Tax Advisory

Mușat & Asociații Tax Advisory is a well-established tax consultancy affiliated to Mușat & Asociații law firm. Bringing together highly experienced certified tax advisors and tax lawyers, the firm has the capabilities to propose and implement tax-efficient solutions for both domestic and international clients.


Due to our long standing practice and extensive knowledge in the field, Mușat & Asociații Tax Advisors provides in-depth advice on a wide range of tax issues and intricate related aspects generated by multiple changes occurred at the legislative level. Our expertise covers all areas of tax matters applicable at national, but also international level, from direct and indirect taxation, transfer pricing and value added tax (VAT) and up to expert advice in mergers and acquisitions, complex cross-border transactions as well as identifying reliable financial alternatives for investments in Romania. The team has extensive practice in a broad industries range, with particular focus on:

  • Financial Services (Banking, Equity Capital Markets, Insurance)
  • Healthcare & Pharmaceuticals
  • Oil & Gas
  • Real Estate & Construction
  • Products (Consumer Goods & Services, Industrial Equipment, Retail)
  • Resources (Chemicals, Energy, Natural Resources, Utilities)
  • PPP & Infrastructure
  • Communications, Media & Technology

Răzvan Graure



Răzvan Graure joined the tax team of Mușat & Asociații after previously working with Ernst & Young Romania and PricewaterhouseCoopers for more than 8 years. Răzvan has built his experience focusing especially on indirect taxation. As a Partner, he has strong knowledge in tax planning and international structures, as well as in domestic VAT issues covering a wide array of industries, with focus on manufacturing, automotive, logistics, energy and FMCG.  He is specialized in a broad range of tax services like tax reviews, compliance work, VAT refunds, tailored trainings and seminars, collection of revenues, tax compliance, etc. being involved in domestic and international transactions, as well as other corporate reorganizations. Răzvan is ACCA member and certified tax adviser.

Angela Mare_9V8A2819

Angela (Mare) Porumb



Angela Mare is a long standing and well-reputed litigation practitioner, having over 18 years of extensive experience in civil and commercial disputes in front of Romanian Courts, at all levels. Angela is notable for her expertise in many complex cases, representing major multinational companies as well as private local companies acting in various sectors, such as real estate and construction, banking, energy and public utilities, in all types of disputes including commercial, fiscal and administrative litigations, as well as disputes regarding judiciary reorganization and bankruptcy proceedings. Due to her extensive legal knowledge, Angela has been acting in numerous types of litigation cases handled by Muşat & Asociatii, our portfolio of large corporations, banks or other institutions benefiting from her top-notch legal counsel with substantial experience and practice in complex, sensitive and controversial issues.


Roxana Bujoreanu (Dobrogeanu)

Senior Tax Manager


Roxana is a Senior Tax Manager with 10 years of professional experience in taxation, out of which 3 years and a half spent in a Big4 company in Romania. She has experience in all areas of domestic taxation as well as in international taxation on all industries, specifically in retail, real estate, oil & gas and telecom. Her experience includes among others various projects of tax reviews, due diligence projects, restructuring projects and international assignment services. Roxana was also involved in various assignments of compliance services and transfer pricing services. She is a Certified Tax Adviser, member of the Chamber of Tax Consultants.


Oana Grădinariu Deju

Senior Tax Manager


Oana is a Senior Tax Manager with 10 years of professional experience in taxation services, out of which 3 years within a Big4 company in Romania. She has experience in all areas of domestic taxation, also being familiar with relevant international principles in the field. She participated in a large number of tax audits and reviews, due diligence, restructuring projects (both prior and post-reorganization), tax compliance and also tax litigation projects. Oana has acted on various tax advisory projects in all industries, including real estate, production and manufacturing, financial services and technology. She is a Certified Tax Adviser, (member of the Romanian Chamber of Tax Consultants), and also a Chartered Accountant (member of the Romanian Chamber of Chartered and Licensed Accountants).


