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prin nimic deosebit de

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costul, profitul, dobnda D

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de stat, bugetele locale, bugetele fondurilor speciale.

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-financiare.

LL L

1. Bugetul ca instrument financiar

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previzional

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Aspectul fRUPDO

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-3 ani.

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n Romnia n sistemul unitar de bugete se includ, pRWULYLW OHJLL ILQDQ HORU SXEOLFH QU
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unitar de bugete constituie bugetul general consolidat.

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re statului n

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stimularea sau frnDUHD

-sociale, respectiv la

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din postura sa de agent economic.

Rolul redistributiv are n vedere utilizarea

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ale socieW

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-a putut asigura consumul pe

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soldul acestuia.
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pe zone / regiuni geografice).

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consecLQ

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L

Cheltuielile publice constituie prJKLLGHUHJODUHvQVSHFLDOSHQWUXFRQVXPLSURGXF LH2

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L

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nd asupra masei
-

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Reglarea prin solGXO EXJHWXOXL VW  OD ED]D WHRULHL EXJHWXOXL FLFOLF LQVSLUD LH GXS  HIHFWHOH
economico-financiare generate de fazele ciclului economic: deficitul fazei de recesiune este
VXV LQXW ILQDQ DW SULQ H[FHGHQWXO ID]HL WUHFXWH GH H[SDQVLXQH  ERRP VDX FD R SUHOHYare asupra
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Chicago, mai ales Milton Friedman, a reluat ideea liberalismului economic, criticnd
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UHGXFHUHD ILVFDOLW

LL OLEHUDOL]DUHD SUH XULORU GLPLQXDUHD FKHOWXLHOLORU EXJHWDUH GH IDFWXU 

HFRQRPLF GLPLQXDUHDGHILFLWHORUEXJHWDUH

2. Principii bugetare
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PLQWHFDUH LQ

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 FL FKLDU RULHQWDUHD

regimului de stat, a organului legislativ sau a guvernelor. Acest lucru nu poate fi interpretat ca o

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s-DVLQWHWL]DWFHHDFHHVWHSHUHQLUHSHWLWLYFHHDFHVHSURGXFHGHRELFHLLvQPDMRULWDWHDPDUHD
cazurilor n astfel de rHOD LL UHFXQRVFkQG DFHDVWD FD R UHJXO  L QX FD XQ GDW DEVROXW 'DF  GH
SLOG HFKLGLVWDQ DGUHSWHORUSDUDOHOHvQJHRPHWULDHXFOLGLDQ HVWHXQDGHY UVWULFWWRWDOQHUHODWLY
vQ ILQDQ H GH H[HPSOX HFKLOLEUXO EXJHWDU HVWH XQ SULQFLSLX H[SULPkQG XQ DGHY

r recomandabil,

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H[FHS LL SH FDUH FRQMXQFWXUD HFRQRPLFR

-financiDU

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2.1. Universalitatea bugetului

3ULQFLSLXO XQLYHUVLW
I U  QLFL

-o

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ie la partea de venituri x,

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impozitului A, respectiv x-\0RWLYD LDDFHVWXLSULQFLSLXUH]LG

vQ

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uielilor;
LLHLSHQWUX

diferite segmente ale structurii sociale;

GHVWLQD LDHIHFWLY DUHVXUVHORU

facilitarea controlului financiar.

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trict n limita acestui principiu se zice buget brut.

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eliPLQDUHDIOX[XULORUSDUDOHOHY

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dinti cu soldul lor;

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VXQWLQFOXVHvQFHOGLQWkLFXVROGXOYHQLWQHWPLQXVHYHQWXDOHVXEYHQ LL

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turi;

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buget

mixt.
2.2. Unitatea bugetului
3ULQFLSLXOXQLW

LLSUHVXSXQHH[LVWHQ DXQHLVLQJXUHOLVWHGHYHQLWXULLFKHOWXLHOLEXJHWDUH

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L DOH FROHFWLYLW

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pentru realizarea

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locale.
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veniturilor, deoarece oricare dintre ele

sau n varii ctimi poate contribui n general sau la un moment dat la acoperirea unei nevoi.
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pentru fondurile speciale.

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-3 ani

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legile - program prin care sunt aprobate cheltuielile pentru obiective

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acest scop.
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este 1 ianuarie -

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un

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prin buget:

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(12 luni)

([HUFL LXEXJHWDU

(3-6 luni)

(15-18 luni)

n acest VLVWHPSHSDUFXUVXOH[HUFL LXOXLEXJHWDUIXQF LRQHD]

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2.5. Echilibrul bugetar

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anual

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prevederi legislative care interzic aprobarea unui buget ordinar deficitar. De aceea, s-au formulat
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debugetizarea (vezi cap. III.2.2);

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expansiune.
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a)

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care se constituie n perioadele economice favorabile, n care masa

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gistrate n

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nregistra atunci.
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c)

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iei publice

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2.7 Publicitatea bugetului

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capital.

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dezideratele sociale.
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VWDWLVWLFLLLvQSDUWLFXODUDOVWDWLVWLFLLILQDQFLDUH

IXQGDPHQWDUHD XQRU PHWRGH L WHKQLFL GH FDOFXO L DQDOL]  URG Dl matematicii, statisticii
teoretice, analizei economico-ILQDQFLDUHWHRULHLILQDQFLDUHLSUDFWLFLLEXJHWDUH
6FKHPDSUHGLF LHLEXJHWDUHLQFOXGH

IRUPXODUHD RELHFWLYHORU XUP ULWH SULQ IL UHDOL]DWH SULQ EXJHW L HYDOXDUHD HIRUWXOXL ILQDQFLDU

implicit;
preJ WLUHD

LQIRUPD LLORU SHQWUX GHWHUPLQDUHD WHQGLQ HORU FH FDUDFWHUL]HD]  FKHOWXLHOLOH L

YHQLWXULOHEXJHWDUHGDULHYROX LDHFRQRPLHLLvQSULPXOUkQGDVXUVHORUGHYHQLWXUL

DQDOL]D FDOLWDWLY  D DFHVWRU WHQGLQ H D FRQVLVWHQ HL L FRHUHQ HL ORU SUHFXP L D DQVHL
SUREDELOLW

LLGHSURGXFHUHDORU

HODERUDUHD SURSXQHULORU GH YHQLWXUL L FKHOWXLHOL EXJHWDUH PDL SUHFLV D YDULDQWHORU SH FDUH VH

va fundamenta propunerea de proiect de buget.

3UDFWLFD EXJHWDU  D FRQWXUDW PDL PXOWH PHWRGH SHQWUX GLPHQVLRQDUHD YHQLWXULORU L
FKHOWXLHOLORU EXJHWDUH 8QHOH VH UHIHU  VWULFW OD HODERUDUHD SURSXQHULORU XQHOH DX vQ YHGHUH L
FRPSRQHQWDWHQGHQ LDO LDUDOWHFLUFXPVFULXLDVSHFWHOHFRUHODWLYHFXHYROX LDHFRQRPLHL
0HWRGD DXWRPDW

 FRQVW  vQ  HVWLPDUHD YHQLWXULORU L FKHOWXLHOLORU EXJHWDUH vQ DQXO W

XUP WRU FHOXL vQ FXUV SH ED]D H[HFX LHL EXJHWDUH vQ DQXO W
UHIHULQ

-1 (anterior celui n curs). Baza de

HVWHPRWLYDW SULQIDSWXOF vQDQXOvQFXUVEXJHWXOHVWHvQF vQH[HFX LHLQXVHFXQRVF

rezultatele efective DOH DFHVWHLD 9DULD LD LQGLFDWRULORU EXJHWDUL VLQWHWLFL YHQLWXUL L FKHOWXLHOL
contextului economic n care s-DSURGXVDFHDVW H[HFX LH

HVWH vQ PDUH P VXU  UH]XOWDWXO PRGXOXL vQ FDUH V D H[HFXWDW EXJHWXO L GRDU vQ PLF  P VXU  DO
0HWRGD HVWH VLPSO  GDU IRDUWH DSUR[LPDWLY  L vQ PDUH P VXU  SX LQ UHDOLVW  GHRDUHFH
H[WUDSROHD] WHQGLQ HFDUHVXQWGHFHOHPDLPXOWHRULGHS LWHGHUHDOLWDWHDHFRQRPLF 5HJXODSH
FDUHVHED]HD] DFHDVW PHWRG HVWH

Vt 1 = PVt + 1 sau C t 1 = PC t + 1

unde: V
C
PV
PC

(75)

YHQLWXULFRQIRUPH[HFX LHLEXJHWDUH
FKHOWXLHOLFRQIRUPH[HFX LHLEXJHWDUH
SUHGLF LHGHYHQLWXUL
SUHGLF LHGHFKHOWXLHOL

Metoda nu ia n considerare cauzele care au determinat o realizare Vt-1 sau Ct-1 a

veniturilor / cheltuielilor n anul t- ID  GH SUHGLF LD 39t-1 sau PCt-1. De asemenea, nu ia n
FRQVLGHUDUHHYROX LDHFRQRPLHLvQFHLDQLFHGHVSDUWDQXOGHUHIHULQ

GHFHOGHSUHGLF LH&HHD

FHVHWLHFXFHUWLWXGLQHHVWHUDSRUWXOGHRUGLQHvQWUHSUHGLF LDLH[HFX LDDQXOXLW DGLF ,V

> 1,

= 1 sau < 1 unde:

IV = Vt-1/PVt-1

(76)

3H ED]D DFHVWHL LQIRUPD LL VH DVXP  SUHPLVD H[SULPDW  SULQ UHOD LD  DGLF 
DXWRPDWLVPXOUHDOL] ULLvQYLLWRUDXQHLVLWXD LLFHUWHvQWUHF

0HWRGD PDMRU

ULL GLPLQX

ut.

ULL GH ED]HD]  SH H[WUDSRODUHD XQHL WHQGLQ H UHODWLY

FRQVROLGDWHUH]XOWDW GLQGLQDPLFDSH

-8-DQLDYHQLWXULORULFKHOWXLHOLORUEXJHWDUH5LWPXOGH

HYROX LH DO DFHVWRUD HVWH DVXPDW FD UHDOL]DELO L vQ YLLWRU 3H ED]D OXL VH FRUHFWHD]  QLYHOXO
YHQLWXULORUFKHOWXLHOLORUvQDQXOFXUHQWUH]XOWkQGSUHGLF LDSHQWUXDQXOXUP WRU

t =n

r = n I t/t 1 1

(77.1)

t =1

Sn +1 = Sn (1 + r )
unde: n

= orizont statisticGHLQIRUPDUHGHSLOG

DQL

(77.2)

It/t-1

LQGLFHOHGHFUHWHUHDYHQLWXOXLFKHOWXLHOLLEXJHWDUHvQDQXOWID

GHDQXOW

-1;

ULWPXOPHGLXGHHYROX LHDYHQLWXOXLFKHOWXLHOLLEXJHWDUHSHQDQL

Sn = nivelul venitului / cheltuielii bugetare n anul curent;

Sn+1 SUHGLF LDSHQWUXDQXOQDYHQLWXOXLFKHOWXLHOLLEXJHWDUH
0HWRGD DUH FRPXQ FX SUHFHGHQWD VXSR]L LD S VWU ULL WHQGLQ HL GDU HVWH UHODWLY PDL EXQ 
GHRDUHFH JHQHUHD]  R WHQGLQ

 PXOWLDQXDO  0HWRGD QX G  UH]XOWDWH vQ FD]XO vQ FDUH FRQWH[WXO

HFRQRPLF HVWH IU PkQWDW DX DYXW ORF VFKLPE UL UHSHWDWH GH YLWH]  VDX GH VHQV SH SDUFXUVXO
RUL]RQWXOXL VWDWLVWLF VDX vQ FD]XO vQ FDUH FRQMXQFWXUD DQXOXL GH SUHGLF LH Q VH PRGLILF 

seQVLELOID

GHDDQLORULQFOXLvQRUL]RQWXOVWDWLVWLF

0HWRGD HYDOX

ULL GLUHFWH VH ED]HD]  SH HVWLPDUHD YHQLWXULORU L FKHOWXLHOLORU DQXOXL W

XUP WRUFHOXLFXUHQWSRUQLQGGHODSUHOLPLQDUHDH[HFX LHLEXJHWDUHSHDQXOWDQXOFXUHQWLGH

la predic LLOH SULYLQG HYROX LD HFRQRPLF

 L HYHQWXDOHOH PRGLILF UL OHJLVODWLYH FH YRU LQWUD vQ

YLJRDUH vQ DQXO W 0HWRGD HVWH DSOLFDELO  QX JOREDO FL SHQWUX ILHFDUH FDWHJRULH GH YHQLW L
FKHOWXLDO vQSDUWH

ntr-RIRUP

VLPSOLILFDW SUHGLF LDYHQLWXULORUSRDWHILUHDOL]DW GXS UHOD LD

PVt +1 = Vp t + BI t +1 l
n care: Vpt = venitul preliminat n anul t;
BIt+1 = baza de impozitare n anul t+1;
l
 PRGLILF UL OHJLVODWLYH vQ DQXO W ID
impozitare.

(73.1)

 GH DQXO W DOWHOH GHFkW FHOH SULY

ind baza de

5HSUH]HQWDUHDvQIRQGDPHWRGHLSRDWHILUHGDW IRUPDOSULQUHOD LD

PVt +1 = Vp t f (l, e, s, p, c)

(73.2)

XQGH I HVWH R IXQF LH FRUHFWLY  FDUH FRQFHQWUHD]  HYHQWXDOHOH PRGLILF UL SULYLQG OHJLVOD LD O L
LQIOXHQ DIDFWRULORUGHQDWXU HFRQRPLF HVRFLDO VSROLWLF SLGHFRQMXQFWXU H[WHUQ F
Q FH SULYHWH HYDOXDUHD FKHOWXLHOLORU PHWRGD HVWH VLPLODU  GRDU F  HYHQWXDOHOH FRUHF LL
VXQW GHWHUPLQDWH SUHGRPLQDQW vQ UDSRUW FX SURGXVXO LQWHUQ EUXW 3,% UDWD LQIOD LHL UL L FXUVXO
GHVFKLPEDOPRQHGHLQD LRQDOHFV

PC t +1 = Cp t g (PIBt +1, ri t +1, cs t +1)

unde Cpt VXQW FKHOWXLHOLOH SUHOLPLQDWH SHQWUX DQXO W LDU J HVWH R IXQF LH FRUHFWLY

LPSDFWXOHYROX LHLIDFWRULORUGHLQIOXHQ

ntr-RIRUP

(74.1)
 FRQFHQWUkQG

PHQ LRQD L

VLPSOLILFDW SUHGLF LDFKHOWXLHOLORUVHSRDWHUHDOL]DGXS UHOD LD

PC t +1 = Cp t I PIB (1 + ri t +1)
unde IPIB HVWH LQGLFHOH 3,% vQ DQXO W ID

(74.2)

 GH DQXO W vQ SUH XUL GHIODWDWH DGLF  QHLQIOXHQ DWH GH

SURFHVXOLQIOD LRQLVW

Metoda esWHPDLFRPSOH[

GDUPDLDSURDSHGHUHDOLWDWHLDUHYHQWXDOHOHQHVLQFURQL] ULL

LPSHUIHF LXQL SRW IL DMXVWDWH SH SDUFXUVXO H[HFX LHL EXJHWDUH D DQXOXL W SULQ
UHFWLILF

procedura

ULLEXJHWDUH

Metoda PPBS are n vedere elaborarea unui buget pe baza unor propuneri optime la
QLYHOXO LQVWLWX LLORUFHQWUDOH EHQHILFLDUH 0HWRGD QXPLW SODQLILFDUH SURJUDPDUH EXJHWL]DUHD
IRVWLQL LDW vQSUDFWLFDEXJHWDU D68$&HOHWUHLFRPSRQHQWHDOHPHWRGHLVHUHIHU OD

planificarea - elaborarea obiectivului de realizat ntr-R SHUVSHFWLY  SH WHUPHQ OXQJ vQ
contextul unei strategii administrative date;
programarea - definirea obiectivelor anuale, conform unei tactici administrative date; pentru
realizarea acestor obiective sunt formulate programe alternative, din care este ales cel mai
avantajos sub raportul cost -  DYDQWDMH SURJUDPDUHD SUHVXSXQH vQ FRQVHFLQ  LQFOXVLY
HYDOXDUHDFRVWXULORULDUH]XOWDWHORUSUH]XPDWH

bugetizarea -  LQFOXGHUHD vQ SURLHFWXO GH EXJHW D FRVWXULORU PDL VXV PHQ LRQDWH DFHDVW 
iune se face anual pentru fiecare an din orizontul strategic presupus de realizarea
obiectivului dorit.
RSHUD

0HWRGD HVWH PXOW PDL SUHFLV LDUHvQ SOXVDYDQWDMXO GHD SURSXQH FKHOWXLHOL EXJHWDUHvQ

contextul unor obiective plurianuale. De asemenea, de a integUD VHOHF LD XQHL SURSXQHUL GLQWU-o
PXO LPH GH YDULDQWH X]kQG GH R PHWRG  VSHFLILF  PHWRGD FRVW-DYDQWDM $FHDVW  PHWRG  FRVWDYDQWDM SUH]LQW  IRU

 GH DUJXPHQWD LH GHRDUHFH FRPSDU  FKHOWXLHOLOH FX UH]XOWDWHOH DGLF 

permite folosirea indicatorilor de eILFLHQ

multicriteriale.

