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In this article, we tackle the complex relationship between a triangle assessment: energy companies, investment portfolios, and the energy consumption sector. The first objective of this paper was to underline several important features of oil price evolution in the pandemic period, with a special focus both on the 2020 and 2022 periods, in order to reveal some aspects of new passengers’ cars registered, and some important energy sources worldwide. Second, it is highlighted several important features of energy-listed companies on the Bucharest Stock Exchange and of oil prices upon different operators. Third, we analyze important aspects of the influence of the crises regarding the energy industry and several important evolutions upon the stock market. The main findings of this study reveal the nexus between oil shock prices, the energy industry, and the stock market with an empirical focus on constructing an optimal investment portfolio’ by considering several consumption sectors. Future research on this topic will encounter consequently comparisons between several business models of different types of sectors.

The present work analyzes the trade with excise goods and is addressed to traders of excise goods, entrepreneurs, as well as practitioners in the financial and accounting field, who, in the transactions made with excise goods, may violate the relevant legislation, and may be sanctioned as a contravention, or as the case may be, criminal. Given that the sale of excisable products represents a high fiscal risk, the fiscal authorities have introduced a series of laws, acts, and provisions, including the regulation to use electronic invoicing using the SAF-T (Standard Audit File for Taxation) reporting system, E-invoice or Statement 406 in all situations of trading (excisable) products with high fiscal risk starting from July 2022, by issuing electronic invoices, which bring changes regarding the authorization, movement of excisable products and the procedure for carrying out activities with excisable products, to reduce tax evasion, monitoring, compliance and sanctioning of those who do not comply with excise legislation. In the content of the work, through a case study, we will describe a case regarding non-compliance with the legislation by an entity, how it was sanctioned, and the applicable legislation for this act. The present article considers the current implacable reality, which is, that with the appearance of new rules or obstacles in combating fraud, the methods of fraud have also diversified.

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.

This paper aims to present gastronomy tourism, which is a new concept and form of tourism, treated independently of other forms of tourism, combining characteristics of cultural, thematic and sustainable tourism, aiming at satisfying and educating tourists in traditional culinary arts, bringing benefits to the local population and maintaining various sectors of the economy. Gastronomy tourism, a new form of tourism, is part of cultural tourism, which addresses the culture of a region, especially through its artistic and traditional values, including tourism in rural areas, with its specific activities such as: agrotourism, outdoor gastronomic festivals, product tasting, etc. Gastronomy tourism, as a distinct form of cultural tourism, is based on the discovery of the traditions and values of local communities and entities, whether it is local tradition, gastronomy or rediscovery of values, folklore or old crafts, 80% of Romanian rural pensions being based on such an approach.

Through this paper, we aim to highlight marketing as the function that distinguishes the needs and aspirations of customers, that challenges the markets that can best be served and to create products, services and programs recommended in servicing these markets. Of all the definitions given to marketing over time, it is clear that the purposes of marketing implementation are: ensuring consumer satisfaction and increasing the profitability of the business. The need for consumption is the primary element of demand, it has an objective character and is determined physiologically, socially, historically and psychologically. Agro-food products are especially designed to meet a physiologically determined need and provide, in addition to oxygen and fragmented water, the supply of nutrients to the human body. The agro-food demand of residents relates to physiological needs and is caused by endogenous and exogenous, equal and individual factors.

Through this work, we intend to emphasize marketing as that function of the organization thatidentifies customer needs and desires, determines which markets are best served and designsadequate products, services and programs to serve these markets. It is not only a special function,but more - a philosophy that guides the entire organization. The aim of marketing is to satisfycustomers in a profitable manner, by establishing advantageous links with them. Many believe thatmarketing is synonymous with advertising or selling. They are wrong and because of this aspect wedecided to tackle this issue trying to prove that in reality, marketing activity refers not so much tosell, but rather to the knowledge of what must be produced. Submission on the market is the resultof knowing the consumer needs and of finding those solutions that through value, quality andsuperior service delight customers. Neither advertising, nor sale cannot compensate for a possiblecustomer dissatisfaction.