Alina Man

Senior Associate


Alina Man joined Muşat & Asociaţii in 2013 and developed a substantial practice in the Tax Advisory field, as well as in Restructuring & Insolvency. Alina has acted for significant local and international clients on tax advisory projects in various industries including energy, real estate, automotive, financial services and FMCG.  She has a dual qualification being licensed both in Law (University of Babes-Bolyai, Cluj – Napoca – 2013) and in financial/taxation services (Economics Degree in Accounting and Business Administration – University Of Babes-Bolyai, Cluj – Napoca-2011).


Bianca Sabou

Tax Consultant


Practice Areas Taxation
Education: Bachelor’s degree in Economics – International Business and Economics – Bucharest University of Economic Studies, 2017.
Languages: English, French, Spanish.
Memberships: –

  • Advising investors on international tax issues, from the set-up phase until efficient exit strategies
  • Tax efficient financing alternatives
  • Holding structures, business reorganization, cash pooling agreements
  • Corporate tax advice and compliance
  • Assistance with VAT reimbursements
  • VAT registration
  • Customs duties and excises advice and planning
  • Draft transfer pricing documentation
  • Transfer pricing planning
  • Draft advanced pricing agreements (APA)
  • Vendor and buy-side tax due diligence
  • Taxation of employees, freelancers and expatriates
  • Capital gains taxation and reporting
  • Tax on buildings, land, advertising
  • Requests for rulings from the tax authorities-submission and follow-up with the authorities
  • Administrative litigation procedures
  • Appeals and Court representation
  • Baxter International Inc., a $6 billion global biopharmaceutical leader, in connection with the spinoff of its BioScience business and its Medical Products business into two separate and independent global healthcare companies. Our mandate included assisting and representing the client on the local separation, starting with the incorporation of the new Romanian entity, undertaking extensive tax analysis on the separation project, assessing financial and tax implications arising from the transfer of business, as well as preparation of the required transaction documents for the VAT registration of the new company.
  • Sterling Resources LTD., a leading Canadian company engaged in the exploration, development and production of crude oil and natural gas, on the fiscal implications of the sale of all its operations in Romania, respectively its subsidiary Midia Resources SRL to Carlyle International Energy Partners.
  • Sermedic, a Servier Group entity, one of the largest French pharmaceutical companies, in relation to drafting and obtaining a binding ruling from the National Agency for Tax Administration. Also, our mandate included assistance for challenging a tax decision issued by the Romanian tax authorities and successful representation of the client before the court for judicial suspension of the enforcement of this decision. Additionally, our work included also assistance in obtaining reimbursement of the claw-back amounts paid in excess from the Ministry of Finance, for notifications which were cancelled in court.
  • Emerson, a global manufacturing, engineering and technology multinational company, in connection with the spinoff of its business into a separate and independent specialized company in Romania. We provided A-to-Z  assistance for the local separation, starting with the incorporation of the new Romanian entity, undertaking extensive tax assistance on the separation project, assessing financial and tax implications arising from the transfer of business, as well as preparation of the required transaction documents for the VAT registration of the new company.
  • Electrolux, the world’s largest producer of kitchen appliances and equipment, in relation to the administrative procedures for challenging the conclusions of a fiscal inspection report drafted by the fiscal authorities. Also, our mandate included analysing the tax and accounting implications deriving from a “cash pooling” structure to be implemented within the group.
  • Mewi Import Export Agrar Industrietechnik, a leading Romanian distributor of agricultural machines, on a whole array of VAT, customs duties and corporate income tax issues in relation to its operations in Romania. We have also been appointed by the client to prepare the transfer pricing documentation as per the local legal requirements.
  • Cooper Standard Romania, a leading Romanian manufacturer of automotive parts, on transfer pricing adjustments performed with related parties and possible implications arising from current adjustments. We have also been appointed by the client to prepare transfer pricing documentation as per the local legal requirements.