LGHDVHPHQHDG SRVLELOLWDWHDLQWURGXFHULLDOHJHULL

QFHSULYHWHHILFLHQ DDFHDVWDHVWHHYLGHQ LDW vQGRX GLQIRUPHOHHLFHOHPDLH[SUHVLYH

HIHFWRE LQXWODXQLWDWHDGHFRVW

e1 = A / C
cheltuiala (efortXOQHFHVDU

(75.1)

SHQWUXRE LQHUHDXQHLXQLW

LGHDYDQWDM

e2 = C / A

(75.2)

unde C este costul necesar pentru realizarea obiectivului, iar A este avantajul generat de
realizarea respectivului obiectiv.
ntr-RDQDOL] PDLGHWDOLDW FRVWXULOHSRWILGHIalcate pe componente / tipuri / categorii, de
SLOG  FRVWXUL GH FDSLWDO LQYHVWL LL FRVWXUL PDWHULDOH FRVWXUL VDODULDOH /D UkQGXO ORU DYDQWDMHOH
SRW ILHYLGHQ LDWHSULQLQGLFDWRULVSHFLILFLFXPVXQW HOHYL VWXGHQ LFRODUL]D LV OLGHFODV  HWF

(SHQWUX RELHFWLYH GH vQY

PkQW QXP U GH XQLW

L VSLWDOLFHWL VDX GH SDWXUL GH VSLWDO EROQDYL

vQJULML L HWF SHQWUX RELHFWLYH GH V Q WDWH QXP U GH ORFXUL GH PXQF  FUHDWH QXP U GH RPHUL
DVLVWD LVDXLQWHJUD LHWFSHQWUXRELHFWLYHVRFLDOHFUHWHUH

a PIB-XOXLYDORDUHDSUH]HQW

QHW HWF

SHQWUXRELHFWLYHHFRQRPLFHD
QFHSULYHWHDOHJHUHD PXOWLFULWHULDO DFHDVWDSHUPLWHGHILQLUHDXQRUFULWHULLGHDSUHFLHUH
FDOLWDWLY LLPSOLFLWGHVHOHF LH VSHFLILFH GLIHULWHORURELHFWLYH3HQWUXDFHDVWDHVWH QHFHVDUV VH
LGHQWLILFH LQGLFDWRULFDQWLWDWLYLFkWPDLH[SUHVLYLSHQWUXILHFDUHFULWHULXvQSDUWHV VHJHQHUH]HR
SURFHGXU  GH FRHUHQ

 vQWUH DFHWLD L vQ VIkULW XQ DOJRULWP FDUH V  SHUPLW  FRQFHQWUDUHD

impactului cumulativ al tuturor acestor indicaWRUL 6

F UXLD SRW IL DYXWH vQ YHGHUH M

 SUHVXSXQHP XQ RELHFWLY SHQWUX UHDOL]DUHD

    - YDULDQWH &ULWHULLOH FDOLWDWLYH GH DSUHFLHUH D

RELHFWLYXOXL  D UH]XOWDWHORU RE LQXWH SULQ UHDOL]DUHD OXL VXQW LGHQWLILFDWHFX LQGLFHOH N

  

K. n limita XQXL FULWHULX GDW SURLHFWHOH SRW IL LHUDUKL]DWH vQ RUGLQH GH SLOG  GHVFUHVF WRDUH
5H]XOW  DVWIHO ORFXO ljk SH FDUH YDULDQWD M vO RFXS  vQ LHUDUKLD JHQHUDW  GH FULWHULXO N $FHDVW 
LQIRUPD LHSRDWHILFXPXODW SHPXO LPHDFULWHULLORUNUH]XOWkQGXQrang pentru fiecare proiect j,
astfel:
rj =

l jk

j = 1,2, , J

(76)

k =1

Cu ct acest rang este mai mic, cu att proiectul respectiv este mai bine situat n ierarhia
PXOWLFULWHULDO  3URFHGXUD SRDWH IL vPEXQ W

pentru fiecare criteriu n parte, fie pk

LW   SULQ LQWURGXFHUHD XQRU SRQGHUL GH LPSRUWDQ

pk = 1

(76.1)

k =1

$FHVWH SRQGHUL DGXF vQ MRF VXELHFWLYLVPXO GHFLGHQWXOXL DGLF  LPSRUWDQ D SH FDUH HO R
DFRUG GLIHULWHORUFULWHULLGHDSUHFLHUHQDFHVWFD]UHOD LDGHYL

rj =

ne:

l jk pk

j = 1,2, , J

(76.2)

k =1

8QXO GLQ FULWHULLOH OXDWH DGHVHD vQ FDOFXO HVWH YDORDUHD DFWXDO  D DYDQWDMXOXL QHW UH]XOWDW

din realizarea obiectivului pentru care s-DXHIHFWXDWFKHOWXLHOLOHEXJHWDUH$FFHSW PLSRWH]DXQXL

obiectiv realizat n etape anuale t = (1, T1 vQ FDUH VH HIHFWXHD]  FKHOWXLHOLOH GH UHDOL]DUH &%t L
FKHOWXLHOLOHGHIXQF LRQDUH&)tDFHVWHDGLQXUP QXQHDS UDWILQDQ DWHGLQEXJHW'XS UHDOL]DUHD

RELHFWLYXOXL DFHVWD FRQWLQX  V  IXQF LRQH]H WLPS GH 72

- T1 ani (T2 > T1). n tot intervalul de

IXQF LRQDUH VH RE LQ DYDQWDMH EHQHILFLL DQXDOH GH P ULPH $t. 'DWRULW  SHUHQLW

IXQF LRQ ULL

LL UHDOL] ULL L

RELHFWLYXOXL HYDOXDUHD DYDQWDMXOXL QHW WUHEXLH HIHFWXDW  vQ FRQGL LLOH SURFHGXULL GH

actualizare, pentru a asigura HFKLYDOHQ D SXWHULL GH FXPS UDUH D PRQHGHL QD LRQDOH LQGLIHUHQW GH
DQXOvQFDUHDIRVWHIHFWXDW FKHOWXLDODVDXV-DRE LQXWDYDQWDMXO)LHi rata de actualizare. n aceste
FRQGL LLDYDQWDMXOQHWDFWXDOHVWH

T2

ANA = (A t CFt ) (1 + i)
t =1

Metoda prezint

T1

CBt (1 + i) t ]

(77)

t =1

FXWRDWHDYDQWDMHOHHLPXOWHSXQFWHVODEHVDXGLVFXWDELOH

%XJHWXO GH VWDW UHXQHWH FKHOWXLHOL SHQWUX RELHFWLYH GLQ GRPHQLL GLYHUVH &ULWHULLOH FDUH
FRQGXF GLIHULWH LQVWLWX LL OD SURSXQHUHD XQHL FKHOWXLHOL VXQW H[WUHP GH GLYHUVH L LQFRQJUXHQWH 

MetoGD HVWH EXQ

 vQ SHULPHWUXO XQHL LQVWLWX LL GDU QX DUH UHOHYDQ

 SHQWUX D DOHJH vQWUH GRX 

SURSXQHUL XQD I FXW  GH R LQVWLWX LH FHDODOW  GH R DOWD 'H H[HPSOX FXOWXU  L RUGLQH SXEOLF 
3HQWUX DFHDVWD VXQW QHFHVDUH FULWHULL JHQHUDOH JUHX GH IRUPXODW L

probabil, mai greu de

FXQDWLILFDW 3HQWUX DFHDVW  VHOHF LH RUL]RQWDO  SUHYDOHD]  DGHVHD RS LXQLOH UH]XOWkQG GLQ
SURJUDPHOHSROLWLFHGHJXYHUQDUHGLQLGHRORJLLGLQRELQXLQ HGLQFRQMXQFWXUL

Un element discutabil n utilizarea acestei metode l reprH]LQW

 DVXPDUHD SUHPLVHL F 

PXO LPHDRSWLPHORUVXEVLVWHPHORUJHQHUHD] RSWLPXOVLVWHPXOXL,QVWLWX LLOHFDUHIDFSURSXQHULGH

cheltuieli pentru buget pot fi privite ca subsisteme ale sistemului economico-social pe care
EXJHWXO vQ XQLWDWHD L XQLFLWDWHD VD vO UHSUH]LQW  2U WHRULD VLVWHPHORU L WHRUHPHOH RSWLPXOXL
RSWLPXO JOREDO VXERSWLPXO RSWLPXO SDU LDO GHPRQVWUHD]  FODU F  SUHPLVD PHQ LRQDW  QX HVWH
DGHY UDW  'HS LUHDDFHVWXL DVSHFW GLVFXWDELO DIRVW vQFHUFDW  SULQ WHKQLFD PDQDJHPHQWXOXL SULQ

obiHFWLYH 0%2 $FHDVWD SUHVXSXQH R SODQLILFDUH JOREDO

 SH XQ WHUPHQ VXILFLHQW GH ELQH

DFRSHULWRU DO RUL]RQWXULORU GH UHDOL]DUH D RELHFWLYHORU SURSXVH GH GLIHULWH LQVWLWX LL FHQWUDOH

Resursele identificate pentru respectivul orizont sunt distribuite ntre oELHFWLYH DVWIHO vQFkW V

DVLJXUHRFRW GHUHDOL]DUHFkWPDLULGLFDW 

Metoda ZBB are n vedere evaluarea variantelor de realizare a unui obiectiv n raport cu
FRVWXULOH SUHVXSXVH FHOH PDL PLFL SHQWUX DWLQJHUHD DFHVWXL VFRS 0HWRGD QXPLW  ED]D EXJHWDU
]HUR FRQVLGHU  GUHSW HWDORQ VDX RULJLQH VDX FD] GH UHIHULQ

 DFHD YDULDQW  FH DVLJXU  FRVWXUL

PLQLPH SHQWUX UHDOL]DUHD XQXL RELHFWLY GDU L DYDQWDMH SH P VXU  0HWRGD HVWH L]RPRUI 

problemei de optim a agentului economic ce-L SURSXQH V

 RE LQ  XQ QLYHO GDW DO SURGXF LHL FX

FRVWXUL PLQLPH 3ULQ FRPSDUDUHD XQHL YDULDQWH RDUHFDUH FX XQD GH RULJLQH PHWRGD DUH YDOHQ H
PDUJLQDOLVWH 9DULDQWHOH SRW IL VHOHFWDWH SH VHDPD FRVWXOXL ORU PDUJLQDO DGLF  D FKHOWXLHOLL
VXSOLPHQWDUHSUHVXSXVHSHQWUXRE LQHUHDXQHLXQLW

LVXSOLPHQWDUHGHDYDQWDM

0HWRGD SHUPLWH DQDOL]D LWHUDWLY  DQXDO  D HILFLHQ HL UHDOL] ULL XQXL SURLHFW SULQ SULVPD
PRGLILF ULL SUHPLVHORU OHJLVODWLYH VXE DXWRULWDWHD F URUD XUPHD]  V  VH GHUXOH]H vQ ILHFDUH DQ

SURLHFWXO vQ FDX]  Q DFHVW IHO VH RE LQ vQ SOXV LQIRUPD LL SULYLQG YDOHQ HOH VWLPXODWLYH VDX GH
IUkQ  SH FDUH OH JHQHUHD]  PRGLILF ULOH OHJLVODWLYH LQWHUYHQLWH ID

 GH PRPHQWXO GH GHEXW DO

SURLHFWXOXLRIHULQGRUJDQXOXLOHJLVODWLYRP VXU DFDUDFWHUXOXLVWLPXODWLYVDXQXDDMXVW ULORUSH

FDUHOHDGRSW VDXOH DDGRSWDWvQOHJ WXU FXXQDVDXDOWDGLQSUHYHGHULOHOHJDOHvQYLJRDUH

'H]DYDQWDMHOH PHWRGHL VXQW OHJDWH PDL DOHV GH GLILFXOW

LOH GH LGHQWLILFDUH L HYDOXDUH D

UH]XOWDWHORU DYDQWDMHORU SH FDUH OH FRQIHU  UHDOL]DUHD XQXL RELHFWLY VDX SURLHFW ILQDQ DW SULQ

buget.
Metoda RCB are n vedere corectarea pe parcurs a cheltuielilor necesare pentru
UHDOL]DUHD XQXL RELHFWLY SHUHQ GH UHJXO  GH WHUPHQ PHGLX vQ UDSRUW FX FRQGL LLOH QRX DS UXWH
0HWRGD QXPLW  D UD LRQDOL] ULL EXJHWDUH DUH FDUDFWHU VLVWHPLF SULQ IDSWXO F  HVWH XWLOL]DW  vQ
FRQGL LLQRLGDWH ODUHIRUPXODUHD DWkWDRELHFWLYXOXLFkWLDPLMORDFHORU GHUHDOL]DUHDOXLDVWIHO
vQFkW DQVDPEOXO HIRUWXOXL EXJHWDU V  ILH PDL FRQYHQDELO FKHOWXLHOL EXJHWDUH PDL PLFL I U  D

renun DQHDS

UDWODSURLHFWHGHMDLQL LDWHvQFXUVGHGHVI XUDUH

QILHFDUHLWHUD LH LSHQWUXILHFDUH SURLHFWHVWHQHFHVDU  SDUFXUJHUHD XQRUHWDSHVWULFWHGH

DQDOL]  L DQXPH VWXGLX GHFL]LH H[HFX LH L FRQWURO IDSW FH G  R FRQVLVWHQ D PDL VROLG 

argumHQWD LHLSULYLQGDQJDMDUHDFKHOWXLHOLORUSXEOLFH
'H]DYDQWDMHOH PHWRGHL VXQW OHJDWH GH FDUDFWHUXO UHODWLY FRPSOH[ DO SURFHVXOXL GH DQDOL] 
LGHH[FHS LLOHSHFDUHOHSUHVXSXQHID

GHSULQFLSLLOHEXJHWDUHDOHDQXDOLW

LLLQHDIHFW ULL

4. Procesul bugetar
3URFHVXO EXJHWDU UHSUH]LQW  PXO LPHD VWUXFWXUDW  D DF LXQLORU L P VXULORU LQL LDWH L
GHUXODWH GH LQVWLWX LLOH VWDWDOH FRPSHWHQWH vQ VFRSXO UHDOL] ULL SROLWLFLL ILQDQFLDUH SURPRYDW  GH
DXWRULWDWHD JXYHUQDPHQWDO  vQ GRPHQLXO EXJHWDU %D]D OHJDO  D DFHVWXL DQVDPEOX GH DWULEX LL
FRPSHWHQ H UHVSRQVDELOLW

L REOLJD LL L GUHSWXUL LQVWLWX LRQDOH R FRQVWLWXLH &RQVWLWX LD L OHJLOH

VSHFLILFH7RDWHDFHVWHUHJOHPHQW ULDXFDRELHFWILQDOYHQLWXULOHLFKHOWXLHOLOHVWDWXOXL

Procesul bugetar are cteva caracteristici majore:

HVWH GHFL]LRQDO GHRDUHFH DUH FD VFRS IRUPXODUHD UHDOL]DUHD L FRQWUROXO IRUP ULL UHVXUVHORU
EXJHWDUH L DO DORF ULL ORU LQFOXVLY GHFL]LD SULYLQG UHFXQRDWHUHD QHYRLORU L D FXDQWXPXOXL
ORUDSULRULW

LLRSRUWXQLW

LLLVWULQJHQ HLD

cestora);

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-economice.

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rlamentul, Guvernul, Ministerul

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e publice de orice nivel n vederea

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Parlamentului, include mai multe documente:

expunerea de motive;

proiectul propriu-zis deEXJHWSHFDWHJRULLPDULGHYHQLWXULLFKHOWXLHOL

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i legii bugetare

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4.2. Aprobarea bugetului

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dimensiunii efortului (cheltuielilor) care se fac pentru un anumit domeniu, proiect, obiectiv.
Aprobarea bugetului este de fapt actul final dintr-RSURFHGXU GHVWXOGHFRPSOH[ PHQLW

V  DVLJXUH DQDOL]D DWHQW  D GHFL]LHL EXJHWDUH L DOHJHUHD FHOHL PDL DGHFYDWH RS LXQL SULYLQG
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pe:
prezentarea vQ SOHQXO 3DUODPHQWXOXL GH F WUH SULPXO PLQLVWUX VDX GH F WUH PLQLVWUXO
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examinarea acestui proiect n comisiile permanente DOH 3DUODPHQWXOXL HGXFD LH V Q WDWH
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examinarea proiectului de buget vQFRPLVLDGHEXJHWILQDQ HE QFL (comisia de specialitate a

Parlamentului), care, n plus dH DOWH FRPLVLL HVWH FKHPDW  V  VH SURQXQ H DVXSUD
amendamentelor formulate de acestea; recomandarea acestei comisii privind proiectul de
EXJHWLPHQ LRQDWHOHDPHQGDPHQWHVXQWvQDLQWDWHSOHQXOXL3DUODPHQWXOXLSHQWUXGH]EDWHUHL

aprobare;

dezbaterea nSOHQXO3DUODPHQWXOXLDSURLHFWXOXLGHEXJHWDGLF

aprobarea prin vot a legii bugetului n ansamblul ei;

promulgarea legii bugetului dHF WUH3UHHGLQWHOH ULL
publicarea n "Monitorul oficial" a legii privind bugetul.

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bugetului ncepe din prima zi a anului bugetar (vezi cap. III.2 L FDUH vQ 5RPkQLD HVWH 
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area noului buget, n conformitate cu prevederile legii bugetului

pe anul anterior.
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privesc cheltuielile.