The purpose of this document is desired to brought a significant contribution of the controlactivity, and to discuss new methods to ensure transparency and to eliminate constant disputesbetween the public and private sector. Starting with these aspects, we are looking to highlightinternational fraud as accompanying phenomena of transnational structures and economicrelations, to explain its impact on the Romanian economy and to discus the key to finding themetholodgy to eradicate this phenomenon, and also to indicate our recommendations and opinionsto what we believe is necessary to eradicate this phenomenon. Transfer pricing is basically theprice used in the transfer of tangible and intangible assets and / or transfer of services betweenrelated parties, and this price should be based on market price without influence of the relationshipof affiliation. For services or tangible assets, the transfer price comparison with the market isrelatively easy to perform, but in the case of intangible assets, quantification of future benefits thatit gives to an affiliated person, in comparison to a situation where this would be to an independent,is difficult to determine.

The objectives of this paper are to identify the sources of financing of tourist entities. Located at the intersection of the two spheres (the tourist markets and the financial ones), the tourism entity in Romania is interested in finding the formula to assure its optimal funding by attracting resources from the financial environment, it is interested in high level satisfaction of the tourism demand and obtaining profit from the economic sphere. The determining objective of the Romanian tourism entity is to maximize its value by carrying out a profitable activity that will ensure a satisfactory remuneration of all its capital providers. This implies that the tourism entity obtains superior profits and, most importantly, generates sufficient cash funds for the distribution of dividends to the shareholders, simultaneously with the remuneration of the creditors at a favorable level of interest for the borrowed funds. [ABSTRACT FROM AUTHOR]

This paper addresses the issue of cash-flow tool for financial planning, cash flow calculation by applying the indirect method within a company in the field of tourism. Thus, it tackled issues concerning the organization of accounting of treasury which made a presentation of the subject reflected in treasury accounting record of the existence and movement of securities placement, availability of the accounts at banks, short term bank loans and other cash values. The importance of access to information as well as more detailed and clearer leads to an upward trend of the tourism society. Standardization of definitions helps to ensure that all parties are talking of the same terms or concepts with lower or no variables. This is essential for developers and contractors in different geographical regions of the world and different countries when they discuss issues of tourism and travel. [ABSTRACT FROM AUTHOR]

Located at the intersection of the two spheres (tourism markets and financial ones), the tourism entity in Romania is interested in finding the formula to assure optimum financing by attracting financial resources in the field, on the one hand and on the other hand it is interested in meeting the high demand for profit from tourism and economic sphere. The objective determinant of Romanian tourism entity is to maximize the value by carrying out a profitable activity. The touristic entity must obtain profit to generate sufficient funds to distribute cash dividends to shareholders, while paying creditors at a favorable interest on borrowed funds. [ABSTRACT FROM AUTHOR]

Nowadays marketing appears to be the result of long efforts of generalization and reflection of economical theory regarding marketing practice that has emerged and developed as a consequence of contemporary social and economic dynamism. Through the implementation of an effective marketing system and modern Romanian tourism, constantly improving quality performance of products or services will be provided towards achieving a performing tourism. The recent ongoing development of tourism, vast global expansion, the development of tourism in tourist reception structures by applying a suitable marketing will increase the tourism potential consumer's satisfaction. In order to obtain a sustainable position in the tourism market and tourism companies must address complex marketing plan strategies. [ABSTRACT FROM AUTHOR]

This article aims to highlight the role of financial-accounting information for the use in the financial management of the company, starting from the most recent writings in the field. Although it is hard to imagine that the financial management uses individualized financialaccounting information, attributed solely to a particular activity within the enterprise, still we tried to address the information according to the main activities that produce and use information, respectively: of investment, of exploitation and of financing. A proper management, at the company's level, contributes to better products at lower prices, a higher salary and at the same time, to achieve higher incomes for those who contributed with capital in that company. Therefore, the financial management is a subsystem of the overall management of the company, aimed at ensuring the necessary financial resources, their profitable allocation and use, increasing the company's value and of the safety of patrimony. [ABSTRACT FROM AUTHOR]