  • Accenture, a global management consulting, technology services and business processes outsourcing company, in connection to tax implications related to posting employees in EU member states and non-EU countries, including assistance on the procedure for cancellation of working points from the National Agency for Tax Administration records. Our mandate also included assisting the client on tax implications arising from the transfer of business pertaining to the local subsidiaries of EnergyQuote JHA group, a leading pan-European provider of energy management and services by Accenture’s subsidiary in Romania, as well as preparation of necessary tax documents, and performing all the necessary operations and formalities for the implementation of this transfer.
  • Cerner Romania, a supplier of health information technology solutions, services, devices and hardware, providing tax assistance in many aspects of taxes and social contributions of local employees, as well as assistance in obtaining income tax exemption for employees acting in the IT field.
  • Snetor Distribution, a French distributor of plastics and chemicals, in connection with tax implications related to the conclusion of an employment agreement with a Romanian individual, the procedures in paying and declaring social charges, and further assistance in reviewing the employment agreement.
  • Colas, the world leader in construction and maintenance of infrastructure for transport, urban development and recreational facilities, in respect to the VAT implications in connection with the amount awarded by the ICC in arbitration with the Romanian National Company for Motorways and National Roads, totaling over EUR 16,000,000.
  • Atrium European Real Estate, a leading company focused on owning, operating and developing shopping centers in Central and Eastern Europe, in connection with tax implications derived from concluding a real estate transaction of EUR 15 million during the litigation procedure against a leading international group of companies operating in the real estate field (including a Romanian company), deriving from several loans secured by the group’s companies. Our work included assessing the tax obligations derived in Romania for the companies involved, as well as revising the proposed settlement agreement from a Romanian tax perspective to identify possible tax issues which might arise after concluding the transaction, and to propose related remedies. Our mandate also included to analyse, from a tax perspective, the possibility of structuring the real estate transaction, and assessing the best solution from a tax and legal perspective.
  • Dutch Dairy Farm, a local producer of dairy and fodder, part of a Dutch group of companies with extensive experience in dairy production, during the tax inspection performed by the National Agency for Tax Administration and further on, during the tax challenge procedure of the decision regarding additional tax liabilities assessed by tax inspectors, as well as assistance during the re-audit performed by tax inspectors for part of the amounts challenged by the company.
  • Caterpillar, a major equipment producer, in relation to the tax and customs regime of cross-border and domestic leasing.
  • Consortium consisting of UBS LIMITEDSSIF SWISS CAPITAL and BT SECURITIES, which was selected by the Romanian Government, through the Ministry for Information Society, to oversee the privatization of Romtelecom, one of the top three telecom operators in Romania. Our involvement consisted of the assessment, from an accounting and legal perspective, of the alternatives of using the available reserves of the telecom company accounted during previous years and the possibility of distributing dividends, as well as determining the tax implications in connection with such operations.
  • Bucur Obor, a major Romanian company listed on the Bucharest Stock Exchange acting in the real estate leasing field, in respect of tax implications deriving from a business transfer and the possibilities of distributing profits obtained during previous years.
  • Deutsche Bank, a leading German bank, regarding the purchase of receivables owned by a Romania-based Supplier, including providing extensive analysis and assessment of tax implications on VAT, self-billing procedures, withholding tax and all other tax-related effects, as well as drafting the required guidelines and assistance in order to implement different operations.
  • Universal Music Group International Limitedthe largest music corporation in the world, in connection with the prospective acquisition of a local company in the recording and publishing field, including tax aspects to be assessed for the purpose of such acquisition.
  • BSH Electrocasnice, the Romanian subsidiary of Bosch and Siemens Home Appliances Group, the world’s third largest manufacturer of high-end appliances, with respect to the internal audit performed on past activities.
  • Enel Green Power Romania, the Romanian subsidiary of an Italian multinational renewable energy company, in a complex challenge initiated by its subsidiary Elcomex EOL against the tax authorities for recovery of VAT related to the connection fee paid for setting up new electricity capacities. Our mandate included, inter alia, submission of the case to the European Commission in order to obtain a legally binding interpretation of the EU VAT Directive implemented in domestic legislation.