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administrativ-WHULWRULDOH E QFL DQJDMDWH vQ

angajate n transferuri monetare cu bugetul.

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parte.
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a)

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ina ordonatorilor de credite DGLF

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Guvernului;

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muzeu, teatru etc.).

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deauna un document legal de

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lichidarea DGLF
furnizorilor;

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b)

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gestiune (vezi cap. III.2.4).

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ind

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se

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bugetului sau prin legea/legile de rectificare a acestuia. O lege de rectificare a bugetului poate
IL DSUREDW  GH 3DUODPHQW GDU QX PDL WkU]LX GH  QRLHPEULH vQ FD]XO F  GLQ YDULL PRWLYH vQ
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insuficiente.
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general FRQW JHQHUDO GH H[HFX LH EXJHWDU

 vQWUXFkW FXPXOHD]  SULQ DJUHJDUH FRQWXULOH GH

H[HFX LH DOH WXWXURU RUGRQDWRULORU GH FUHGLWH $FHVW

cont general este prezentat de Ministerul

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baza unui rapRUW HODERUDW GH 0LQLVWHUXO )LQDQ HORU SUHFXP L D XQXL SURLHFW GH OHJH SULYLQG
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VSHFLDOLWDWH FDUH SUH]LQW  SOHQXOXL 3DUODPHQWXOXL R UHFRPDQGDUH DVXSUD ORU 3H OkQJ  DFHVWH
GRFXPHQWH 3DUODPHQWXO LD FXQRWLQ

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t durata procesului bugetar este mult mai

PDUH GHFkW D H[HUFL LXOXL SURSULX ]LV 3HQWUX FRQGL LLOH OHJLVODWLYH GLQ 5RPkQLD DFHVW SURFHV

GXUHD] vQWUHLGHOXQLHODERUDUHDvQFHSHvQOXQDPDLDDQXOXLW H[HFX LDVHSURGXFHSH

parcursul anului t,

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GH]EDWHULLSDUODPHQWDUHDFRQWXOXLGHH[HFX LHEXJHWDU PDLGXUHD]

-2 luni astfel nct procesul

bugetar viznd anul t se ncheie n martie-septembrie anul t+2.

4.4. &RQWUROXOH[HFX LHLEXJHWXOXL
&RQWUROXO H[HFX LHL EXJHWXOXL VH HIHFWXHD]  GH &XUWHD GH &RQWXUL RUJDQLVP VXERUGRQDW
vQ DUD QRDVWU  GLUHFW 3DUODPHQWXOXL &XUWHD GH &RQWXUL HVWH LQVWLWX LD VXSUHP  GH FRQWURO DO

ILQDQ HORU SXEOLFH L FDUH H[HUFLW  XQ FRQWURO GH WLS XOWHULRU Q XQHOH

UL DFHDVW  LQVWLWX LH SRDWH

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banilor publici la toate nivelurile;

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LUL D OHJLVOD LHL

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acestuia, de OD QLYHOXO 0LQLVWHUXOXL )LQDQ HORU L GH OD QLYHOXO GLIHUL LORU RUGRQDWRUL GH FUHGLWH
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H[HUFLW  L SUHYHQWLY L XOWHULRU )LHFDUH GLQ QLYHOHOH PHQ LRQDWH DU

e organ propriu de control

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L MXGH HORU vQ MRV L VXQW FLUFXPVFULVH GRDU XQLW

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de credite.
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SHQGLQWHLOHJHDH[HFX LHLEXJHWXOXL

5. Structura bugetului de stat al Romniei

Bugetul de stat al Romniei este aprobat anual printr-R OHJH VSHFLDO  QXPLW  OHJHD
bugetului de stat pe anul ". Legea cuprinde PDLPXOWHDUWLFROHJUXSDWHSHFDSLWROHLDQH[H
&DSLWROHOHOHJLLVHUHIHU OD

GLVSR]L LL JHQHUDOH vQ FDUH VXQW PHQ LRQDWH FXDQWXPXO FKHOWXLHOLORU DO YHQLWXULORU L DO

soldului bugetar (deficit / excedent);

regimul veniturilor bugetare, n care se faF SUHFL]

UL UHIHULWRDUH OD FROHFWDUHD YHQLWXULORU

EXJHWDUHVDXODXQHOHPRGLILF UL DMXVW UL SHFDUHOHLQWURGXFHOHJHDEXJHWXOXLGHDVHPHQHD

HVWHSUH]HQWDW RVLQWH] DYHQLWXULORUSHSULQFLSDOHOHFRPSRQHQWH7DEHO

UHJLPXO L GHVWLQD LLOH FKHOWXLHOLORU vQ FDUH VH IDF SUHFL] UL SULYLQG PRGXO GH HIHFWXDUH D
FKHOWXLHOLORU EXJHWDUHSUHFXPLXQHOHDWULEX LL UHVSRQVDELOLW

LDOHRUGRQDWRULORUGHFUHGLWH

vQ JHQHUDO L SH GRPHQLL GH DFWLYLWDWH GH DVHPHQHD HVWH SUH]HQWDW  VWUXFWXUD HFRQRPLF  D

cheltuielilor bugetare (Tabel 1);

GHILFLWXOH[FHGHQWXOEXJHWDUGDWRULDSXEOLF LvPSUXPXWXULOHJXYHUQDPHQWDOH

GLVSR]L LLUHIHULWRDUHODUHJLLOHDXWRQRPHVRFLHW

GLVSR]L LLUHIHULWRDUHODEXJHWHOHORFDOH

bugetele fondurilor speciale;

UHVSRQVDELOLW

GLVSR]L LLILQDOH

LvQDSOLFDUHDOHJLL

LOHLFRPSDQLLOHQD LRQDOH

Tabelul 1 (mdl.lei)
VENITURI - TOTAL
din care:
I. Venituri curente
din care:
1.Venituri fiscale
din care:
a) impozite directe
din care:
- impozit pe profit;
- impozit pe salarii.
b) impozite indirecte
din care:
- WD[DSHYDORDUHDDG XJDW 
- taxe vamale;
- DFFL]HLLPSR]LWSHFLUFXOD LH
2.Venituri nefiscale.
II. Venituri din capital.

CHELTUIELI - TOTAL
din care:
I. Cheltuieli curente
din care:
1. cheltuieli de personal;
2. FKHOWXLHOLPDWHULDOHLVHUYLFLL
3. VXEYHQ LL
4. SULPHDFRUGDWHSURGXF WRULORUDJULFROL
5. transferuri;
6. dobnzi aferente datoriei publice alte
cheltuieli;
7. VXPH SUHY ]XWH vQ SR]L LL JOREDOH FD
rezerve din care:
- )RQG OD GLVSR]L LD *XYHUQXOXL GLQ

,,,QFDV ULGLQUDPEXUVDUHDvPSUXPXWXULORU

,9 5DPEXUV UL GH FUHGLWH SO

Y UV PLQWHGLQSULYDWL]DUH

II. Cheltuieli de capital.

III. mprumuturi acordate.
L GH GREkQ]L L

comisioane la credite
din care:
1. UDPEXUV ULGHFUHGLWHH[WHUQH
2. SO LLFRPLVLRDQHODSO LH[WHUQH
3. UDPEXUV ULGHFUHGLWHLQWHUQH
4. SO L GH GREkQ]L L FRPLVLRDQH OD FUHGLWH
interne.
Anexele legii bugetului de stat includ sinteza bugetului, detalierea pe articole a
FKHOWXLHOLORU OLVWD LPSR]LWHORU WD[HORU L DOWRU YHQLWXUL DOH DQului bugetar, sumele defalcate din
LPSR]LWXO SH VDODULL OD GLVSR]L LD MXGH HORU FDWHJRULLOH GH YHQLWXUL L FKHOWXLHOL FDUH VH SUHY G vQ
EXJHWHOH ORFDOH FDWHJRULLOH GH LQVWLWX LL SXEOLFH L DF LXQL DOH F URU FKHOWXLHOL VH DVLJXU  GLQ

bugetele locale, bugeWHOH IRQGXULORU VSHFLDOH L OLPLWHOH YDORULFH SULYLQG FRPSHWHQ D GHDSUREDUH
DGRFXPHQWD LLORUSHQWUXRELHFWLYHOHQRLGHLQYHVWL LH

n sinteza bugetului, veniturile, exprimate n mii lei, sunt prezentate pe cele trei
FRPSRQHQWH SULQFLSDOHPHQ LRQDWH vQ WDEHOXO  LDU vQ FDGUXOILHF UHLD SH FDSLWROH L VXEFDSLWROH
&KHOWXLHOLOH H[SULPDWH WRW vQ PLL OHL VXQW SUH]HQWDWH SH WRWDO L SH S U L FX PHQ LRQDUHD
FDSLWROXOXL VXEFDSLWROXOXL WLWOXOXL  DUWLFROXOXL L DOLQLDWXOXL vQ FDUH VH vQFDGUHD]  UHVSHFWLYHOH
FKHOWXLHOL 3 U LOH UHSUH]LQW  VHFWRUXO SXEOLF VDX WLSXO GH DF LXQH SHQWUX FDUH VH IDFH FKHOWXLDOD

astfel:

SDUWHD,6HUYLFLLSXEOLFHJHQHUDOHDXWRULW

SDUWHD ,, $S UDUH RUGLQH SXEOLF  VLJXUDQ

LSXEOLFH
 QD LRQDO  SH WRWDO L GHIDOFDW SH FHOH WUH

domenii;

SDUWHD,,,&KHOWXLHOLVRFLDOFXOWXUDOHSHWRWDOLSHGRPHQLLvQY
UHOLJLHLDF LXQLSULYLQGDFWLYLWDWHDVSRUWLY LGHWLQHUHWDVLVWHQ

PkQWV Q WDWHFXOWXU L

VRFLDO LDORFD LLLSHQVLL

LDMXWRDUHLLQGHPQL]D LL

partea IV "SerYLFLL L GH]YROWDUH SXEOLF

componente;

 L ORFXLQ H PHGLX L DSH SH WRWDO L SH GRX 

SDUWHD 9 $F LXQL HFRQRPLFH SH WRWDO L GHIDOFDW SH LQGXVWULH DJULFXOWXU  L VLOYLFXOWXU 
WUDQVSRUWXULLFRPXQLFD LLDOWHDF LXQLHFRQRPLFH

SDUWHD9,$OWHDF LXQLSHWRWDOLGHIDOFDWSHFHUFHWDUHWLLQ LILF LDOWHDF LXQL

partea VII "Transferuri";

partea VIII "mprumuturi acordate";

SDUWHD,;3O

LGHGREkQ]LLDOWHFKHOWXLHOLDIHUHQWHGDWRULHLSXEOLFH

SDUWHD;)RQGXULGHUH]HUY 

Pentru fiecare indiFDWRUEXJHWDUGHFKHOWXLDO

SUHY ]XW GLQ UHVXUVHOH LQWHUQH FXDQWXPXO ILQDQ

vQVFULVvQEXJHWVHPHQ LRQHD] FXDQWXPXO

ULL GLQWU XQ HYHQWXDO FUHGLW H[WHUQ L WRWDOXO

VXPDFHORUGRX 
/LVWD SULYLQG YHQLWXULOH PHQ LRQHD]  SHQWUX ILHFDUH YHQLW vQ SDUWH

legea / legile pe baza

F URUDDFHVWDHVWHLQWURGXVSHUFHSXWLFROHFWDW
'HIDOFDUHD

LPSR]LWXOXL

SH

VDODULL

SHQWUX

DXWRULW

LOH

ORFDOH

VH

IDFH

SH

MXGH H

PHQ LRQkQGX VH SHQWUX ILHFDUH MXGH  vQ SDUWH WRWDOXO VXPHL FXDQWXPXO SHQWUX EXJHWXO SURSULX DO

MXGH XOXL L FXDQWXPXO SHQWUX VXEGLYL]LXQLOH WHULWRULDOH FRPXQ  RUD PXQLFLSLX /HJHD
EXJHWXOXLSUHYHGHGHDVHPHQHDFULWHULLOHGXS FDUHVHIDFHGHIDOFDUHD
3HQWUX EXJHWHOH ORFDOH OHJHD EXJHWXOXL PHQ LRQHD]  GLVWLQFW FDWHJRULLOH  WLSXULOH GH

venituri prRSULLLFKHOWXLHOLDOHEXJHWHORUMXGH HORUSUHFXPL VHSDUDWDOHEXJHWHORUFRPXQHORU

RUDHORU PXQLFLSLLORU VHFWRDUHORU PXQLFLSLXOXL %XFXUHWL L&RQVLOLXOXL *HQHUDO DO 0XQLFLSLXOXL
%XFXUHWL

Pentru bugetele locale sunt afectate practic toate cheltuLHOLOHGHvQY

PkQWSUHXQLYHUVLWDU

RFD]LRQDWHGHXQLW

LOHGHvQY

PkQWvQVXERUGLQHD0LQLVWHUXOXL(GXFD LHL1D LRQDOHFXH[FHS LD

FHORU SULYLQG vQY

PkQWXO VSHFLDO WUDQVSRUWXOHOHYLORU SO WLW vQ UHJLP IRUIHWDU L DOWHFkWHYD 7RW

n sarcina acestor bXJHWH UHYLQ L FKHOWXLHOLOH GLQ GRPHQLXO DVLVWHQ HL VRFLDOH SULYLQG F PLQHOH
F PLQHOH-VSLWDO L F PLQHOH-DWHOLHU SHQWUX WRDWH FDWHJRULLOH GH GHIDYRUL]D L DMXWRUXO VRFLDO L
LQGHPQL]D LLOH GH QDWHUH 6XQW SUHY ]XWH GH DVHPHQHD XQHOH FKHOWXLHOL vQ GRPHQLXO V Q W

LL

GUHSWXULOH GRQDWRULORU GH VkQJH L FKHOWXLHOLOH QHVDQLWDUH DOH FUHHORU L DO DJULFXOWXULL
SUHYHQLUHDLFRPEDWHUHDG XQ WRULORULEROLORU
3ULQWUHIRQGXULOHVSHFLDOHPHQ LRQDWHvQEXJHWVHLQFOXG

IRQGXO VSHFLDO SHQWUX V Q WDWH SH WRWDO L SH FHOH GRX  PLQLVWHUH DGPLQLVWUDWRDUH 0LQLVWHUXO
6 Q W

LLL0LQLVWHUXO7UDQVSRUWXULORU

IRQGXOGHDVLJXU ULVRFLDOHGHV Q WDWHvQDGPLQLVWUDUHD0LQLVWHUXOXL6 Q W

IRQGXO GH ULVF L DFFLGHQW vQ DGPLQLVWUDUHD 6HFUHWDULDWXOXL GH 6WDW SHQWUX

LL

persoane cu

handicap;

IRQGXO VSHFLDO SHQWUX GH]YROWDUHD L PRGHUQL]DUHD SXQFWHORU GH FRQWURO SHQWUX WUHFHUHD
IURQWLHUHLSUHFXPLDFHORUODOWHXQLW

LYDPDOHvQDGPLQLVWUDUHD0LQLVWHUXOXL)LQDQ HORU

fondul special pentru dezvoltarea sistemului energetic, n administrarea Ministerului

,QGXVWULHLL&RPHU XOXL

fondul special al drumurilor publice, n administrarea Ministerului Transporturilor;

IRQGXOVSHFLDOSHQWUXSURWHMDUHDDVLJXUD LORUvQDGPLQLVWUDUHD0LQLVWHUXOXL)LQDQ HORU

fondul special pentru prRPRYDUHD L GH]YROWDUHD WXULVPXOXL vQ DGPLQLVWUDUHD $XWRULW

LL

1D LRQDOHSHQWUX7XULVP

IRQGXOVSHFLDODODYLD LHLFLYLOHvQDGPLQLVWUDUHD0LQLVWHUXOXL7UDQVSRUWXULORU
&RPSHWHQ HOH GH DSUREDUH D LQYHVWL LLORU VXQW VWDELOLWH SHQWUX DQXO  OD PD[LP

PLOLDUGH GH OHL SHQWUX RUGRQDWRULL GH FUHGLWH VHFXQGDUL L WHU LDUL FX DYL]XO SUHDODELO DO

ordonatorului principal, la maxim 80 de miliarde de lei pentru ordonatorii principali de credite cu

DFRUGXOSUHDODELODO0LQLVWHUXOXL)LQDQ HORULODSHVWHPLliarde de lei pentru Guvern.

6. Sistemul cheltuielilor publice

&KHOWXLHOLOHSXEOLFHVXQWXQFRQFHSWILQDQFLDUDOF UXLFRQ LQXWvOUHSUH]LQW H[SULPDUHDvQ
IRUP E QHDVF DUHOD LLORUHFRQRPLFR VRFLDOHDS UXWHvQWUHVWDWSHGHRSDUWHLSHUVRDQHIL]L

ce

L MXULGLFH SH GH DOW  SDUWH FX RFD]LD IRORVLULL UHVXUVHORU ILQDQFLDUH DOH VWDWXOXL L vQ VFRSXO
H[HUFLW ULLIXQF LLORULDWULEX LLORUDFHVWXLD

&RQFHSWXO GH FKHOWXLHOL SXEOLFH HVWH OHJDW GH vQGHSOLQLUHD IXQF LHL GH DORFDUH D ILQDQ HORU
SXEOLFH L DQXPH GH FRPSRQHQWD HL SULYLQG UHSDUWL]DUHD L XWLOL]DUHD UHVXUVHORU ILQDQFLDUH DOH

statului.
Q VIHUD GH FXSULQGHUH D DFHVWRU FKHOWXLHOL VH LQFOXG GXS  FULWHULXO LQVWLWX LHL FDUH OH
HIHFWXHD]

 FKHOWXLHOL SXEOLFH HIHFWXDWH GH DGPLQLVWUD LLOH SXEOLFH FHQWUDOH GH VWDW L FDUH SRW IL
SDUWLFXODUL]DWHGXS VXUVDGHILQDQ DUHvQ

a.
b.
c.

