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Theoretical and Applied Economics
No. 12 / 2013 (589)

The VAT encashment system’s impact on return on invested capitals. Romania’s case

Adriana Florina POPA
Bucharest University of Economic Studies
Florin DOBRE
Bucharest University of Economic Studies
Laura BRAD
Bucharest University of Economic Studies

Abstract. The modifications related to the fiscal regulations in Romania that refer to the VAT encashment system are considered as a fiscal relief for companies. Our purpose is to analyze the way in which the VAT encashment system becomes efficient and companies can benefit from the advantages offered by it. Taking into account the variety of domains in which companies enjoying this relief are activating, we are analyzing the impact that this particular VAT system can have on multiple industries and we aim at proving that the VAT encashment system cannot be always regarded as a fiscal relief policy. There are cases in which this particular measure to stimulate economic growth does not achieve its designated target. Throughout the paper we will simulate the implications on different industries, based on the organizational performances, we will emphasizes the favored domains of economic activities as well as those for which the VAT encashment system can produce negative externalities.

Keywords: VAT encashment system; return; invested capitals; economic re-launch; audit.

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