  • Capgemini Services Romania, one of the world’s foremost providers of consulting, technology and outsourcing services, with respect to the merger by absorption of IBX Software Development by the client. Our mandate included, inter alia, assistance for assessing tax implications in connection with the envisaged merger, preparation of the pre-merger documents, as well as review of the computation figures in connection with the new shares to be issued as a result of the merger. Our mandate included also assistance for the implementation of the merger process.
  • Gefco Romania, a transport and logistics companywith respect to the recognition of social security contributions paid by residents/non-residents in countries other than the resident country.
  • Amazon, an American international electronic commerce company, in view of benefiting from several tax facilities for its employees, including drafting the relevant documentation.
  • South Wind, a company operating in the area of wind power plants, on various taxation matters in relation to the envisaged construction of wind power plants in Romania, such as VAT implications, as well as an analysis of the tax on construction.
  • GDF Suez Trading, a global energy player and an expert operator in the three key sectors of electricity, natural gas and energy services, regarding the necessity of obtaining a license to conduct certain proposed activities in the field of natural gas/electricity, as well as further assistance with respect to activities performed in Romania. 
  • GE Equipment Services Romania SRL, the Romanian subsidiary of GE, a global infrastructure, finance and media company, in connection with the assignment of VAT receivables and implementation of the respective procedure.
  • Magnetti Building, the Romanian entity of a reputed construction company active in Italy, Romania and Bulgaria, in a complex fiscal litigation case initiated against the National Agency for Tax Administration on VAT due to the State budget.
  • Atlas Telecom Interactive, the Romanian entity of an international telecommunication group acting in more than 70 countries, in a fiscal litigation case initiated against the National Agency for Tax Administration related to profit tax and VAT matters.
  • SABMiller, one of the world’s largest beer producers, in relation to drafting and obtaining a binding ruling on behalf of Ursus Breweries, its Romanian group entity, from the Romanian fiscal authorities in connection with share plans organized abroad, wherein the Romanian entity is a participant, as well as to assess the tax consequences after the binding ruling was issued.
  • Total, one of the six “super major” oil companies worldwide, for the potential acquisition of Petrom LPG, the main player on the domestic market of liquefied petroleum gas distribution, specifically with respect to the target’s tax compliance for the past 5 years.
  • Brown Forman, one of the largest companies in the spirits and wine industry in the USA, in connection with its entities in Romania. Our mandate also covered assistance during the general tax audit performed by tax inspectors at the Brown Forman Romanian Branch, and regarding a tax challenge against Romanian tax inspectors’ findings.
  • Enel Green Power, the Romanian subsidiary of an Italian multinational renewable energy company, in performing a thorough financial and tax due diligence with respect to five companies developing photovoltaic energy generation projects.
  • Eli Lilly, a leading pharmaceutical company, in relation to all claw-back matters in Romania. According to the applicable pharma legislation, the marketing authorization holders for medicinal products or their legal representatives are obliged to pay a quarterly “claw-back” contribution for certain categories of medicinal products, borne out of the National Sole Social Health Insurance Fund and out of the Ministry of Health’s budget; legal work included assistance in connection with registration with the National Agency for Tax Administration and the National Health Insurance House of the legal representative of the marketing authorization holders, preparing the preliminary complaints to be submitted before the National Health Insurance House.
  • Novo Nordisk, a leading healthcare company, in connection with claw-back matters. Legal work included drafting the preliminary complaints submitted before the National Health Insurance House, preparing a court challenge in connection with the claw-back contribution, as well as representing the client before the court in the claw-back related litigation.
  • Kendris Ltd., a leading Swiss provider of trust and fiduciary services, as well as tax and legal advice, in assessing the tax implications triggered in Romania by restructuring the worldwide business pertaining to their Romanian clients.
  • Havi Logistics, a major logistics provider, in connection with the tax audit performed by the Romanian tax authorities (the Environmental Fund Administration) related to environmental tax matters. Our mandate included, inter alia, assistance during the tax challenge procedure against the Environmental Fund Administration subsequent to the tax audit performed, as well as seeking suspension of the forced execution procedure initiated by the Romanian tax authorities.
