Daniela Pîrvu

Neural Networks Based Forecasting for Romanian Clothing Sector

Clothing industry enjoys a high level of attention on all world markets, despite the prolonged economic crisis. Companies have turned to knowledge and research, processing and analyzing information obtained from the market analysis, surveys, their own and their competitor’s sales evolution, and are making use of short- and medium-term forecasts as powerful tools for the top management. The paper presents a twofold approach regarding forecasting of the financial indicators and trends related to the Romanian clothing industry, firstly at macroeconomic level, taking into account the interest of potential investors in this field, and secondly at microeconomic level, representing the analysis of the results for an operational company.

The Credit Cooperative System in Romania

Credit cooperatives in Romania are a category of non-banking financial institutions. The first forms of credit cooperatives emerged in nineteenth century. The credit cooperative system has its own cooperative self-help mechanism. Central House of Credit Cooperatives represents a credit institution established by the association of credit cooperatives, in order to manage their common interests, to track compliance with applicable laws and regulations for all affiliated cooperatives, by exercising administrative, technical and financial supervision and control on their operations.

Access to the EU Public Procurement Market: Are There Disparities Based on the Origin of Economic Operators?

The objectives of the European Union (EU) public procurement law are generous in terms of opening public procurement market. The effective functioning of this market seems to facilitate the access of good-, service-, and work providers from developed EU countries on the markets of less developed EU member states. This paper aims at highlighting factual issues in favor of this supposition.

Impact Assessment of the Common Consolidated Corporate Tax Base

This chapter presents several impact assessments of the Common Consolidated Corporate Tax Base (CCCTB). Several variants on the proposal were analysed: a mandatory CCCTB across all 27 European Union (EU) member states, an optional CCCTB for companies, and a mandatory CCCTB adopted by a subset of EU member states under the enhanced cooperation framework. Assessing the various options with respect to the practical impacts of introducing a CCCTB was aimed at the impact on the size of the tax bases, and on the distribution of corporate tax bases among the EU member states, the impact on tax compliance costs and the impact on some macroeconomic indicators.

The Tax Harmonization in the European Union

This chapter highlights the delicate aspects of tax harmonization in the European Union (EU) from a conceptual, legal and rational perspective. Tax harmonization in the EU is not a common policy in the tax field, but the adjustment of national fiscal policies are necessary for proper functioning of the single market. Tax harmonization can be achieved spontaneously (through market forces), by the actions of European institutions (fiscal policy coordination, the harmonization of tax laws, etc.), or by action of the European Court of Justice (prohibiting certain national tax rules that violate EU rules). It is a prerequisite for the creation and effective functioning of the Single Market. Although member states have, in principle, the freedom to set their own rules regarding national tax systems, this freedom is conditioned by observance of priority objectives of the EU’s founding treaties. Member states should avoid discriminatory tax measures (which can lead to disadvantageous treatment of people, goods, services or capital from other member states).

The Need for European Union Coordination of Corporate Income Taxes: Facts and Statistics

The need for coordination of corporate income taxes within the European Union (EU) must be demonstrated by facts and statistics. The absence of common corporate income tax rules within the EU can encourage member states to operate reductions in tax rates in order to stimulate foreign direct investment (FDI) and generate the possibility of transferring the tax base from high tax countries to low tax countries. Because the mechanisms by which corporate groups transfer the tax base from one country to another reduce tax receipts, public authorities act so as to avoid tax revenue losses by investigating financial and commercial intra-group operations.

The Evolution of Tax Harmonization in the European Union

Tax harmonization helps to implement the four freedoms of the Single Market. Indirect taxation within the European Union (EU) requires a high level of harmonization, due to its influence on the free movement of goods and services. This idea was underlined in Article 99 of the Treaty of Rome in 1957 and repeated in Articles 90 and 93 of the Treaty of Maastricht in 1992. The main efforts of indirect tax harmonization (harmonization does not mean the uniformization of taxes) were focused on value added tax (VAT) and excise duties. According to the EU treaties, there are no express provisions requiring the harmonization of direct taxes, as there are in the case of indirect taxes. Common European legislation does not expressly specify the alignment of direct taxes, and by virtue of the subsidiarity principle member states are free to adopt those regulations regarded as necessary for their own economies.

Effects of Corporate Income Tax Harmonization/Coordination in the European Union

In order to assess the effects of introducing corporate income tax harmonization/coordination within the European Union (EU), numerous studies and tests have been conducted by independent experts and specialized services of the European Commission or at its request. The attention of experts has mainly turned to estimates of the economic impact of corporate income tax harmonization/coordination (change in GDP, welfare and tax revenues), but other aspects have not been neglected, including tax compliance costs and location decisions for foreign direct investment (FDI). Since it seems unlikely that the member states will unanimously agree to corporate income tax harmonization/coordination within the EU, this chapter is intended to give readers a basic understanding of the adopting of harmonized corporate income tax regulations via enhanced cooperation.

Objectives of Corporate Income Tax Coordination in the European Union

Corporate income tax coordination is a necessary step to achieve the objectives stipulated in the European Union (EU) Treaty. The specific objectives of corporate income tax coordination were defined by the European Commission’s strategy documents and were based on studies, research and analysis. This chapter presents the specific objectives of corporate income tax coordination in the EU. It also argues for the idea that corporate income tax coordination can contribute to creating a level playing field for all Single Market participants, to limit and prevent non-taxation and abuse, and to avoid harmful tax competition.

Supporters and Opponents of Corporate Income Tax Coordination in the European Union

Corporate income tax coordination has not only many supporters, but also opponents among experts, politicians and business representatives. Controversies surrounding corporate income tax coordination are generated by uncertainty about its effects. The publication of the proposal for a CCCTB on 16 March 2011 intensified the debate on the need and appropriateness of introducing common rules on taxation in the European Union (EU). It was also an opportunity to clarify the positions of individual member states regarding the trend towards harmonization of corporate income taxes within the EU. The presentation of some reasoned opinions by some member states’ national parliaments on the proposal for a European Council directive on a CCCTB highlights the fears, misunderstandings and hopes of representatives from nine member states.