Romanian law firm Ţuca Zbârcea & Asociatii has recently announced a new tax advisory division, namely Ţuca Zbârcea & Asociaţii Tax, which will operate as a separate entity, affiliated to the law firm. The new division is expected to post a turnover between EUR 0.5 million to EUR 0.6 million in its first year of activity, according to Răzvan Gheorghiu-Testa (in picture), associate attorney to Ţuca Zbârcea & Asociaţii. Also, over the short and medium term, the plans include a bigger team, and an increase in the portfolio of clients.

The core team comprises five licensed tax consultants with an experience of eight to ten years, gained in the Big 4 large audit companies. The coordinators of the tax advisory practice are Alexandru Cristea - tax partner, and Răzvan Gheorghiu-Testa - associate attorney to Ţuca Zbârcea & Asociaţii, according to the company. Alin Chitu - tax senior manager, as well as two further specialists with lengthy previous experience in large audit firms and the Ministry of Finance.

According to the law firm representatives, the decision to enter the tax advisory market by creating an independent player is mainly justified by the increasing demand for specialized assistance from current customers.

Ţuca Zbârcea & Asociatii posted a slight drop in gross revenues, from EUR 22.7 million in 2009 to EUR 22.4 million for 2010.

Irina Popescu, irina.popescu@romania-insider.com