Important events for PwC Romania

PwC Romania timeline


Coopers & Lybrand (C&L) opens an office in Bucharest to become the first large international consulting company present in Romania. At that time, 16 people worked for C&L, including Romanian, French and British nationals.

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  • C&L holds ‘Crisis Management’ courses for the Ministry of Industry.
  • Performs audits for Ion Ţiriac Commercial Bank and Ţiriac Group, as well as the first audit for BRD.
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Pricewater House Logo


  • Price Waterhouse (PW) opens an office in Bucharest.
  • PW consultants support the legislative project on the replacement of the Tax on the Movement of Goods with Value Added Tax (VAT).
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C&L conducts the first classification of Romanian companies under a project for the Romanian authorities.

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C&L performs the first audits financed by International Financial Institutions for Romanian Railways (CFR), the National Road Administration, Romgaz and their successor entities: Romgaz, Transgaz, Distrigaz, CFR SA and CFR Marfă.

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C&L opens two regional offices, in Chisinau (Republic of Moldova) and Cluj-Napoca. The Arad office relocates to Timisoara.

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PW carries out a series of Due Diligence projects and privatisation consultancy for foreign investors seeking to acquire three Romanian producers in the automotive (Peugeot - ARO Câmpulung Muscel), agro-industrial chemistry (Nitramonia) and industrial products (Koyo Seiko - Bearings Alexandria) sectors.

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The global merger between C&L and PW forms PricewaterhouseCoopers, with over 300 employees and 500 customers in Romania.

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PricewaterhouseCoopers participates in the implementation of International Financial Reporting Standards (IFRS) in Romania, as a consultant to the World Bank, which manages the project.

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  • Launches the first dedicated ‘Transfer Pricing’ services
  • Collaborates with the Ministry of Finance to develop the related national legislation and align it with European and international norms.
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In Bucharest, the company moves its headquarters to the Opera Center, where it will operate for a decade.

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Romania-Cyprus Seminar


D&B David şi Baias became the corresponding law firm of PricewaterhouseCoopers in Romania. A team of 12 lawyers joins the company.

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For the first time in Romania, the company offers ‘Purchase Price Allocation’ services.

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  • Vasile Iuga is appointed Country Managing Partner.
  • PricewaterhouseCoopers contributes to the development of Romania’s first Fiscal Code, which brings together, simplifies and clarifies the application of the previous fiscal legislation.
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PwC Conference


As part of the BCR privatisation, the most important such process in the Romanian banking system, PricewaterhouseCoopers provides due diligence services to five potential investors.

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In the pre-European Union Managing Accession Process, PricewaterhouseCoopers provides consulting services for the Romanian authorities.

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PricewaterhouseCoopers participates in the ‘VAT Info’ information programme for the National Agency for Fiscal Administration and holds VAT law harmonisation training sessions in all inspectorates.

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Real Estate Conference


Vasile Iuga is appointed Managing Partner of PricewaterhouseCoopers Southeast Europe, which brings together nine countries: Albania, Bosnia and Herzegovina, Bulgaria, Kosovo, Macedonia, Moldova, Montenegro, Romania and Serbia. It is the first time in Big Four history that a Romanian achieves a regional leadership position.

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PricewaterhouseCoopers becomes the first large consulting company in Romania to provide Romanian entrepreneurs with dedicated and integrated services (Private Company Services).

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PwC Romania New Building


  • The new PwC brand is launched to replace the PricewaterhouseCoopers name.
  • In Bucharest, PwC Romania moves its headquarters from the Opera Center to Lakeview, where it stays for the next decade. The Cluj office also relocates.
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PwC becomes the consulting company with the most specialist members of the Association of Chartered Certified Accountants (ACCA) and the Romanian Chamber of Financial Auditors (CAFR).

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D&B - David and Baias lawyers obtain a reference decision from the High Court of Cassation and Justice in the procedure for granting tax interest for the Steaua Română Refinery, for the non-reimbursement of VAT amounts on time by the state.

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Aspen Bucharest Summit


PwC works with two of the three Romanian subsidiaries of large European banking groups included in the stress tests conducted by the European Central Bank (ECB) during 2014. PwC is the ‘asset valuation auditor’ for the competent authority that conducted the tests on behalf of the ECB.

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Assists CRH in the acquisition of three Lafarge cement factories in Romania.

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  • Ionuț Simion becomes Country Managing Partner.
  • PwC Romania’s tax consultants are part of the working groups that contribute to the discussions with the Romanian authorities in developing the new Fiscal Procedure Codes.
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PwC 25 years in Romania


PwC celebrates 25 years on the Romanian market, with the main event bringing together hundreds of business participants and government representatives.

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  • D&B David and Baias celebrate 15 years of activity.
  • The tax services department initiates the first technology solutions dedicated to tax reporting. The ANAF check application is launched to allow the automatic verification of suppliers which apply the VAT split payment mechanism.
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The D&B David and Baias team assisted in the Phoenix acquisition Farmexim - the largest pharmaceutical industry transaction in 2018.

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PwC Annual Tax Conference


PwC offers consultancy to CEC Bank at all stages of the process of obtaining European Commission agreement for the capital increase.

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  • PwC Romania’s headquarters moves to the Ana Tower building.
  • Participates in the working groups that developed a series of important amendments to the Fiscal Code and Fiscal Procedure Code during 2018 - 2020, as adopted and published at the end of 2020.
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