ILQDQ DWHGLQEXJHWXOGHVWDWEXJHWXOFHQWUDOGHVWDWvQFD]XOVWDWHORUIHGHUDWLYH

ILQDQ DWHGLQEXJHWXODVLJXU ULORUVRFLDOHGHVWDW
ILQDQ DWHGLQIRQGXULVSHFLDOHEXJHWDUHV

au extrabugetare).

 FKHOWXLHOL SXEOLFH HIHFWXDWH GH DGPLQLVWUD LLOH SXEOLFH ORFDOH L FDUH vQ FD]XO VWDWHORU
IHGHUDWLYHVHUHJ VHVFSHGRX QLYHOHDOHLHUDUKLHLVWUXFWXULLDGPLQLVWUDWLY

- teritoriale:
a. efectuate de organele administrativ - teritoriale iQWHUPHGLDUHVWDWHSURYLQFLLUHJLXQLD
b. efectuate de organele administrativ -WHULWRULDOHORFDOHRUDHFRPXQHHWF

FKHOWXLHOLSXEOLFHHIHFWXDWHGHRUJDQLVPHDGPLQLVWUD LLLQWHUQD LRQDOHVXSUDQD LRQDOH

Unele din aceste cheltuieli pot fi trDQVIHUXUL vQWUH FRPSRQHQWHOH VLVWHPXOXL QD LRQDO GH
criteriu includerea sau nu a acestor transferuri n cheltuielile
publiceDFHVWHDVHFODVLILF vQ
1. cheltuieli neconsolidate, care cuprind respectivele transferuri, fiind deci totalul cheltuielilor
EXJHWH 'DF  OX P GUHSW

SXEOLFHGLQVLVWHPXOQD LRQDOGHEXJHWH

TCP = Cc + Ci + Cl

(78)

unde: TCP = total cheltuieli publice;

Cc FKHOWXLHOLOHSXEOLFHDOHDGPLQLVWUD LLORUSXEOLFHFHQWUDOH
Ci = cheltuielile publice ale organelor administrativ - teritoriale intermediare;
Cl = cheltuieli publice ale organelor administrativ-teritoriale locale.
2. cheltuieli consolidate, care nu cuprind respectivele transferuri:
CPC = TCP - T
unde: CPC = cheltuieli publice consolidate;
T
= transferuri ntre administrD LLOHSXEOLFHFHQWUDOHLFHOHLQWHUPHGLDUHLORFDOH
'HVWLQD LDFKHOWXLHOLORUSXEOLFHJHQHUHD] RVWUXFWXU DORUSHGRX FRPSRQHQWH
 DYDQV GH SURGXV LQWHUQ EUXW UHSUH]HQWkQG FKHOWXLHOL DOH LQVWLWX LLORU SXEOLFH SHQWUX IRUPDUHD
EUXW GHFDSLWDO

2 FRQVXP GHILQLWLY GH SURGXV LQWHUQ EUXW UHSUH]HQWkQG RULFH DOWH FKHOWXLHOL DOH LQVWLWX LLORU
SXEOLFHQXPLWHvQPRGRELQXLWLFXUHQWHVDXGHIXQF LRQDUH
&KHOWXLHOLOHSXEOLFHSRWILVWUXFWXUDWHLGXS FULWHULXOVXUVHLIRUPDOHGHILQDQ DUH

1. cheltuiHOLOHEXJHWDUHILQDQ DWHGLQEXJHWXOGHVWDWGLQ EXJHWXODVLJXU

ULORUVRFLDOHGHVWDWGLQ

EXJHWHOHORFDOHLQWHUPHGLDUHVDXGLQEXJHWHOHLQVWLWX LLORUSXEOLFHDXWRQRPH
FKHOWXLHOLILQDQ DWHGLQIRQGXULFXGHVWLQD LHVSHFLDO 

3.

cheltuieli

extrabugetaUH

ILQDQ DWH

GLQ

UHVXUVH

ILQDQFLDUH

QHLQFOXVH

vQ

EXJHWHOH

DGPLQLVWUD LLORULQVWLWX LLORU SXEOLFH YHQLWXULOH FDUH VH SRW FRQVWLWXL FD H[WUDEXJHWDUH VXQW
PHQ LRQDWHVDXGHFXUJGLQSUHYHGHULOHJDOHFKHOWXLHOLOHHIHFWXDWHGLQDFHVWHYHQLWXULVXQWVWDELOLWH
vQ PRG DXWRQRP GH DGPLQLVWUD LD  LQVWLWX LD SXEOLF  FH D UHDOL]DW YHQLWXUL H[WUDEXJHWDUH DWkW
YHQLWXULOH FkW L FKHOWXLHOLOH UHVSHFWLYH VXQW GHILQLWH vQWU XQ SODQ GH YHQLWXUL L FKHOWXLHOL

H[WUDEXJHWDUHLVXQWVXSXVHFRQWUROXOXLILQDQFLDUSULYLQGOHJDOLWDWHDFRQVWLWXLULLXWLOL] ULLORU
 FKHOWXLHOL HIHFWXDWH GLQ EXJHWXO 7UH]RUHULHL SXEOLFH vQ VWDWHOH vQ FDUH OHJH SUHYHGH H[HFX LD
EXJHWXOXLGHVWDWSULQ7UH]RUHULDSXEOLF 

Toate aceste patru criterii de structurare a cheltuielilor publice au n veGHUHFRQ LQXWXOORU

'LQDFHVWFRQ LQXWUH]XOW HYLGHQWGHRVHELUHDvQWUHFKHOWXLHOLOHSXEOLFHLFKHOWXLHOLOHEXJHWDUH

 6IHUD FKHOWXLHOLORU SXEOLFH R LQFOXGH SH FHD D FKHOWXLHOLORU EXJHWDUH DGLF  DFHVWHD GLQ XUP 
VXQW SDUWH D FHORU GLQWkL L OH LQFOXGH

numai pe cele efectuate din bugetul de stat, din bugetele

ORFDOH  LQWHUPHGLDUH L GLQ EXJHWXO DVLJXU ULORU VRFLDOH GH VWDW &KHOWXLHOLOH SXEOLFH OH LQFOXG SH
DFHVWHD L vQ SOXV SH FHOH HIHFWXDWH GLQ IRQGXUL H[WUDEXJHWDUH GLQ IRQGXULOH DXWRULW

LORU 

inVWLWX LLORULQWHUQD LRQDOHVDXGLQYHQLWXULOHSURSULLRE LQXWHGHLQVWLWX LLOHSXEOLFH

 &KHOWXLHOLOHEXJHWDUHVH HIHFWXHD]  SHED]DFUHGLWHORU EXJHWDUH vQWLPSFHFKHOWXLHOLOHSXEOLFH
VH HIHFWXHD]  L SH ED]D DOWRU VXUVH ILQDQFLDUH GHFkW FUHGLWHOH EXJHWDUH $FHDVWD vQVHDPQ  F 
HIHFWXDUHD FKHOWXLHOLORU EXJHWDUH VH SRDWH IDFH VWULFW vQ OLPLWD L SH ED]D DSURE ULL ORU GH F WUH
3DUODPHQW VDX GH F WUH DXWRULWDWHD LQWHUPHGLDU   ORFDO  LQYHVWLW  GH DFHVWD SHQWUX D DSURED
EXJHWH $FHDVWD PDL vQVHDPQ  L F  HIHFWXDUHD FKHOWXLHOLORU EXJHWDUH HVWH GHWHUPLQDW  QX QXPDL
GH FRQVWLWXLUHD  H[LVWHQ D UHVXUVHORU GH ILQDQ DUH FL L vQ PRG QHDS UDW GH H[LVWHQ D DSURE ULL

din partea organului legislativ pentru efectuarea lor.

7. Clasificarea cheltuielilor publice

VarLHWDWHD

FKHOWXLHOLORU SXEOLFH D I FXW QHFHVDU  LQWURGXFHUHD XQRU FULWHULL SHQWUX

VWUXFWXUDUHD ORU 1HFHVLWDWHD GHFXUJH GLQ QHYRLOH GH DQDOL]  DQWH VDX SRVWIDFWXP GDU L GLQ
FHULQ HOHSURFHVXOXLGHHODERUDUHDEXJHWHORUSURJUDPHORUSODQXULORUILQDQFLDUHLGHGHILQLUHD

indicatorilor bugetari.
&ODVLILFD LD FKHOWXLHOLORU SXEOLFH VH SRDWH IDFH SH ED]D FULWHULLORU GH FRQ LQXW GHMD
PHQ LRQDWH GDU L SH ED]D XQRUD RSHUD LRQDOH UH]XOWDWH GLQ SUDFWLFD ILQDQFLDU  vQ SULPXO UkQG
EXJHWDU LGLQSUDFWLFDVWDWLVWLF DGLIHULWHORUVWDWHQSUH]HQWVXQWX]XDOHGHDVHPHQHDFULWHULL
UH]XOWDWHGLQSUDFWLFDLFHULQ HOHXQRURUJDQLVPHFXYRFD LDLQWHUQD LRQDO VDXPRQGLDO 
3ULQFLSDOHOHFULWHULLGHFODVLILFD LHRSHUD LRQDO VXQW

1.

&ODVLILFD LD DGPLQLVWUDWLY

bazDW

 SH LQVWLWX LLOH SULQ FDUH VH HIHFWXHD]  FKHOWXLHOLOH

SXEOLFH PLQLVWHU GHSDUWDPHQW MXGH  HWF 0RWLYD LD DFHVWHL FODVLILFD LL UH]XOW  GLQ IDSWXO F 
DVLJXU  R UHSDUWL]DUH D FKHOWXLHOLORU SH R VWUXFWXU  H[LVWHQW  ELQH LHUDUKL]DW  L FDUH SHUPLWH

identifLFDUHDFRPRG

DRUGRQDWRULORUGHFUHGLWHDEHQHILFLDULORULDOHJ WXULORUORUSHYHUWLFDO 

'H]DYDQWDMXO UH]LG  vQ DFHHD F  VWUXFWXUD DGPLQLVWUDWLY  VXIHU  PRGLILF UL UHODWLY GHVH FHHD FH
vQJUHXQHD] DQDOL]HOHFRPSDUDWLYHvQGLQDPLF GHSLOG RFRPXQ LQVWLWX LHHVWHDURQGDW D]L
XQXL MXGH   PLQLVWHU LDU PkLQH DOWXLD DVWIHO vQFkW GLQDPLFD FKHOWXLHOLORU WUHEXLH DMXVWDW  vQ
FD]XOXQHLDQDOL]HDHYROX LLORUSOXULDQXDOH

2.&ODVLILFD

LDHFRQRPLF

SUHVXSXQHGRX JUXS UL

$GXS QDWXUDFKHOWXLHOL

i:
a. cheltuieli curente VDX GH IXQF LRQDUH DGLF

 DFHOHD FDUH DVLJXU  vQWUH LQHUHD DFWLYLW

LL

LQVWLWX LHLSXEOLFHEHQHILFLDUHUHSUH]HQWkQGFRQVXPXULGHILQLWLYHLFDUHDQXOWUHEXLHVFUHvQQRLWH

b. cheltuieli de capital

QXPLWH L GH LQYHVWL LL FDUH DX vQ YHGHUH GH]YROWDUHD L

PRGHUQL]DUHDLQVWLWX LHLEHQHILFLDUH
%GXS WLSXOGHFKHOWXLDO 

c. cheltuieli privind serviciile publice

FDUH SUHVXSXQ H[LVWHQ D XQHL FRQWUDSUHVWD LL

DIHUHQWHFDGHH[HPSOXUHPXQHUDUHD XQXLVHUYLFLXPXQFD XQXLIXQF LRQDURUHSDUD LHHIHFWXDW 

de un depanator), plata unor furnituri etc.

d. cheltuieli de transfer FDUH QX SUHVXSXQ FRQWUDSUHVWD LH HOH UHSUH]LQW

 WUHFHUHD XQRU

VXPHGHEDQLGHODEXJHWODGLVSR]L LDXQRU

SHUVRDQH IL]LFH SHQVLRQDUL VWXGHQ L HOHYL RPHUL HWF

n care caz

FKHOWXLHOLOH DXFDUDFWHU VRFLDO SHQWUX F  DX vQ YHGHUH VXV LQHUHD  VSULMLQLUHD
ORU FD LQGLYL]L I FkQG SDUWH GLQ FDWHJRULL VRFLDOH GHIDYRUL]DWH VDX FX

handicap;
DGPLQLVWUD LL

ORFDOH

MXGH 

PXQLFLSLX

RUD

FRPXQ 

vQ

YHGHUHD

FRPSOHW ULLUHVXUVHORUORUILQDQFLDUH vQFDUHFD] DXFDUDFWHUPL[WL VRFLDO

LHFRQRPLF

3.

DOWRU SHUVRDQHMXULGLFHLQVWLWX LLvQWUHSULQGHULDVXEIRUP  GHVXEYHQ LL

GHFRVWXULGHH[SRUWGHUHVWUXFWXUDUHGHUHGUHVDUHILQDQFLDU HWFvQFDUH

caz au caracter economic.

care are n vedere structura de activitate: domenii, ramuri,

&ODVLILFD LD IXQF LRQDO

VHFWRDUH ]RQH UHJLXQL $FHDVW  FODVLILFD LH HVWH IDYRUDELO  UHDOL] ULL RELHFWLYHORU GH SROLWLF 
HFRQRPLF  L ILQDQFLDU  D VWDWXOXL GHRDUHFH SHUPLWH LGHQWLILFDUHD DFWLYLW

LL VDX VSD LL JHRJUDILFH

care sunt cele mai recomandabile pentru stimulare / descurajare prin prghiile fiscale, vamale,
ale cheltuielilor guvernamentale.
4. &ODVLILFD LD ILQDQFLDU  DUH vQ YHGHUH PRPHQWXO vQ FDUH HVWH HIHFWXDW  FKHOWXLDOD i
modul n care sunt afectate resursele financiare publice:
a. cheltuieli definitive FDUH VH ILQDOL]HD]  SULQ SO L OD VFDGHQ H FHUWH DVWIHO vQFkW VWLQJ
DQJDMDUHD VWDWXOXL SHQWUX UHDOL]DUHD XQXL DQXPLW RELHFWLY  DF LXQH 'H SLOG  SODWD VDODULLORU

angaMD LORU XQXL VSLWDO SXEOLF VDX YLUDUHD XQHL VXPH vQ FRQWXO XQHL OXFU

UL GH LQYHVWL LH OD R

SULP ULH

b. cheltuieli temporare UHSUH]HQWkQG RSHUD LXQL GH WUH]RUHULH UHIOHFWDWH vQ FRQWXUL
speciale, viznd rambursarea unor mprumuturi publice sau regularizarea unor avansuri.
c. cheltuieli virtuale UHSUH]HQWkQG FKHOWXLHOL FDUH VH SRW GHFODQD QXPDL FRQGL LRQDW GH
SURGXFHUHDXQXLHYHQLPHQWULVF'HH[HPSOXJDUDQ LLGHVWDWVWDWXOYDVXSRUWDFKHOWXLHOLQXPDL
vQP VXUDvQFDUHFHOJDUDQWDWQXvQGHSOLQHWHDQXPLWHFODX]HFRQGL LLSHFDUHLOH DDVXPDWID

GHFHOID

GHFDUHVWDWXODJDUDQWDWVDXFKHOWXLHOLGLQUH]HUYHGLQUH]HUYDEXJHWDU GHH[HPSOX

VHDFRUG DMXWRUILQDQFLDUXQRU]RQHFDODPLWDWH

5. &ODVLILFD LD218IRORVLW LQFOXVLYGHLQVWLWX LLle sale specializate, poate fi:

a. IXQF LRQDO LGHQWLILFkQGFKHOWXLHOLGXS VFRSXOGHVWLQD LDORU
VHUYLFLL SXEOLFH JHQHUDOH DSDUDWXO L DGPLQLVWUD LD FHORU WUHL SXWHUL vQ VWDW
OHJLVODWLYH[HFXWLYMXULVGLF LRQDO

DS UDUH
HGXFD LH
V Q WDWHLQFOXVLYFHUFHWDUHIXQGDPHQWDO 
VHFXULWDWHVRFLDO LEXQ VWDUHDVLVWHQ

DVLJXU ULSURWHF LHWRDWHGHQDWXU 

VRFLDO 

DF LXQLHFRQRPLFH
ORFXLQ HLVHUYLFLLFRPXQDOH
UHFUHD LHFXOWXU UHOLJLH
alte cheltuieli.

b.

