Danila, Petre & Asociatii, a law firm that has recently extended to fiscal consultancy, is the first Romanian law firm to open a subsidiary in neighboring country Bulgaria, a so-called “fiscal paradise”.
“We have decided that it is time we took measures, in order to be nearer to our current clients and come to the aid of potential ones, interested in relocation or in founding a company in Bulgaria. Moving to Bulgaria is a phenomenon that will develop in the following year”, stated Cristian Petre, senior partner at Danila, Petre & Asociatii.
Bulgaria has so far attracted around 2,500 Romanian companies that have moved their headquarters to Bulgaria, according to a Reuters analysis quoted by the law firm. The country is currently a point of financial attraction since it has one of the lowest taxes for company profits within the EU, of only 10 percent, while the tax on dividends is of 5 percent, compared to 16 percent, in Romania. Moreover, companies in neighboring Bulgaria do not have to make quarterly fiscal declarations, yet solely need to make an annual profit tax declaration by 31 March of the following year.
The newly founded subsidiary is located in Ruse, Bulgaria, and has 4 employees, an administrator and three accountants, Bulgarian citizens who speak Romanian, along with three external consultants, as well as the partners and associates of DPA Romania.
In picture, Luminita Danila, senior attorney and partner at Danila, Petre & Asociatii.