  • Transocean, the largest offshore drilling contractor in the world, in connection with the customs proceedings for a rig to be used for prospective drilling operations in the Romanian exclusive economic area of the Black Sea.
  • Enel SpA (Italy), a leading energy producer and distributor, on various taxation and social security issues related to domestic and foreign employees, as well as on stock option plans.
  • Roche Romaniaa subsidiary of F. Hoffmann-La Roche, the biggest pharmaceutical player on the Romanian market, with respect to rescheduling receivables to be collected from local distributors and their related tax effects.
  • Oracle Romaniathe subsidiary of the leading IT business solution player, with respect to various tax issues deriving from the collection of bad receivables.
  • L’Oreal, a major cosmetics producer, in relation to customs and cross-border tax issues.
  • NOKIA, a leading mobile phone producer, with respect to structuring the customs operations of its Romanian subsidiary in line with the existing European arrangements of its group, including obtaining related customs licenses, authorizations and permits, but also with respect to disputing a customs tax decision for over EUR 6,400,000, issued after reconsideration of the customs regime for specific items.
  • CAF Construcciones y Auxiliar de Ferocarriles, a Spanish company manufacturing railway vehicles and equipment, with respect to the tax implications arising from an agreement concluded with a Romanian entity acting in the field of public transport. Our work consisted also in further assistance during a tax audit performed by the Romanian tax authorities for VAT reimbursement.
  • Swiss Capital, a large financial services and Investment Company, the number 1 broker on the Romanian market, in assessing VAT implications arising in connection with acquired goods and services. 
  • Enel Distributie Banat, the Romanian subsidiary of a leading company acting in the energy field, during a general tax inspection, and providing further assistance during a dispute relating to the afferent tax decision. We also assisted the company with respect to tax implications of the share capital increase with the value of real estate for which certain specific ownership certificates were issued.
  • Agrafood, a major local FMCG producer, with respect to the tax implications of the sale of a large real estate property. Our mandate also included drafting the sale-purchase agreement.
  • Abbott, a leading global health care companyfollowing extensive tax and legal due diligence, on the tax effects of the consolidation of its Romania-based vehicles via transfer of assets and related personnel.
  • Onix Residence SRL, a major real estate investor and developer in Romania, member of Morad Group, one of the largest independent local groups acting in various fields, such as the hotel industry, food, construction and real estate industries. Our mandate included assessing the tax and legal implications throughout all the stages of implementation of real estate projects, as well as assisting the client during the procedure for sale of apartments. Our assistance also involved the analysis, from a tax and legal perspective, of all the alternatives to restructure the business within the group of companies, and to propose the best solution from a tax and legal perspective so as to separate certain activities at the level of the group.
  • Apple on the local tax consequences of the changes to the iTunes “affiliate program”, particularly in relation to the tax implications triggered by concluding online advertising agreements with third parties through local operating agents/representatives of Apple. We also advised iTunes Srl, a subsidiary of Apple, in assessing VAT treatment in connection with the sale of gift certificates and allowances, and in assessing the tax implications of a new structure proposed for Apple/iTunes’ expansion for business and educational institutions.
  • Numerous clients, amongst which Vinci, Danone Group, AXA, Atos, Total, Valeo, Campofrio Food Group, GlaxoSmithKline, Sanofi-Aventis, SABMiller PlcMichelin Romania, Alstom, Accor Group, ThalesVivendi, Schneider, France TelecomVeolia (a leading European player in environmental services sector), British PetroleumTimken Company (the world’s largest manufacturer of tapered roller bearings), Citigroup Inc. etc., inter alia, on matters pertaining to employee stock option plans, which involved advice on legal and tax implications, and assistance throughout the implementation of such plans, including fulfilling the necessary formalities with the competent authorities and institutions (e.g., the National Bank of Romania), obtaining the necessary clearances and applicable passporting facilities, social security payments etc.
  • Retained by B Braun, one of the largest European providers of dialysis medical services and equipment, for day-to-day tax assistance.
