for the Romanian CFOs, the survey shows they manifest a higher degree of pessimism compared to the other respondents, with 66 percent of them mentioning a high or very high level of fiscal uncertainty, compared to only 35 percent for those in the CE region. Almost twice as many CFOs in Romania (90%) than from the CE region believe that taking more business risks is not currently desirable,” Deloitte says.
According to the survey, 85 percent of Romanian CFOs expect consumer price index to rise in 2019, with costs of running their business becoming a concern.
Materials, workforce and services are all expected to cost more over the course of this year. More than half of the Romanian respondents (51 percent) expect GDP to grow in 2019 and 75 percent of them will budget revenue growth in 2019, slightly more optimistic compared to peers in the region (66 percent).
“In terms of main factors that may negatively impact their businesses, Romanian CFOs are concerned by the brain-drain phenomenon and its impact on skilled workforce availability, the increased costs of running their business and unpredictable fiscal and business laws. Still, they remain generally optimistic about macroeconomic and business environment perspectives,” said Farrukh Khan, Audit and Risk Advisory Partner, Deloitte Romania, leader of the CFO Survey program in Romania.
The 10th edition of Deloitte Central Europe CFO Survey covering the opinions of CFOs from nearly 700 major CE organizations from a wide range of industries and sectors, was conducted between September and November 2018.
Deloitte provides worldwide audit, consulting, legal, financial advisory, risk advisory, tax and related services to public and private clients spanning multiple industries.
Deloitte Romania is one of the leading professional services organizations in the country providing, in cooperation with Reff & Associates, services in audit, tax, legal, consulting, financial advisory, risk advisory, business processes and technology services and other related services with more than 1,200 professionals.