HFRQRPLF

LGHQWLILFkQGFKHOWXLHOLOHGXS L

consum final;
IRUPDUHD EUXW

mplicarea produsului intern brut:

 GH FDSLWDO LQYHVWL LL vQ FDSLWDO IL[ FUHWHUHD VWRFXULORU

PDWHULDOHDFKL]L LLGHWHUHQXULDFWLYHQHFRUSRUDOHWUDQVIHUXULGHFDSLWDO

7.1. Structura cheltuielilor bugetare n Romnia

nSUDFWLFDEXJHWDU

D5RPkQLHLVWUXFWXUDFKHOWXLHOLORUEXJHWDUHFDSDUWHDFHORUSXEOLFH

D FXQRVFXW PRGLILF UL SURQXQ DWH L DOHUWH PDL DOHV GXS   5HIRUPDUHD HFRQRPLHL L D
VWDWXOXL D QHFHVLWDW L R UHIRUP  D EXJHWXOXL vQ WRDWH FRPSRQHQWHOH SURFHVXO

ui bugetar. Se

UHJ VHVFvQDFHDVWDUHIRUPDILVFDO HOHPHQWHDOHUHIRUPHLDGPLQLVWUDWLYHLLQVWLWX LRQDOHDVSHFWH

DOH UHIRUPHL OHJLVODWLYH HWF Q SODQXO VWUXFWXULLFKHOWXLHOLORU EXJHWDUH EXJHWXO GH VWDW DDFXP D

fost aprobat pentru anul 1999 include ODFKHOWXLHOLRVWUXFWXU

&ODVLILFD LDHFRQRPLF

SHWUHLFULWHULL

JUXSHD] FKHOWXLHOLOHvQFDSLWROH VXEFDSLWROHDUWLFROHLDOLQLDWH

FHHDFHSHUPLWHGHILQLUHDFRQWXULORUGLQFRQWDELOLWDWHDSXEOLF vQP VXU V UHIOHFWHILGHODORFDUHD

IRQGXULORU L H[HFX LD EXJHWDU  6WUXFWXUD FKHOWXLHOLORU EXJHWDUH FRQIRUP DFHVWHL FODVLILFD LL VH
SUH]LQW DVWIHO

I. Cheltuieli curente, din care:

1. Cheltuieli de personal;
&KHOWXLHOLPDWHULDOHLVHUYLFLL
6XEYHQ LL

4. Prime;
5. Transferuri, din care:
a) FRQVROLGDELOHGHODEXJHWXOGHVWDWF

WUHEXJHWHOHORFDOHLIRQGXULOHVSHFLDOH

E QHFRQVROLGDELOH EXUVH DORFD LL SHQVLL DMXWRDUH LQGHPQL]D LL FRQWULEX LL FRWL]D LL
VXEYHQ LL XQHOH GREkQ]L EDQFDUH D SHQWUX VWXGHQ L L HOHYL FRSLL ,295 DOWH

persoane

GHIDYRUL]DWHKDQGLFDSDWHRUJDQLVPHLQWHUQD LRQDOHHWF

6. Dobnzi aferente datoriei publice;

7. Rezerve.
II. Cheltuieli de capital.
III. mprumuturi acordate.
,95DPEXUV ULGHFUHGLWHLSO

LGHGREkQ]LLFRPLVLRDQHGLQFDUH

a) privind creditele externe;

b) privind creditele interne.
&ODVLILFD LD IXQF LRQDO

 JUXSHD]  FKHOWXLHOLOH SH S U L FHHD FH SHUPLWH LGHQWLILFDUHD

sectoarelor de activitate, astfel:

I.
6HUYLFLL SXEOLFH JHQHUDOH vQ FDUH VH LQFOXGH VHFWRUXO $XWRULW
DXWRULW

L SXEOLFH 3UHHGLQ L

a,

LOH OHJLVODWLYH FHOH MXGHF WRUHWL FHOH H[HFXWLYH L DOWH RUJDQH DOH DXWRULW

LORU

publice.
II.

$S UDUH RUGLQH SXEOLF  L VLJXUDQ

 QD LRQDO  vQ FDUH VHLQFOXGDUPDWD SROL LD SURWHF LD

LSD]DFRQWUDLQFHQGLLORUMDQGDUPHULDLQVWLWX LLOHVLJXUDQ HLQD LRQDOHD

III.

Cheltuieli social-FXOWXUDOH

vQ FDUH VH LQFOXG VHFWRDUHOH QY

PkQW 6 Q WDWH L

$VLVWHQ DVRFLDO 

IV.
V.

6HUYLFLLLGH]YROWDUHSXEOLF ORFXLQ HPHGLXLDSH

VI.
VII.
VIII.
IX.
X.

$OWHDF LXQLvQFDUHVHLQFOXGFHUFHWDUHDWLLQ LILF LDOWHDF LXQL

$F LXQL HFRQRPLFH FDUH LQFOXGH PDULOH VHFWRDUH GLQ HFRQRPLH LQGXVWULH DJULFXOWXU  L
VLOYLFXOWXU WUDQVSRUWXULLFRPXQLFD LLDOWHVHFWRDUHHFRQRPLFH

Transferuri.
mprumuturi acordate.
3O

LGHGREkQ]LLDOWHFKHOWXLHOLSULYLQGGDWRULDSXEOLF 

FoQGXULGHUH]HUY

&ODVLILFD LD DGPLQLVWUDWLY

 VDX LQVWLWX LRQDO  JUXSHD]  FKHOWXLHOLOH SH LQVWLWX LL SXEOLFH

FHQWUDOHDXWRQRPHFXPVXQWPLQLVWHUHOHDJHQ LLOHJXYHUQDPHQWDOHD7RDWHDFHVWHDDXVWDWXWGH
RUGRQDWRU GH FUHGLWH SULQFLSDO FDUH SULPHWH UHVXUVH L OH GHIDOF  SHQWUX QHYRL SURSULL L SHQWUX
LQVWLWX LLOH FDUH OH VXQW VXERUGRQDWH RUGRQDWRUL GH FUHGLWH VHFXQGDUL FDUH vQ SODQ EXJHWDU DX
DWULEX LL VLPLODUH YLV
WHU LDUL

-a-YLV GH XQLW

LOH FDUH OH VXQW VXERUGRQDWH

- DGLF

 RUGRQDWRULL GH FUHGLWH

).
Q EXJHW FKHOWXLHOLOH DSDU vQWkL SH WRWDO FRQIRUP FODVLILFD LHL HFRQRPLFH Q FRQWLQXDUH

DSDU FKHOWXLHOLOH GHIDOFDWH SH S U L FRQIRUP FODVLILFD LHL IXQF LRQDOH SUH]HQWDWH GLVWLQFW SH
VHFWRDUH L vQ FDGUXO ORU GHWDOLDW SH FDSLWROH VXEFDSLWROH DUWLFROH L DOLQLDWH SUHY ]XWH vQ
FODVLILFD LD HFRQRPLF  Q ILQDO DSDU FKHOWXLHOLOH GHIDOFDWH FRQIRUP FODVLILFD LHL DGPLQLVWUDWLYH
DGLF  SH ILHFDUH PLQLVWHU L vQ FDGUXO ILHF UXLD GHWDOLDW SH VHFWRDUH FRQIRUP FODVLILFD LHL
IXQF LRQDOHLSHFDSLWROHVXEFDSLWROHDUWLFROHLDOLQLDWHSUHY ]XWHvQFODVLILFD LDHFRQRPLF 

Astfel, de exemplu, la partea III-D VHFWRUXO QY

PkQW VXQW vQVFULVH WRDWH FKHOWXLHOLOH

I FXWH vQ DFHVW VFRS LQGLIHUHQW GH PLQLVWHUXO  LQVWLWX LD FDUH OH IDFH GHIDOFDW SH FDSLWROHOH GH
FKHOWXLHOL &XUHQWH GH SHUVRQDO PDWHULDOH L VHUYLFLL L DOWHOH GDF  HVWH FD]XO L 'H FDSLWDO
3UDFWLFFHOHODOWHFDSLWROHvPSUXPXWXULLUDPEXUV ULQXDSDUQHILLQGVSHFLILFHDFHVWXLVHFWRUGH
DFWLYLWDWH $FHVWH FKHOWXLHOL UHSUH]LQW  WRWDOXO FKHOWXLHOLORU SHQWUX vQY

PkQW SUHY ]XWH vQ

FODVLILFD LD DGPLQLVWUDWLY  OD ILHFDUH PLQLVWHU vQ SDUWH GHRDUHFH DVWIHO GH FKHOWXLHOL WLSLFH SHQWUX

0LQLVWHUXO (GXFD LHL 1D LRQDOH VXQW HIHFWXDWH FD L FKHOWXLHOLOH QHWLSLFH GH F WUH DOWH PLQLVWHUH

cum sunt: MinisWHUXO$S

U ULL0LQLVWHUXOGH,QWHUQH0LQLVWHUXO7UDQVSRUWXULORUD

8. $QDOL]DVWUXFWXUDO

LGLQDPLF DFKHOWXLHOLORUSXEOLFH

$FHVW JHQ GH DQDOL]  VH SUDFWLF  vQ PRG FXUHQW SHQWUX D GHSLVWD WHQGLQ HOH L RULHQW ULOH
SULYLQG HYROX LD FKHOWXLHOLORU SXEOLFH L vQ SDUWLFXODU D FHORU EXJHWDUH SUHFXP L SHQWUX
HIHFWXDUHD XQRU FRPSDUD LL LQWHUQD LRQDOH 3ULQFLSDOHOH JUXSH GH LQGLFDWRUL XWLOL]D L vQ DFHVW VFRS

sunt:
1. P ULPHDFXDQWXPXOYROXPXOFKHOWXLHOLORUvQH[SUHVLHQRPLQDO
2. structura cheltuielilor, ca pondere a componentelor n total;
3. LQGLFLLGHFUHWHUHDFKHOWXLHOLORU
4. ponderea cheltuielilor n produsul intern brut;
5. cuantumul per capita.

LUHDO 

 3HQWUX FDOFXOXO vQ H[SUHVLH UHDO  D FXDQWXPXOXL FKHOWXLHOLORU HVWH QHFHVDU V  VH
GHILQHDVF  DQXO GH UHIHULQ

 DGLF  FHO DOH F UXL SUH XUL VXQW FRQVLGHUDWH FD HWDORQ vQWU R DQDOL] 

GLQDPLF  SUH XUL QXPLWH FRQVWDQWH )LH  ]HUR LQGLFHOH SULQ FDUH LGHQWLILF P DFHVW DQ vQWU

-o
t indicele prin care ideQWLILF P XQ DQ
7)LH Cn cuantumul cheltuielilor n expresie

VXFFHVLXQH WHPSRUDO  SHQWUX FDUH VH HIHFWXHD]  DQDOL]D L

RDUHFDUHvQUHVSHFWLYDVHULHGLQDPLF W
QRPLQDO  L

Cr FXDQWXPXO ORU vQ H[SUHVLH UHDO

 2ULFDUH GLQ DFHWL GRL LQGLFDWRUL VXQW LQGH[DELOL

WHPSRUDOFXLQGLFHOHWLDYHPvQSOXVF 

Cn0 = Cr0

(80)

6H GHILQHWH LQGLFHOH GH SUH XUL DO DQXOXL W vQ UDSRUW FX FHO GH UHIHULQ
GHIODWRU&XDQWXPXOFKHOWXLHOLORUvQH[SUHVLHUHDO vQDQXOWHVWH

Crt = Cnt / IGPt/0

 ,*3t/0

numit

(81.1)

3HQWUX LQIRUPD LLOH VWDWLVWLFH SULYLQG EXJHWXO L SH FDUH R

DU  OH IXUQL]HD]  vQ ED]D

FRQYHQ LLORU LQWHUQD LRQDOH XQRU LQVWLWX LLRUJDQL]D LL LQWHUQD LRQDOH VH SUDFWLF  UDSRUWDUHD QX
QXPDL vQ PRQHGD QD LRQDO  FL L vQWU R PRQHG  VWU LQ  DFFHSWDW  vQ FDGUXO DFHVWRU FRQYHQ LL GH

UHJXO 86'LDUPDLUHFHQW(852QDFHVWFD]VHXWLOL]HD] FXUVXOPHGLXGHVFKLPEDODQXOXLOD

FDUHVHUHIHU LQIRUPD LLOHvQFDX] 

Cm = Cn / cs
unde: Cm FKHOWXLDODH[SULPDW vQPRQHGDVWU LQ FRQYHQLW
cs = cursul de schimb exprimat n lei / unitatea sWU
EURO).
 ,QGLFDWRUXO GH VWUXFWXU  HVWH

(81.2)

LQ  FRQYHQLW  OHL  86' VDX OHL 

ponderea, exprimnd procentual cota ce revine unui

DQXPHJHQGHFKHOWXLDO GLQFKHOWXLHOLOHWRWDOH

i =

Cn i
TCn

n care: i
= indice pentru identificarHDWLSXOXLGHFKHOWXLDO
Cni
FKHOWXLDODGHWLSLvQH[SUHVLHQRPLQDO 
TCn WRWDOFKHOWXLHOLvQH[SUHVLHQRPLQDO 

(82)
L

Q

$FHVWHSRQGHULSRWILFDOFXODWHvQGLQDPLF SHRUL]RQWXOGHDQDOL] W

GHIODWRUXOHVWH DFHODL SH

7$GHVHD

ntru toate categoriile de cheltuieli. De aceea, ponderea acestora n total

QX HVWH GLIHULW  LQGLIHUHQW GH H[SUHVLD vQ FDUH FXDQWLILF P FKHOWXLHOLOH UHDO  VDX QRPLQDO Q

DQDOL]HOHPDLULJXURDVHVHXWLOL]HD] GHIODWRULGLIHUL LSHQWUXGLIHULWHFDWHJRULLG

e cheltuieli, caz n

FDUH SRQGHULOH DSDU GLIHULWH SHQWUX H[SUHVLD QRPLQDO  L FHD UHDO  D FKHOWXLDOLORU $VWIHO SHQWUX
FKHOWXLHOLOHGHSHUVRQDOVDXSHQWUXDFKL]L LLGHEXQXULGHFRQVXPVHSRDWHXWLOL]DGHIODWRUXOSHQWUX
EXQXUL L VHUYLFLL GH FRQVXP SHQWUX FKHOWXLHOLOH GH UHSDUD LL L GH FDSLWDO VH SRDWH XWLOL]D

deflatorul pentru bunuri de capital.

3HQWUXDQDOL]DHYROX LHLFKHOWXLHOLORUVXQWXWLOL]D LLQGLFLLGHFUHWHUHFDOFXOD LILHGXS 
H[SUHVLDQRPLQDO ILHGXS FHDUHDO 

unde: ICn t / t j
Icrt/t-j

ICn t/t j =

Cn t
100
Cn t j

j = 1, 2, , t

(83.1)

ICrt/t j =

Crt
100
Crt j

j = 1, 2, , t

(83.2)

LQGLFHOHGHFUHWHUHDFKHOWXLHOLORUvQH[SUHVLHQRPLQDO vQDQXOWID

GHDQXOW

-j;

VLPLODUvQH[SUHVLHUHDO 

ntre cei doi inGLFL SRDWH IL FDOFXODW XQ UDSRUW GH GHYDQVDUH D F
GHDQXOW-j:

UXL P ULPH HVWH HJDO  FX

FHDDLQGLFHOXLJHQHUDODOSUH XULORUvQDQXOWID

ICn t/t j
ICrt/t j

IGPt/0
= IGPt/t j
IGPt/t j

(83.3)

5DSRUWXO GH GHYDQVDUH SRDWH IL FDOFXODW L  vQWUH R FKHOWXLDO  RDUHFDUH

L WR

talul

FKHOWXLHOLORU VDX vQWUH R FKHOWXLDO  ILH HD RDUHFDUH VDX WRWDO  L SURGXVXO LQWHUQ EUXW 5DSRUWXO
DUDW GHFkWHRULFUHWHPDLUHSHGHXQLQGLFDWRUFHODIODWODQXP U WRUXOUDSRUWXOXLGHGHYDQVDUH
ID

  GH FHO ODOW FHO DIODW OD QXPLWRUXO UDSRUWXOXL GH GHYDQVDUH vQWUH GRX  PRPHQWH GH WLPS

FRQVLGHUDWHILHWLW

-j:

kd(Cn i /TCn) =

ICni, t/t j
ITCn t/t j

kd(Cn i /PIB) =
unde: kd(Cni/)

i, t
i, t j

ICni, t/t j

(83.4)
(83.5)

IPIBt/t j

 FRHILFLHQWXO UDSRUWXO GH GHYDQVDUH DO FUHWHULL FKHOWXLHOLORU GH WLS L vQ

expresie noPLQDO

ID

7&QUHVSHFWLYID
GHWLPSWLW

ICni,t/t-j
ITCnt/t-j
IPIBt/t-j

 GH FUHWHUHD FKHOWXLHOLORU WRWDOH vQH[SUHVLH QRPLQDO 

GHSURGXVXOLQWHUQEUXW3,%vQWUHFHOHGRX PRPHQWH

-j;

= indicele de FUHWHUHDOFKHOWXLHOLORUGHWLSLvQH[SUHVLHQRPLQDO

vQWUHDQLLWLW

-j;

VLPLODUSHQWUXFKHOWXLHOLOHWRWDOHvQH[SUHVLHQRPLQDO 

= similar pentru produsul intern brut.

