This paper assesses the consequences of implementing a joint liability debt system in a two-country small open economy model. With joint liability a default of one country makes the other participant liable for its debt. The results highlight a trade-off between the contagion risk, in the sense...

This study is carried out against a backdrop of deep divisions in Greece and in Europe over how to handle the challenges now confronting Greece. Greece’s deeper medium-term policy needs and identifying ways to replace the expected market financing are discussed. Structural reforms tackled...

Businesses, all over the world, want a stabile legislation. In the economic domain, all the companies need a clear fiscal code on a long period of time. Unfortunately, in the last ten years, the Romanian Fiscal Code has been amended several times. The old fiscal code is in force since 2003 and...

To operate in complex and real problems of determining the amount of local taxes, specialized inspectors from local administration sservices, but also the taxpayers, must have regard to a number of issues and general rules apply across the spectrum, in general, of local taxes. Based legal matter...

As from 1 January 2007 the European Directives are transposed into the national legislation and the European Regulations are truthfully applicable. In the VAT field, the European Directives, as well as the Jurisprudence of the European Court of Justice were transposed into the Fiscal Code, Title...

Any juridical persons as a person that pays taxes( and sometimes that does not pay taxes also) has the following obligations: the fiscal registration at the recognized territorial authority, the realization and the reception of the fiscal documentation, the registration of the operations and the...

A content analysis undertaken on Title IX: "Local Taxes" in the Romanian Fiscal Code and on those points of Methodological Norms of Fiscal Code relating to Title IX, entitles us to conclude that there are a number of issues and rules generally valid all applicable for local taxes. These issues...

One of the most important components of social and economic life is the public finances, with direct implications on the formation and distribution of gross domestic product. State, in order to establish their own funds to set up the concept according to which, any natural or legal person...

The main budgetary resources necessary for Romania as a country member of the EU at 1st January 2007 will result after some modifications in the fiscal code. The modification of imposable values during the year, although minor – with the exception of arable lands of the 5th category, which...