This paper, proposes to emphasize the marketing strategy of the tourism companies, in order to promote the development of Romanian services and tourist destinations during an economic crisis. The last decades are characterized by the increase in tourist traffic, based on the diversification and increase in demand and supply of tourism products and services in many regions of the world. New touristic destinations appear continuously, offering novel products, while the touristic entrepreneurs must face a sharp competition on the nowadays tourism market. Their success can be ensured by adopting target-oriented and efficient strategies in their marketing mix policy. Regardless of the type of the Romanian tourism company (tour operator or retailer, tourism service provider, etc.), it must adopt an appropriate strategy to allow permanent and effective adaptation to environment changes. In order to get a sustainable position on the tourism market the tourism companies must address and plan complex marketing strategies. [ABSTRACT FROM AUTHOR]

The paper addresses the main aspects and tendencies of the tourism in the context of sustainable development, of the place and importance of rural tourism, the usefulness of using an index system in touristy and rural tourism activity, of measuring the rural tourism activity on a country level and the need to develop it, considering its possible integration into the European touristic market. Furthermore, a new index system, to be applied in the rural tourism is set up, as well as an original structure concerning data processing and analyzing for the data acquired by sampling. These elements are only useful if applied by I.C.T (Touristy Research Institute), by other government- and non-government institutions, or even by companies interested in developing business in rural tourism, or make research work on certain aspects of the rural tourism activity, on the tourists' behaviour in the context of this type of tourism. [ABSTRACT FROM AUTHOR]

The transfer price is basically the price used for transfer of tangible and intangible assets between related parties and it should be determined on the basis of market value without being influenced by the relationship of affiliation. However, if for services or tangible assets, the comparison of the transfer price to the market one is relatively easy to achieve, for the intangible ones, quantifying future benefits waived by the affiliated person compared to the situation in which it would be independent is harder to be established. [ABSTRACT FROM AUTHOR]

In the current global economic situation, when multinationals companies are no longer a rarity and the increase of volume and frequency of intra-group transactions are a reality, the transfer prices issue has become a problem for big companies because it significantly affects the fiscal task of the groups. The transfer price is basically the price used for transfer of tangible and intangible assets between related parties and it should be determined on the basis of market value without being influenced by the relationship of affiliation. However, if for services or tangible assets, the comparison of the transfer price to the market one is relatively easy to achieve, for the intangible ones, quantifying future benefits waived by the affiliated person compared to the situation in which it would be independent is harder to be established. [ABSTRACT FROM AUTHOR]

Knowledge of production costs in all its theoretical and practical complexity, as shown in the research specialized literature, is a basic tool for the operating management and is used to increase business efficiency. The cost study aims at solving the complex issue of cost production in various aspects, both at the microeconomic and macroeconomic level; at microeconomic level are solved the costs problems of an economic unit, the subject being an order, a production phase, an activity center, a product for which research is carried out of the theoretical and practical phenomenon, the study of the causes which have generated it, growth and forecasting of the activity, and depending on the particularities of the production process is carried out the calculation of the cost of production. [ABSTRACT FROM AUTHOR]

Tourism is a phenomenon which is a separate field of activity, a critical component of social and economic life and which is constantly evolving under the influence of changes in contemporary civilization. Currently, efforts of the specialists of the domain are moving to determine with scientific rigor the content of tourism, its interdependencies with other elements of the economy. Tourism activity is among the economic, social, cultural, political and educational form, which has been enforced in modern times, its spectacular development constituting a characteristic feature of this period. [ABSTRACT FROM AUTHOR]

Conventions to avoid double taxation are the panacea of 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 the de jure provisions of the double taxation avoidance conventions and the de facto application, 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 still room for maneuver to 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 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.