QWUHLQGLFDWRULLSHQWUXFDUHDXIRVWGHILQL LFRHILFLHQ LLGHGHYDQVDUHVHSRDWHLQWURGXFHL

R UHOD LH GH WLS

elasticitate H[SULPkQG QXP

UXO GH SURFHQWH FX FDUH FUHWH XQ LQGLFDWRU FHO D

F UXL YDULD LH VH DIO  OD QXP U WRUXO UDSRUWXOXL GH HODVWLFLWDWH OD FUHWHUHD FX XQ SURFHQW D
FHOXLODOW LQGLFDWRU FHO D F UXL YDULD LH VH DIO  OD QXPLWRUXO UDSRUWXOXL GH HODVWLFLWDWH vQWUH GRX 
PRPHQWHFRQVLGHUDWHILHWLW

-j:

E(Cn i / TCn ) =

ICn i, t / t j 1
ITCn t / t j 1

i, t / t j
i, t j

(83.6)

E(Cni / PIB) =
unde: E (Cni/)

ICn i, t / t j 1

(83.7)

IPIBt / t j 1

 HODVWLFLWDWHD FKHOWXLHOLORU GH WLS L vQ H[SUHVLH QRPLQDO  ID

WRWDOH vQ H[SUHVLH QRPLQDO  7&Q UHVSHFWLY ID
3,%vQWUHFHLGRLDQLWLW

i,t/t-j

 GH FKHOWXLHOLOH

 GH SURGXVXO LQWHUQ EUXW

-j;

 SRQGHUHD YDULD LHL FKHOWXLHOLORU GH WLS L vQ H[SUHVLH QRPLQDO  vQ YDULD LD
FKHOWXLHOLORUWRWDOHvQH[SUHVLHQRPLQDO vQWUHFHLGRLDQLWLW MDGLF

Cn i, t Cn i, t j

i, t / t j =

(83.8)

TCn t TCn t j

 3RQGHUHD FKHOWXLHOLORU vQ SURGXVXO LQWHUQ EUXW DUDW  FH FRW  GLQ DFHVWD UHYLQH XQHL
DQXPLWH FDWHJRULL GH FKHOWXLDO  ILH HD RDUHFDUH VDX vQVXL WRWDOXO FKHOWXLHOLORU VDX GHILFLWXO 

excedentul bugetar:

i =

Cn i
PIB

i = 1, 2, , n, n+1, n+2

(84)

XQGH FRPSRQHQWD Q D LQGLFHOXL L VHPQLILF  WRWDOXO FKHOWXLHOLORU FRPSRQHQWD Q VHPQLILF 
GHILFLWXOH[FHGHQWXO EXJHWXOXL $FHVW LQGLFDWRU SRDWH IL L HO LQGH[DW WHPSRUDO vQ FD]XO DQDOL]HL

unei serii VWDWLVWLFH GLQDPLFH &HL GRL LQGLFDWRUL YDORULFL VXQW H[SULPD L vQ SUH XUL FXUHQWH DGLF

DOHDQXOXLODFDUHHLVHUHIHU 
&RHILFLHQWXOGHGHYDQVDUHPHQ LRQDWGHUHOD LDSRDWHILFDOFXODWLvQIRUPD

kd(Cn i / PIB) =

i, t
i , t j

i= 1, 2, , n, n+1, n+2

(83.5.1)

GXS FXPHODVWLFLWDWHDPHQ LRQDW vQUHOD LDSRDWHILFDOFXODW LvQIRUPD

E(Cn i /PIB) =
unde

L

t/t j

i, t/t j
L

tj

i = 1, 2, , n, n+1, n+2

(83.7.1)

 SRQGHUHD YDULD LHL FKHOWXLHOLORU GH WLS , vQ H[SUHVLH QRPLQDO  vQ YDULD LD

SURGXVXOXLLQWHUQEUXWvQH[SUHVLHQRPLQDO vQWUHFHLGRLWLW MDGLF 

L

iar

L

t/t j =

t j HVWHSRQGHUHDGHMDPHQ LRQDW

Cn i, t Cn i, t j

(83.7.2)

PIBt PIBt j
vQFDOFXODW SHQWUXDQXOW

&XDQWXPXOFKHOWXLHOLORUSHUFDSLWDH[SULP

-j.

volumul de cheltuieli de un anumit tip i sau

totale ce revin n medie pentru un locuitor:

C=

C./L

(85)

unde: C = cheltuieli per capital;

C .  FXDQWXPXO FKHOWXLHOLORU vQ H[SUHVLH QRPLQDO
exprimate ntr-RPRQHG VWU LQ &P

 &Q VDX vQ H[SUHVLH UHDO  &U VDX

QXP UXOGHORFXLWRULvQDQXOGHFDOFXO

3HQWUXLGHQWLILFDUHDWLSXOXLGHFKHOWXLDO VHSRWLQGH[D

C L&.

cu indicele i = 1, 2, , n,

n+1, n+2.

9. Caracteristicile principalelor cheltuieli publice

3ULQFLSDOHOH FDWHJRULL GH FKHOWXLHOL SXEOLFH LQFOXG FKHOWXLHOL SULYLQG DF LXQL VRFLDO

FXOWXUDOH DVLJXU ULOH VRFLDOH DVLJXU ULOH VRFLDOH SHQWUX V Q WDWH DF LXQL HFRQRPLFH L VHUYLFLL

publice (generaleDS
9.1.

UDUHVLJXUDQ

QD LRQDO RUGLQHSXEOLF 

&KHOWXLHOLOHSXEOLFHSHQWUXDF LXQLVRFLDO

-culturale

QHSRFDFRQWHPSRUDQ GXS HIHFWXDUHDDFHVWRUFKHOWXLHOLVHED]HD] SHFRQFHS LD

VWDWXOXLEXQ VW ULLZHOIDUHVWDWHDOHF UXLSULQFLSLLVXQW

garantarea unui venit minim, independent de forma de proprietate;

FUHWHUHD VHFXULW

LL VRFLDOH vQ VSHFLDO SHQWUX FDWHJRULLOH GHIDYRUL]DWH EROQDYL E WUkQL

KDQGLFDSD LRUIDQLRPHULD

DVLJXUDUHD XQXL VWDQGDUG GH YLD

 HYROXkQG SR]LWLY SH ED]D Xnor
servicii sociale
predeterminate de regimul politico-VWDWDO GH WUDGL LL GH QLYHOXO GH FXOWXU  L FLYLOL]D LH GHMD
DWLQVD
5HDOL]DUHD DFHVWHL FRQFHS LL JHQHUHD]  FKHOWXLHOL VRFLDO

-culturale, reprezentnd servicii

JUDWXLWH VDX SDU LDO JUDWXLWH GH FDUH EHQHILFLD]  vQWUHDJD SRSXOD LH VDX R SDUWH D HL ,PSRUWDQ D
DFHVWRU HIRUWXUL VRFLDOH UH]LG  vQ IDSWXO F  HOH VH ILQDOL]HD]  vQWU

-un nou nivel, mai ridicat, al

, contribuie

FXOWXULLLFLYLOL]D LHLFHFDUDFWHUL]HD] VRFLHWDWHDVWDWXOvQFDX] LFDUHODUkQGXOORU

ODGH]YROWDUHDHFRQRPLF DVWDWXOXLUHVSHFWLY

QFDGUXODFHVWHLFRQFHS LL V DXLQGLYLGXDOL]DWDF LXQLYL]kQGVHFXULWDWHD VRFLDO LDF LXQL

YL]kQGSURWHF LDVRFLDO 
6HFXULWDWHDVRFLDO

VHUHIHU ODDF LXQLFXDGUHV GLUHFWHGHFDUHEHQHILFLD] FHLVWDELOL L

prin lege.
3URWHF LD VRFLDO

 VH UHIHU  OD DF LXQL GH RULFH QDWXU  GLUHFWH VDX LQGLUHFWH VSHFLILFH VDX

JHQHUDOHLQL LDWHGHVWDWID

GHIHQRPHQHVDXDFWLYLW

LFXHIHFWQHJDWLYDVXSUDSRSXOD LHL

De exemplu, cheltuielile n infrastruFWXUD FRODU

 FROL QRL FODVH QRL GRW UL HWF VXQW

LQFOXVH vQ SURWHF LD VRFLDO  GHRDUHFH DX XQ FDUDFWHU JHQHUDO

-vag, neidentificabil pe un anumit

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venituri ale bugetului de stat;

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YHQLWXULFXGHVWLQD LHVSHFLDO SHQWUXDFRSHULUHDFKHOWXLHOLORUGLQIRQGXULVSHFLDOH

venituri ale bugetelor locale.

Veniturile fiscale, ca cele ce reSUH]LQW FHDPDLvQVHPQDW
criterii.

SDUWHDYHQLWXULORUSXEOLFHVXQW

FODVLILFDWHODUkQGXOORUGXS PDLPXOWH
LFDUDFWHULVWLFLOHGHIRQGLIRUP 

LPSR]LWHGLUHFWHVWDELOLWHSHQWUXILHFDUHFRQWULEXDELOvQSDUWHQRPLQDODH]DWHSHYHQLW

LVDXSHDY

ere;

LPSR]LWH LQGLUHFWH VWDELOLWH SH FRQVXPXO GH EXQXUL L VHUYLFLL QHSHUVRQDOL]DWH DH]DWH

pe cheltuieli;
ii) obiectul impunerii:
impozite pe venit;
impozite pe avere;
impozite pe consum;
LLLVFRSXOXUP ULW

impozite financiare, instituite pentru acoperirea cheltuielilor statului;

LPSR]LWH GH RUGLQH LQVWLWXLWH SHQWUX OLPLWDUHD XQRU DF LXQL VDX SHQWUX UHDOL]DUHD XQRU

obiective altele dect cele fiscale, de exemplu: suprataxele pentru limitarea consumului
de tutun, impozitele pentru fondurile speciale;
LYIUHFYHQ DvQFDV ULL

LPSR]LWHSHUPDQHQWHVDXRUGLQDUHFDUHDXFDUDFWHUSHUHQLVHvQFDVHD] SHULRGLF
LPSR]LWH LQFLGHQWDOH VDX H[WUDRUGLQDUH FDUH VH LQVWLWXLH SHQWUX SHULRDGH GHWHUPLQDWH L
DX GH UHJXO  XQ VFRS SUHFL]DW VWULFW FDUH RGDW  UHDOL]DW GHWHUPLQ  GHVILLQ DUHD

respectivului impozit;
YLQVWLWX LDDGPLQLVWUDWRDUH
LPSR]LWHDOHDGPLQLVWUD LHLFHQWUDOHvQFDVDWHGLUHFWODEXJHWXOGHVWDWGLQFDUHWRWXLVH

SRW VWDELOL QLYHOH VDX FXDQWXPXUL FH SRW IL UH LQXWH GH RUJDQHOH ORFDOH GH H[HPSOX
LPSR]LWXOSHVDODULLSHQWUXFDUHSULQOHJHDEXJHWXOXLVHVWDELOHWHFHMXGH HLvQFHFRW 
vL SRW UH LQH R SDUWH GLQ LPSR]LWXO SH VDODULL FROHFWDW GH OD XQLW

LOH UH]LGHQWH vQ

UHVSHFWLYXOMXGH 
LPSR]LWH DOH DGPLQLVWUD LHL ORFDOH FDUH VH vQFDVHD]  GH F WUH RUJDQXO ORFDO FDUH OH

-a

introdus.
,PSR]LWHOHGLUHFWHODUkQGXOORUVHFODVLILF GXS RELHFWXOLPSXQHULLvQ

LPSR]LWH UHDOH DH]DWH SH RELHFWH L FDUH QX

LQ VHDPD GH VLWXD LD SHUVRDQ  D

contribuabilului, cum sunt: impozitul funciar , impozitul pe FO

GLUL LPSR]LWXO SH

DFWLYLW

LLQGXVWULDOHLFRPHUFLDOHLSURIHVLLOLEHUHLPSR]LWXOSHFDSLWDOXOPRELOLDUVDX

E QHVF
LPSR]LWH SHUVRQDOH DH]DWH SH YHQLW VDX SH DYHUH L FDUH

LQ VHDPD GH VLWXD LD

SHUVRQDO DFRQWULEXDELOXOXL

Impozitele indirecte,ODUkQGXOORUVHFODVLILF

taxe de consum;

venituri din monopoluri fiscale;

taxe vamale;

GXS IRUPDORUvQ

WD[HGHWLPEUXLGHvQUHJLVWUDUH

11. ,PSXQHUHDILVFDO

LSULQFLSLLOHHL

&DUDFWHULVWLFLOHUROXOLGLPHQVLXQHDLPSXQHULLILVFDOH

IPSXQHUHD

ILVFDO  HVWH R IRUP  GH FRQVWLWXLUH D XQHL S U L GLQ YHQLWXULOH VWDWXOXL

FDUDFWHUL]DW  SULQ SUHOHYDUHD FRQIRUP OHJLL D XQHL S U L GLQ YHQLWXULOH VDX DYHUHD SHUVRDQHORU

fizice sau juridice n vederea acoperirii cheltuielilor publice. Persoanele fizice sau juridice n
FDX] VXQWvQSULQFLSDOFHW
LFHW

HQLURPkQLVDXDJHQ LHFRQRPLFLFXGRPLFLOLXOvQ5RPkQLDGDUSRWIL

HQLVWU LQLVDXDJHQ LHFRQRPLFLVWU LQLFDUHGHVI RDU DFWLYLWDWHvQ5RPkQLDvQP VXUDvQ

care ei dobndesc venituri sau posed DYHULvQ DUDQRDVWU 7R LFHLGHODFDUHVHSHUFHSLPSR]LWH

VXQW QXPL L JHQHULF contribuabili 3HQWUX FRQWULEXDELOLL VWU LQL H[LVW  R UHJOHPHQWDUH VSHFLDO 
UHSUH]HQWkQG DFRUGXO vQWUH 5RPkQLD L

DUD GH RULJLQH D UHVSHFWLYXOXL FRQWULEXDELO SULYLQG

evitaUHD GXEOHL LPSXQHUL MXULGLFH LQWHUQD LRQDOH &D UH]XOWDW DO LPSXQHULL ILVFDOH VH IRUPHD]

YHQLWXULILVFDOHDOHVWDWXOXLvQSULQFLSDOVXEIRUPDLPSR]LWHORULWD[HORU
,PSXQHUHDILVFDO DUHXUP WRDUHOH

a) este obligatorievQ VHQVXO F

caracteristici:

HVWH HIHFWDO OHJLLFDUH SUHFL]HD]  OD FLQH VHUHIHU  vQ OHJ WXU 

FX FH VH VWDELOHWH HWF ,QWURGXFHUHD XQHL OHJL UHIHULWRDUH OD LPSXQHUHVH SRDWH IDFH QXPDL GH
RUJDQXO OHJLVODWLY QD LRQDO SDUODPHQWXO VDX GH FRQVLOLLOH ORFDOH vQ OLPLWHOH VWDELOLWH GH

parlament.
b) are WLWOX GHILQLWLY L QHUDPEXUVDELO FHHD FH vQVHDPQ

 F  GDF  SODWD LPSR]LWXOXL  WD[HL D

IRVWI FXW FRQIRUPOHJLLFRQWULEXDELOXOQXRSRDWHUHFODPDVDXUHGREkQGLvQQLFLXQIHO

c) este

 FRQWUDSUHVWD LH FHHD FH vQVHDPQ  F  vQ VFKLPEXO SO

LL LPS

ozitului / taxei nu se

SRDWHSUHWLQGHXQVHUYLFLXLPHGLDWGLUHFWLHFKLYDOHQWQOHJ WXU FXDFHDVWDQXSRDWHILvQV 

H[FOXV SUHWHQ LDSHFDUHXQFRQWULEXDELORSRDWHDYHDvQPRGFXWRWXOvQGUHSW

LWID DGHVWDW

GH D EHQHILFLD L HO FRQWULEXDELOXO GH HIHFWHOH SH FDUH OH DUH VDX DU WUHEXL V  OH DLE  SHQWUX
FHW

HDQvQGHSOLQLUHDGHF WUHVWDWDIXQF LLORUVDOHYH]LLFDS,G

9HQLWXULOH ILVFDOH L PDL FX VHDP  LPSR]LWHOH vQGHSOLQHVF vQ VRFLHWDWH XQ URO FRPSOH[

ILQDQFLDUHFRQRPLFLVRFLDO

Rolul financiarDOLPSR]LWHORUVHH[SULP vQIDSWXOF HOHUHSUH]LQW SULQFLSDOXOPLMORFGH

formare a veniturilor statului, contribuind n mod frecvent cu peste 90% din totalul acestora.
Rolul economic DO LPSR]LWHORU VH FRQFUHWL]HD]  vQ IDSWXO F  SULQ WLSRORJLD L
GLPHQVLXQHDORUFDLSULQvQOHVQLULOHLvQ VSULULOHILVFDOHVWDWXOSRDWHvQFXUDMDVDXQXDFWLYLWDWHD
HFRQRPLF YH]LLFDS,EFDS,

Rolul social DO LPSR]LWHORU VH FRQFUHWL]HD]  vQ SRVLELOLWDWHD SHFDUH R GREkQGHWH VWDWXO
de redLVWULEXLUHDSURGXVXOXLVRFLDOYH]LLFDSIXQF LDGHUHGLVWULEXLUHDILQDQ HORUSXEOLFH
'LPHQVLXQHDLDPSORDUHDLPSXQHULLILVFDOHVXQWGLIHUHQ LDWHVSD LDOJHRJUDILFSH

ULL

WHPSRUDOLVXQWPDUFDWHGHDQXPLWHOLPLWHGHWHUPLQDWHGH

factori interni sistemului de impunere (progresivitatea cotelor de impunere, materia