  • KBC Group NV, one of the major companies and the second largest bank assurer in Belgium, inter alia, on the potential tax implications of available restructuring options concerning its Consumer Finance operations in Romania.
  • Sony Europe, one of the world’s largest electronic producers, in front of local tax authorities during efforts to restructure its activity in Romania, following the merger between two of its subsidiaries.
  • AB Hannera real estate investor and developer active in Lithuania, Central and Eastern Europe, in connection with the taxation of receivables assignment, including advising on the applicable profit tax regulation, double taxation treaties and transfer pricing rules.
  • SBS Broadcasting Media SRLthe Romanian subsidiary of ProSiebenSat.1 Media Ag, in multiple litigation cases against the Romanian fiscal authorities regarding the annulment of debt rescheduling decisions.
  • Atlas Solaris, a subsidiary of Atlas Estatesa real estate investor active in Central and Eastern Europe, in a complex litigation initiated against the tax authorities for VAT recovery.
  • VMWARE of the world’s top producers of software products, in connection with the tax implications of software product distribution in Romania via direct download from the internet, and the qualification of payments under Romanian law.
  • Veroskip Trading and Premier Solutions & Teamtwo subsidiaries of AFI Europe NV in complex VAT litigation procedures against the local fiscal authority arising from the acquisition of two land plots in Bucharest and Ploiesti for the development of major residential projects.
  • DSU Romania, part of the ThyssenKrupp group, in a judicial procedure against the seizure of stocks of its patented invention of road building material with a value exceeding EUR 6,000,000.
  • Monsanto Company, a major U.S.-based agricultural company, in connection with the Romanian fiscal regime related to payment operations.
  • Alpha Rocas (former Abela Rocas), the sole airline catering company in Romania, with respect to various tax litigations against the Romanian Ministry of Finance, involving VAT and income tax.
  • Transport Urban Sinaia, a public transportation company, during the audit performed by the Romanian Court of Accounts, including analysis of the accounting and tax treatment with respect to the acquisition of a gondola lift station through leasing. Our mandate also covered assistance during the tax inspection performed by the National Agency for Tax Administration, initiated as a result of the audit performed by the Romanian Court of Accounts, as well as assistance during the administrative phase of challenging the tax administrative acts issued after the tax inspection, lifting the precautionary measures, suspending the forced-execution initiated by the Romanian tax authorities, and obtaining a payment schedule for challenged tax liabilities.
  • DePaul University, the largest Catholic university in Chicago, in connection with setting-up an MBA program in Romania in partnership with a Romanian university, and assistance regarding fiscal implications related to the procedure.
  • The Embassy of Japan in Romania, on the fiscal treatment of income derived by members thereof for the activities performed in Romania in their official capacity.
  • Repower Vanzari Romania SRL, the Romanian subsidiary of Repower AG, an international electricity company based in Graubünden Canton (Switzerland), in connection with the tax and accounting regime of green certificates acquired by electricity suppliers.
  • SOS Satele Copiilor, a large international childcare association, with respect to an extensive analysis on the tax and accounting implications of structuring its activity in view of obtaining new financing projects. Also, our mandate included analyzing the tax implications in connection with benefits in-kind granted to employees after retirement, as well as in connection with tax implications related to real estate property held by the association.
  • Solido Estate, a Romanian real estate company with foreign investors, in structuring its business in order to optimize the company’s transactions from a tax perspective.
  • Globecast, the leading global provider of content management and worldwide transmission services for professional broadcasting, advising the company during a public tender with respect to the tax implications of the agreement.
  • Suzlon, a leading wind power solutions provider, in connection with the tax effects related to the company’s restructuring of its business through the sale of shares. Our work consisted of providing A to Z tax assistance related to the project, including preparation of the required transaction documents.
  • Regia Autonoma de Administrare a Domeniului Public si Privat a Judetului Cluj (the Autonomous Regie for the Management of Cluj County Public and Private Domain) in disputing various tax decisions concerning VAT related issues.
  • Telefonica International Wholesale Servicesa major European provider of global wholesale telecommunication services, in connection with the tax implications of purchasing, installation and operations of telecommunication equipment in Romania.
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