Abstract:The fiscal policy is an instrument that collects resources for the state budget necessary to perform state functions; stabilize the economy; regulation of the economy and recovery growth. The most important instruments are taxes and taxpayers. Since 1989, with the transition to a market economy, a special tax policy has been known by excise taxes. Analyzing the case of Romania and the evolution of excise duties (hereinafter ED) conformity we created some regressions that illustrate the ED correlation in Romania between 2002 and 2015. The methodology used: three unifactorial regression models showing how ED impacts economic indicators such as GDP, power purchase expressed through the net annual average salary, and household final consumption expenditure. Moreover, each model has been tested and verified using statistic tests to give reliable results. In a first stage, we analyzed the correlation between GDP and consumption as endogen variable and ED, then we created another model that we kept ED as an independent variable, but we changed the dependent variable using the purchasing power as a dependent variable. Because according to the used tests we demonstrated that correlation coefficients are significant, we proceeded to explain them starting from fiscal policy and economic reality, own of these analyzed 14 years. In conclusion we highlighted below as the ED depends on GDP and consumption and the purchasing power can influence the ED. For future discussion and studies we intend to compare the results with other countries in different geographic areas in Europe

Transfer prices are a top field in financial and legal scientific research and practical activity. Although this research field is still in the beginning, due to its complexity, as well as it’s inter-, multi- and transdisciplinarity, it can be noted that empirical studies, as well as practical researches in economic and legal matters, have intensified. Moreover, this field of transfer prices is in close connection with the area of international double taxation, which shows its international character. In this article we sought a holistic approach to the transfer price phenomenon, dealing with economic and legal technical aspects that we believed are important to emphasise. Without addressing the issue of transfer prices in an exhaustive manner, in this article we presented both the legal and the economic framework of transfer prices in Romania. The added value of this article lies in the approach to transfer prices, both legally and economically.

Conventions to avoid double taxation are thepanaceaof tax law,lato sensu, and direct taxation,stricto sensu. Although the current network of double taxation conventions has over 2500 tax treaties concluded by the world’s states, there are still issues that need to be addressed in their application: the anti-abuse provisions to be found in conventions, the practices of the type treaty shopping, LOB clauses, use of arbitration in the application of double taxation avoidance conventions. The case of Romania is analyzed in this article, through the DSSs Râşnov cause vs. ANAF Brasov, in order to highlight the way in which the framework of the double taxation avoidance convention is applied in Romania, if there are differences and divergences between thede jureprovisions of the double taxation avoidance conventions and thede factoapplication, in practice, a state like Romania, which is in the process of catching up with economies in developed countries. The case presented in this article suggests that there is stillroom for maneuverto improve the framework for double taxation avoidance conventions in Romania and how they are applied in practice, which their provisions are interpreted and respected.

The purpose of this paper is to make a quantitative and qualitative critical analyse regarding the three important aspects of stock market evolution. First, the forecasting problems are presented and analyse in order to establish the main problems and the potential solutions. Second, the valuation problems are tackled in order to observe different trends and directions of solving these issues. Third, the portfolio return forecasts are mandatory in order to establish the results of the titles/market evolutions. The methods used in this research reveal the importance of adopting some important econometric tools in order to test the robustness of different main theories of the stock market and some important practices used among investors. The scope of the research was to give a quid pro quo in order to confer potential solutions regarding problems, paradoxes and efficient information of the stock market. The empirical results reveal that besides the critical side of the theories this paper sets a basis for a new eclectic approach regarding the probabilities that a title achieves certain values within a reasonable time frame. The main conclusion of this article suggests’ that the current theories register some gaps regarding the adherence into stock markets’ realities.

In order to better collect taxes and combat fraud and tax evasion by strengthening the national legislative framework, a number of regulations and reports have been put in place for monitoring the declaration of all economic operations between partners in a regulated free market. The provisions adopted in the field of taxation in conjunction with the accounting report provided, respectively reported by the entities to the tax authorities, are applied for the correct assessment of their activity in order to combat the practices of tax avoidance, tax fraud, and tax evasion. This study does not analyze the fiscal policy as a whole, this paper addresses the regime of contraventions and sanctions, as well as the repercussions of non-declaration or incomplete or erroneous declaration of the Recapitulative Statements on intra-Community supplies/acquisitions/services (code D390) and Informative declarations on deliveries/services and purchases made in the national territory (code 394), related to value-added tax.