LPSR]DELO QLYHOXOPHGLXDOLPSXQHULLHWF

factori externi sistemului de impunere (nivelul per capital) al produsului intern brut,
suportabilitatea impunerii, amploarea angaj ULL VWDWXOXL vQ VROX LRQDUHD SUREOHPHORU
economico-VRFLDOHQDWXUDUHJLPXOXLSROLWLFD

3URJUHVLYLWDWHD FRWHORU GH LPSXQHUH HVWH GH PXOWH RUL HVHQ LDO  SHQWUX R UHSDUWL]DUH FkW
PDLHFKLWDELO DSRYHULLILVFDOHQDFHVWVHQVHVWHUHFRPDQGDELOFDLPSXQHUHDV QXVH IDF vQ
FRW  XQLF  FL V  ILH SUHY ]XWH FRWH GLIHUHQ LDWH FDUH V  LQ  VHDPD L GH SXWHUHD HFRQRPLF  D
FRQWULEXDELOXOXL YHQLWXULOH  DYHUHD VD GDU L GH VLWXD LD VD VRFLDO  vQWUH LQH R IDPLOLH
QXPHURDV HVWHVLQJXUXOvQWUH LQ WRUIDFH

parte dintr-RFDWHJRULHGHIDYRUL]DW

D'LIHUHQ LHUHD

H[FHVLY  HVWH OD IHO GH FRQWUDSURGXFWLY  FD L QHGLIHUHQ LHUHD GHRDUHFH FUHHD]  GLILFXOW

L vQ

SURFHVXO GH SHUFHSHUH GDU L FRQGL LL SHQWUX HYD]LXQH Q DFHVW VHQV HVWH QHJDWLY H[HPSOXO

impozituluL SH SURILW vQ 5RPkQLD FDUH vQ  HUD DH]DW L SHUFHSXW vQ FkWHYD ]HFL GH FRWH LDU
din 1996 s-D LQWURGXV R FRW  TXDVLJHQHUDO  GH  FX GRX  H[FHS LL  - FHD SHQWUX DJHQ LL
HFRQRPLFL FX SRQGHUHD DFWLYLW
LL GH JHQ DJULFRO GH SHVWH  L  - cHD SHQWUX DJHQ LL
HFRQRPLFL FX SRQGHUHD DFWLYLW

LL GH JHQ MRFXUL GH QRURF GH SHVWH  3HQWUX DQXO  VH

GLPLQXHD]  FRWD JHQHUDO  OD  GDU VH S VWUHD]  TXDVLXQLFLWDWHD HL JHQHUDWRDUH DD FXP DP
PDLVSXVGHLQHFKLWDWHILVFDO 

Suportabilitatea impuQHULL H[SULP

indicatorului UDWDILVFDOLW LL:

 JUDGXO VDX QLYHOXO ILVFDOLW

rf =

LL L VH GHWHUPLQ  SH ED]D

VF
PIB

(91)

unde: VF = veniturile fiscale ale statului;

PIB = produsul intern brut.
$FHVWLQGLFDWRUHVWHGHIDFWXU PDFURHFRQRPLF  LFDUDFWHUL]HD] PHGLDSRYHULLILVFDOH

ntr-R

DU  Q YHQLWXULOH ILVFDOH VH SRW VDX QX LQFOXGH FRQWULEX LLOH SHQWUX VHFXULWDWHD VRFLDO 

DYkQG vQ YHGHUH F  DFHVWHD VXQW DIHFWDWH DX R GHVWLQD LH VSHFLDO  L VXQW GH UHJXO  JHVWLRQDWH

printr-XQ

EXJHW VSHFLDO 3ULQGHUHD DFHVWRU FRQWULEX LL vQ YHQLWXULOH ILVFDOH HVWH H[WUHP GH

GLIHUHQ LDW  SH

UL DPSOLWXGLQHD GH YDULD LH ILLQG vQWUH  L  5DWD ILVFDOLW

FRQWULEX LLOH SHQWUX VHFXULWDWH VRFLDO  VH VLWXHD]  SHQWUX PDUHD PDMRULWDWH D
PHPEUH2&'(vQMXUGHLDUSHQWUX

LL LQFOX]kQG

ULORU HXURSHQH

ULGH]YROWDWHQHHXURSHQHODFLUFD68$-DSRQLD

SkQ  OD FLUFD  &DQDGD 1RXD =HHODQG  Q 5RPkQLD DFHDVW  UDW  D RVFLODW vQ XOWLPLL DQL vQ

jur de 34%.
La nivel de contribuabil, ratDILVFDOLW

LLWUHEXLHV VHFDOFXOH]H LQkQGVHDPDGHYHQLWXULOH

DFHVWXLDLGHVXPDGLIHULWHORULPSR]LWHSHFDUHDFHVWDOHVXSRUW 

rf =

V c1 + a V c 2 + AI
V

(92)

unde: V = veniturile contribuabilului;

c1 = cota medie de impunere a venitului;
a
SRQGHUHDFRQVXPXOXLGHEXQXULLVHUYLFLLvQWRWDOYHQLW
c2 = cota medie de impunere a consumului;
AI DOWHLPSR]LWHSHLPRELOHSHWHUHQXULSHDXWRWXULVPHLPSR]LWHLWD[HORFDOHHWF
Q FH SULYHWH LPSDFWXO LPSR]LWHORU SH FRQVXP DFHVWa este n raport direct cu ponderea
FRQVXPXOXL vQ WRWDO YHQLW L GLQ DFHVW PRWLY HVWH FX DWkW PDL PDUH FX FkW YHQLWXO HVWH PDL PLF
vQWUXFkW FUHWHUHD FRQVXPXOXL SH P VXUD FUHWHULL YHQLWXOXL HVWH GH UHJXO  PDL PLF  GHFkW D

venitului. Pentru cazul salariulXL

PHGLX SH HFRQRPLH 5RPkQLD  L D XQHL UDWH D

FRQVXPXOXLGHFFDLPSR]LWXOSHVDODULXFRQWULEXLHODUDWDILVFDOLW

LLFXFFDLDUWD[DSH

YDORDUHDDG XJDW FXFFDFHHDFHDGXFHJUDGXOGHILVFDOLWDWHODPLQLP

Nivelul mediu al impXQHULL DUH UHOHYDQ

  QX QXPDL SHQWUX FRQWULEXDELO FL L SHQWUX

EXJHW3HQWUXFRQWULEXDELOXQQLYHOULGLFDWDOLPSXQHULLvQVHDPQ RSRYDU ILVFDO PDLPDUHR

GLPLQXDUH D SXWHULL GH FXPS UDUH D YHQLWXULORU VDOH GDU L XQ UDSRUW LPSR]LWH  ULVF GH HYD]

iune

FDUH SRDWH vQGHPQD OD DVXPDUHD DFHVWXL ULVF $FHDVWD JHQHUHD]  XQ HIHFW QHIDYRUDELO DVXSUD
YHQLWXULORU EXJHWDUH 1LYHOXO ULGLFDW GH LPSXQHUH DUH L HIHFWXO GH GHVFXUDMDUH D DF LXQLL

economice, determinnd alte efecte negative asupra veniturilor bugetare. Din punct de vedere al
EXJHWXOXL LQVXILFLHQ D YHQLWXULORU VDX FUHWHUHD ORU QHVDWLVI F WRDUH GHWHUPLQ  WHQGLQ D GH

FUHWHUH D QLYHOXOXL GH LPSXQHUH ILH SULQ FUHWHUHD FRWHORU GH LPSXQHUH OD LPSR]LWHOH GHMD

existente, fie prin introducerea unor noi imSR]LWHFHHDFHSRDWHUHODQVDHIHFWXOGHUH]LVWHQ

JHQHUD LPSOLFLW XQ FHUF YLFLRV Q JHQHUDO vQJUHXQDUHD ILVFDOLW
VDX FKLDU vQJKH DUHD DFWLYLW

L

LL DWUDJH GXS  VLQH IUkQDUHD

LL HFRQRPLFH FX HIHFWH QHIDYRUDELOH L vQ FH SULYHWH VWDUHD

economLHL vQ DQVDPEOX L vQ FH SULYHWH vQ SDUWLFXODU VWDUHD EXJHWXOXL L D DJHQWXOXL HFRQRPLF
FRQWULEXDELO 3H GH DOW  SDUWH UHOD[DUHD ILVFDO  HVWH vQ JHQHUDO EHQHILF  SHQWUX WR L IDFWRULL
LPSOLFD L ,VWRULD HFRQRPLHL PHQ LRQHD]  QXPHURDVH vPSUHMXU UL vQ FDUH FUHWHUHD DS V ULL
ILVFDOH D JHQHUDW WHQVLXQL HFRQRPLFH L VRFLDOH GXS  FXP vQOHVQLULOH L VFXWLULOH ILVFDOH DX
GHWHUPLQDW vQYLRUDUHD DFWLYLW

LL HFRQRPLFH Q ]LOHOH QRDVWUH SDUDGLVXULOH ILVFDOH VXQW XQ

exemplu viu al nfloririi economice de caUHVHEXFXU

vQSRILGDUHVWULF LLORUXQHRULSUHVLXQLORUSHFDUH

ULOHFDUHSURPRYHD] RDVWIHOGHSROLWLF 

ULOHSDUWHQHUHOHSUDFWLF vQUDSRUWXULOHFXHOH

3HQWUX GHWHUPLQDUHD XQXL QLYHO PHGLX GH LPSXQHUH UH]RQDELO WHRULD ILQDQFLDU  SURSXQH

diferitHVROX LL2P

VXU DDFHVWXLQLYHORIXUQL]HD] 

modelul lui Arthur LafferDOF

UXLRELHFW

HVWH GHWHUPLQDUHD XQXL QLYHO GH LPSXQHUH ]LV RSWLP GHRDUHFH UHDOL]HD]  PD[LPXP GH vQFDV UL
ILVFDOHvQFRQGL LLGHHFKLOLEUXJHQHUDOFHUHUHRIHUW 

Echilibrul geQHUDO FHUHUH  RIHUW

 HVWH FRQVWUXLW SH HJDOLWDWHD FHUHULL JOREDOH L D RIHUWHL

JOREDOHLQWURGXVHFDIXQF LLGHSUH 

C = C(p)
O = O(p)
C=O
unde: C
p
O
C()
O (

C'<0
O>0

(93.1)
(93.2)
(93.3)

FHUHUHDJOREDO 
QLYHOXOSUH X

rilor;

RIHUWDJOREDO 
IXQF LDGHFHUHUH
IXQF LDGHRIHUW 

3H ED]D HFXD LHL GH HFKLOLEUX  VH IRUPHD]  R HFXD LH D F UHL YDULDELO  HVWH SUH XO L
FDUH DFFHSW  FHO SX LQ R VROX LH GDWRULW  FDUDFWHULVWLFLORU FHORU GRX  IXQF LL FR

mponente. Fie p*

VROX LDDOF UHLVHQVHFRQRPLFHVWHGHSUH GHHFKLOLEUX3HED]DOXLVHSRWGHWHUPLQDQLYHOHOHGH

HFKLOLEUXDOHFHUHULLLRIHUWHLUHVSHFWLY

C(p*)LO(p*) sau C*LO*.

n acest echilibru intervine statal cu impozite, care vor determina modificarea punctului

GH HFKLOLEUX ,QWURGXFHUHD LPSR]LWHORU VH IDFH VXE IRUPD XQHL DFFL]H GHILQLW  FD LPSR]LW SH
XQLWDWHD GH SURGXV GHVI FXW  YkQGXW  L FXPS UDW  'DF  vQ HOHVXO DFFL]HL VH FRQVLGHU  VWULFWR

sensu, atunci definirea ei pe unitatea deSURGXVGHVI

FXW VHIDFHSULQvQV LOHJHDFDUHLQWURGXFH

DFFL]D 'DF  vQ HOHVXO HL VH FRQVLGHU  SULQ H[WHQVLH FD ILLQG RULFH LPSR]LW VDX WD[  DWXQFL
GHWHUPLQDUHDHLSHXQLWDWHDGHSURGXVGHVI FXW QXHVWHGLILFLO vQWUXFkWDJHQWXOHFRQRPLFWLHL

careHVWHFXDQWXPXOLPSR]LWXOXLvQFDX]

LFDUHHVWHYROXPXOV XGHDFWLYLWDWHDFFL]DSHXQLWDWHD

GHSURGXVGHVI FXW YDILUDSRUWXOGLQWUHFHLGRLLQGLFDWRULPHQ LRQD LDQWHULRU

7HQGLQ D RIHUWDQWXOXL UHIHULWRU OD LPSR]LWHOH SH FDUH OH SO WHWH HVWH GH D vQFHUFD V  OH
UHFXSHUH]H GH OD FXPS U WRU SULQ SUH XO  WDULIXO SURGXVXOXL  VHUYLFLXOXL SH FDUH L O RIHU  $FHVW

OXFUXHVWHSRVLELOSULQFUHWHUHDSUH XOXLGHYkQ]DUHGDUHVWHOLPLWDWGHFHOSX LQGRX FRQGL LL

P ULPHD SUH XOXL vO SRDWH SXQH SH RIHUWDQW vQ VLWXD LH GH QHFRPSHWLWLYLWDWH ID

 GH FHLODO L

RIHUWDQ LGDF DFHWLDQXSUDFWLF DFHODLVLVWHPVDXvOSUDFWLF OLPLWDW

P ULPHDSUH XOXLSRDWHPLFRUDFHUHUHDUHGXFkQGX LRIHUWDQWXOXLvQFDV ULOHGLQFDUHYDWUHEXL

V VXSRUWHXQYROXPWRWDOGHLPS

ozite similar sau diminuat ntr-RP

VXU PDLPLF LPSR]LWXO

SHDYHUHGHSLOG QXVHPRGLILF vQUDSRUWFXYHQLWXULOH

Q FD]XO RS LXQLL GH PDMRUDUH D SUH XOXL FRQVHFXWLY LQWURGXFHULL XQXL LPSR]LW SH FDUH
WUHEXLHV

-OSO

WHDVF RIHUWDQWXOYDSRUQLODOLPLW GHODLSRWH]DPHQ LQHULLFHOSX LQDSURILWXOXL

RE LQXWDQWHULRUDSDUL LHLUHVSHFWLYXOXLLPSR]LW9ROXPXOIL]LFDODFWLYLW
FHvQVHDPQ S VWUDUHDODDFHODLQLYHO

LLVDOHQXYDFUHWHFHHD

CTDFKHOWXLHOLORURFD]LRQDWHGHDFWLYLWDWHDVDYDFUHWe, n

VFKLPE YHQLWXO vQFDVDW GH OD P ULPHD

V DQWHULRDU

 LQWURGXFHULL LPSR]LWXOXL OD

VM XOWHULRDU

DFHVWXLIDSWFDUH]XOWDWDOPDMRU ULLSUH XOXLXQLWDUGHYkQ]DUH

3URILWXO LQL LDO DUH P ULPHD

V - CT, iar cel ulterior VM - CT - c (VM - CT) unde c

HVWH FRWD GH LPSXQHUH DIHUHQW  LPSR]LWXOXL QRX LQWURGXV 3H ED]D LSRWH]HL GH HJDOLWDWH D FHORU
GRX SURILWXULDYHP

V - CT = VM - CT - c (VM - CT)
GLQ FDUH VH RE LQH P ULPHD YHQLWXOXL PRGLILFDW  PDMRUDW

(94.1)

respectiv ulterior introducerii noului

impozit:
VM = (V - c CT) / (1 - c)
XQGHDYHPUHVWULF LDF

(94.2)

(0, 1).

90HVWHRIXQF LHFUHVF WRDUHvQFFXDOWHFXYLQWHFXFkWFRWDGHLPSXQHUHHVWHPDLPDUH

cXDWkWFUHWHUHDYHQLWXOXLSULQSUH LLQFOXVLYDSUH XOXLXQLWDUGHYkQ]DUHHVWHPDLPDUH

VMc =

V CT
(1 c) 2

>0

(94.3)

lim VM = +

(94.4)

sau

lim VM = V

DGLF 

c 0

VM (V,+) .

c 1

QFD]XORS LXQLLGHPDMRUDUHDSUH XOXLRIHUWDQWXOYDOXFUDFXGRX FDWHJRULLGHSUH XUL

XQ SUH  GH SLD

 ILH

pp, n care este inclus cuantumul unitar al impozitului T L FDUH YD IL

SUH XOODFDUHFXPS U WRUXODFKL]L LRQHD] SURGXVXO

XQSUH GHJHVWLXQHILH

pg, n care nu este inclus impozitul:

pg = pp - T

(95)

3UH XOGHJHVWLXQHHVWHXQSUH GHFDOFXODOSURILWXOXLRE LQXWGHRIHUWDQWFDUHvQFDOFXOHOH

VDOH GH HILFLHQ

 QX SRDWH FRQWD SH P ULPHD 7 D LPSR]LWXOXL FH WUHEXLH YLUDW QHFRQGL LRQDW F WUH

bugetul statului. 2IHUWD VD YD IL GHWHUPLQDW

 WRFPDL GH DFHVW SUH  GH JHVWLXQH GLQ FDUH HO VXSRUW 

FKHOWXLHOLOH SULYLQG DFWLYLWDWHD L RE LQH SURILWXO VFRQWDW vQ VHQVXO GH SURILW RELQXLW FDUH vL
PRWLYHD] HIRUWXOGHLQL LHUHLGHVI XUDUHDUHVSHFWLYHLDFWLYLW

MoGHOXO /DIIHU FXSULQGH XUP

FHUHUHRIHUW - (93.3):

IXQF LDFHUHULLGHILQLW SULQSUH XOGHSLD

C = C (pp)

L

WRDUHOH UHOD LL VLPLODUH FHORU FH GHVFULX HFKLOLEUXO JOREDO

C' < 0

(96.1)

O' > 0

(96.2)

IXQF LDRIHUWHLGHILQLW SULQSUH XOGHJHVWLXQH

O=O (pg)

UHOD LDvQWUHFHOHGRX SUH XULFRQIRUP

HFXD LDHFKLOLEUXOXLJOREDOFRQIRUP
(FXD LDGHHFKLOLEUXVHVFULH LQkQGVHDPDLGH

C(pg+T) = O(pg)

(96.3)

GLQFDUHVHGHWHUPLQ SUH XOGHJHVWLXQHODHFKLOLEUXFDIXQF LHGHDFFL] 

pg* = pg(T)

(96.4)

3HED]DUHOD LLORULVHSRWGHWHUPLQDFHUHUHDLRIHUWDGHHFKLOLEUXFDIXQF LL

GHDFFL] 

C* = C (T+pg (T) )
O* = O(pg (T) )

(96.5)
(96.6)

C* = O*

(96.7)

pentru care, n plus, avem

reSUH]HQWkQG YROXPXO GH HFKLOLEUX DO DFWLYLW

LL HFRQRPLFH 'HRDUHFH DFFL]D HVWH GHILQLW  SH

XQLWDWHD GH SURGXV GHVI FXW  VH SRDWH VFULH H[SUHVLD YHQLWXULORU EXJHWDUH

VB, pe care statul le

GRUHWHPD[LPH

max VB = max T C (T +pg (T) )

(96.8.1)

max VB = max T O (pg (T) )

(96.8.2)

sau
GLQFDUHUH]XOW F YHQLWXULOHEXJHWDUHVXQWIXQF LHGHDFFL] 

max VB = max VB (T)

(96.8.3)

&RQGL LDGHPD[LPUHYLQHOD

VB'T = 0
VB''T < 0

(96.9.1)
(96.9.2)

DVWIHOvQFkWGLQFDHFXD LHvQUDSRUWFXDFFL]DVHSRDWHGHWHUPLQDQLYHOXOHLRSWLP7 vQ

VHQVXOF PD[LPL]HD] vQFDV ULOHEXJHWDUHvQFRQGL LLOHHFKLOLEUXOXLJOREDOFHUHUHRIHUW 

Cu ajutorul lui T* VH GHWHUPLQ

 VXFFHVLY QLYHOHOGH RSWLPDOH YHQLWXOXLEXJHWDU 9% 

FHORUGRX SUH XULSJ LSS DOHYROXPXOXLFHUHULLLRIHUWHL& L2 

0RGHOXO SHUPLWH L GHWHUPLQDUHD LQFLGHQ HL DFFL]HL DGLF  D P VXULL vQ FDUH HD HVWH
VXSRUWDW GHFXPS U WRUUHVSHFWLYGHRIHUWDQW,QFLGHQ DVHFDOFXOHD] FDSRQGHUHDVXPHLWRWDOH
SO WLWHGHFXPS U WRULUHVSHFWLYRIHUWDQ LvQWRWDOvQFDVDUHEXJHWDU 

a=

(pp * p*) C *
T * C *

(96.10.1)

b=

(p * pg*) O *
T * O *

(96.10.2)

unde: a = incidHQ DDFFL]HLDVXSUDFXPS

E

U WRUXOXL

LQFLGHQ DDFFL]HLDVXSUDRIHUWDQWXOXL

,QWURGXFHUHD DFFL]HL FRQGXFH OD FkWHYD UHOD LL GH RUGLQH SULYLQG SUH XULOH vQ PRGHOXO
/DIIHUID

GHPRGHOXO

- (93.3) n care nu apare acciza:

SS !S LSJ S

(96.11.1)

C*L& L2 L <O*

(96.11.2)

XQGHSHQWUXFHUHUHLRIHUW LQGLFHOH/VHPQLILF QLYHOXOORUFRQIRUPPRGHOXOXL/DIIHULDUOLSVD

DFHVWXLLQGLFHQLYHOXODFHVWRUDvQFRQGL LLOHPRGHOXOXLI U DFFL] 

- (93.3).

11.2. Elementele impozitului

,PSXQHUHDILVFDO HVWHLQWURGXV SULQOHJHFDUHSUHFL]HD] SHQWUXILHFDUHLPSR]LWvQSDUWH
FLQH VXQWFRQWULEXDELOLL PDWHULD LPSR]DELO  P ULPHD UHODWLY  D LPSR]LWXOXL WHUPHQHOH GH SODW 

VDQF LXQLOH UHIHULWRDUH OD VXVWUDJHUH 3ULQ DFHDVWD VH UHDOL]HD]  WRWRGDW  SXQHUHD vQ FXQRWLQ

DWkW D RUJDQHORU ILVFDOH FkW L D FRQWULEXDELOLORU FDUH vQ SOXV SHQWUX DQXPLWH LPSR]LWH VXQW
vQFXQRWLLQ D L L vQ PRG H[SUHV SULQ DYL]H vQWRFPLWH L H[SHGLDWH SULQ JULMD RUJDQHORU ILVFDOH

locale.
,QIRUPD LLOH FXSULQVH vQ OHJLOH FH UHJOHPHQWHD]  LPSXQHUHD ILVFDO  LQFOXG
FDUDFWHULVWLFHILHF UXLLPSR]LWLQWURGXVvQSUDFWLFDILVFDO FXUHQW D

a) Subiectul impozitului HVWH SHUVRDQD IL]LF

obOLJDWLYLWDWHD GH SODW

elementele

ULL

 VDX MXULGLF  SHQWUX FDUH OHJHD VWDELOHWH

 D LPSR]LWXOXL DGLF  FHHDFH VH QXPHWHFXUHQW

contribuabil. n anumite
-l verse la buget. De

FD]XULOHJHDVWDELOHWHXQWHU vPSXWHUQLFLWLREOLJDWV UH LQ LPSR]LWXOLV

SLOG vQFD]XOLPSR]LWXOXLSHVDODULXVDODULDWXOHVWHVXELHFWHOSO WHWHLPSR]LWXOGLQVDODULXOV X

GDUUH LQHUHDLYLUDUHDODEXJHWUHYLQHFHOXLFDUHDDQJDMDW

b) Suportatorul impozitului HVWH SHUVRDQD IL]LF  VDX MXULGLF  FH VXSRUW  HIHFWLY SODWD
destinatar, GHRDUHFHLPSR]LWXOvQFDX] HVWHYLUDW

LPSR]LWXOXL$FHDVW SHUVRDQ VHPDLQXPHWH

VSUH VLQH SHQWUX D IL VXSRUWDW 'H SLOG  vQ FD]XO WD[HL SH YDORDUHD DG XJDW  LPSR]LWXO HVWH
SHUFHSXW GDWRUDW FDOFXODW L Y UVDW OD EXJHW GH YkQ] WRUXO XQXL SURGXV FDUH HVWH VXELHFW DO
DFHVWHL WD[H 3ULQ SUH  vQV  DFHVWD SRDWH YLUD WD[D vQ VDUFLQD FXPS U WRUXOXL FDUH HVWH

suportatorul acesteia.
c) Obiectul impozituluiHVWHPDWHULDVXSXV

LPSR]LW ULLYHQLWXODYHUHDRELHFWXOYkQGXW

FXPS UDWEXQXOLPSRUWDWHWF

d) Sursa impozitului DUDW

 GLQ FHDQXPH VH SO WHWH LPSR]LWXOFHHDFH vQ PRG RELQXLW

HVWH YHQLWXO FRQWULEXDELOXOXL 6XUVD SRDWH V  FRLQFLG  VDX QX FX RELHFWXO LPSR]LWXOXL /D
LPSR]LWHOHSHYHQLWFHOHGRX HOHPHQWHFRLQFLGvQVFKLPEODLPSR]LWHOHSHDYHUHHOHQXFRLQFLG

de obicei, deoarece numaL vQ FD]XUL GH H[FHS LH FRQWULEXDELOXO vL GLPLQXHD]  DYHUHD SULQ
e) Unitatea de impunere HVWH XQLWDWHD GH P VXU  FX FDUH VH GHWHUPLQ  GLPHQVLXQHD

YkQ]DUHDXQHLS U LDDFHVWHLDFXVFRSXOGHD LDFKLWDLPSR]LWXODIHUHQW

PDWHULHL LPSR]DELOH 'H SLOG  vQ FD]XO LPSR]LWXOXL SH WHUHQ DFHDVWD HVWH PHWUXO S WUDW SHQWUX
WHUHQXULOH LQWUDYLODQH FX DOWH GHVWLQD LL GHFkW DFWLYLWDWHD DJULFRO  L KHFWDUXO SHQWUX WHUHQXULOH

agricole.
f) Cota impozitului UHSUH]LQW

 LPSR]LWXO DIHUHQW XQLW

LL GH LPSXQHUH $FHDVW  FRW

SRDWHILVWDELOLW FDVXP IL[ VDXFDRFRW SURFHQWXDO FRQVWDQW SURJUHVLY VDXUHJUHVLY 

g) Asieta HVWH WRWDOLWDWHD P VXULORU SH FDUH RUJDQHOH ILVFDOH OH LDX vQ YHGHUHD DH] ULL
impozitului, pentru fiecare subiect n parte: identificarea obiectulXL VWDELOLUHD P ULPLL VDOH L
calculul impozitului datorat.
h) 7HUPHQXOGHSODW UHSUH]LQW GDWDSkQ ODFDUHLPSR]LWXOWUHEXLHV ILHDFKLWDW3HQWUX
LPSR]LWHOHLQWURGXVHvQOHJ WXU FXRELHFWHFHSUH]LQW UHSHWDELOLWDWHSHSDUFXUVXODQXOXLVDODULXO

pURILWXO YkQ]

ULOH GH SURGXVH HWF VH VWDELOHVF WHUPHQH UHSHWLWLYH OHJDWH GH GDWD FRQVWLWXLULL

RELHFWXOXL LPSR]LWXOXL GDWD SO

LL VDODULXOXL GDWD vQFKLGHULL JHVWLXQLL OXQDUH HWF 3HQWUX

LPSR]LWHOHLQWURGXVHvQOHJ WXU FXRELHFWHDF URUPRGLILFDUHGHYROXPHVWHPDLUDU VHIL[HD] R

GDW  VDX FkWHYD GDWH SH SDUFXUVXO DQXOXL OD FDUH SODWD VH SRDWH IDFH LQWHJUDO HYHQWXDO vQ WUDQH
/HJHD PHQ LRQHD]  SHQWUX ILHFDUH WLS GH LPSR]LW VDQF LXQLOH FDUH YRU IL VXSRUWDWH GH VXELHFW vQ

caz de nerespectare a termenHORU GH SODW

 PDMRU UL SRSULUL VHFKHVWUX VFRDWHUHD OD OLFLWD LH

DPHQ]LSHQDOHLvQFD]XULH[WUHPHHYD]LXQHLQWHQ LRQDW VDXIUDXGXORDV SULYDUHDGHOLEHUWDWH

11.3. Principiile impunerii fiscale

,PSXQHUHDILVFDO HVWHXQFRPSOH[GHP VXULLRSHUD LXQLHIHFWXDWHvQED]DOHJLLFDUHDX

ca scop stabilirea impozitului ce revine n sarcina unei persoane fizice sau juridice. Impunerea
ILVFDO  LQFOXGH R ODWXU
ODWXU

 WHKQLF

 SROLWLF

 SULQ FDUH VH VWDELOHWH FLQH L SHQWUX FH SO WHWH LPSR]LWXO L R

 DGLF  PHWRGHOH L WHKQLFLOH SULQ FDUH VH P VRDU  RELHFWXO LPSXQHULL L VH

GHWHUPLQ  FXDQWXPXO LPSR]LWXOXL 3ULQ ILVFDOLWDWH VWDWXO vQFHDUF  V  UHDOL]H]H XQ HFKLOLEUX vQWUH
HILFLHQ

 L HFKLWDWH 3H GH R SDUWH VWDWXO WUHEXLH V  DVLJXUH SULQ ILVFDOLWDWH

colectarea fondurilor

SHQWUX UHDOL]DUHD SURJUDPHORU VRFLDOH HFRQRPLFH GH FRODERUDUH LQWHUQD LRQDO  D 3H GH DOW 
SDUWHILVFDOLWDWHDWUHEXLHRUJDQL]DW DVWIHOvQFkWV QXDSHVHSHFHLGHIDYRUL]D LFHHDFHUHYLQHOD

realizarea unei redistribuiri a venLWXULORU 5HIHULWRU OD HILFLHQ

ILQDQFLDUH DFFHQWXHD]  XQHOH SH HILFLHQ

(social -GHPRFUD LDGHPRFUD LDFUHWLQ

 L HFKLWDWH WHRULLOH HFRQRPLFR

 PRQHWDULVPXO OLEHUDOLVPXO D LDU DOWHOH SH HFKLWDWH

D

,PSXQHUHD ILVFDO  VH UHDOL]HD]  vQ YLUWXWHD XQRU SULQFLSLL D F URU IRUPXODUH D IRVW
HIHFWXDW vQWLPSGHF WUHPDLPXO LHFRQRPLWL
$GDP 6PLWK D IRUPXODW OD vQFHSXWXO VHF ;,; XUP WRDUHOH SULQFLSLL DOH LPSXQHULL MXVWD
LPSXQHUH HFKLWDWHD ILVFDO  FHUWLWXGLQHD LPSXQHULL FRPRGLWDWHD SHUFHSHULL LPSR]LWXOXL L

randamentul impozitelor.
0DXULFH$OODLVODXUHDWDO3UHPLXOXL1REHODIRUPXODWvQDQLL
XUP WRDUHOHSULQFLSLLDOH
LPSXQHULLLQGLYLGXDOLWDWHD QHGLVFULPLQDUHDLPSHUVRQDOLWDWHDQHXWUDOLWDWHDOHJLWLPLWDWHDLOLSVD

arbitrariului.
n WHRULD PRGHUQ

 D ILQDQ HORU VXQW IRUPXODWH L DFFHSWDWH SULQFLSLL GH HFKLWDWH ILVFDO 

SULQFLSLLGHSROLWLF ILQDQFLDU SULQFLSLLGHSROLWLF HFRQRPLF LSULQFLSLLVRFLDO

-politice, fiecare

FRQFUHWL]DW vQ FkWHYD FRPSRQHQWH FDUH SUHFL]HD]  DQXPLWH ODWXUL L DWULEXWH DOH FRQ LQXWXOXL

acestora.
11.3.1.

3ULQFLSLLGHHFKLWDWHILVFDO

(FKLWDWHDILVFDO vQVHDPQ GUHSWDWHVRFLDO vQPDWHULHGHLPSXQHUHILVFDO 3HQWUXDFHDVWD

sunt formulate principiile:

LPSXQHUHDGLIHUHQ LDW DYHQLWXOXLLDYHULL

minimul neimpozabil.

a)

VWDELOLUHD FXDQWXPXOXL GH YHQLW FRQVLGHUDW F  SHUPLWH VDWLVIDFHUHD QHYRLORU GH WUDL VWULFW

5HDOL]DUHDDFHVWRUSULQFLSLLSUHVXSXQHvQGHSOLQLUHDFXPXODWLY DXUP WRDUHORUFRQGL LL

QHFHVDUH DFHDVW  FRQGL LH HVWH DFWLY  QXPDL SHQWUX LPSR]LWHOH GLUHFWH QX

i pentru cele

indirecte;
b)

VWDELOLUHD SXWHULL FRQWULEXWLYH FDUH VH GHWHUPLQ  SHQWUX ILHFDUH SO WLWRU vQ SDUWH vQ UDSRUW FX
SXWHUHD HFRQRPLF  D DFHVWXLD YHQLW VDX DYHUH L FX VLWXD LD SHUVRQDO  IDPLOLDO  VRFLDO 
YkUVW D

c) corelarea sarcinilor fiscaOHvQFDGUXODFHOHLDLFDWHJRULLGHFRQWULEXDELOL

d) LPSXQHUHDV ILHJHQHUDO DGLF V ILHSO WLWRULWR LFHLFHSRVHG XQYHQLWVDXRDYHUHVLWXDWH
peste un anumit nivel.
&XDQWLILFDUHDFHULQ HORUSULQFLSLLORUGHHFKLWDWHILVFDO VHSRDWHUHDOL]DvQFRQWH[tul teoriei
XWLOLW

LL SULQ GHILQLUHD IXQF LHL GH XWLOLWDWH vQ UDSRUW FX YHQLWXO IXQF LH FDUH H[SULP 

comportamentul contribuabilului vis--YLVGHYHQLWXOV

U = U (V)

U' > 0

X
L

U'' < 0

(97)

unde: U
= utilitatea;
U () IXQF LDGHutilitate;
V
= venitul contribuabilului.
3RUQLQG GH OD DFHDVW  IXQF LH VH SRW IRUPXOD LSRWH]H UHIHULWRDUH OD PRGXO GH DH]DUH D
LPSR]LWXOXL FD VDFULILFLX SUHOHYDUH D XQHL S U L GLQ YHQLWXO FRQWULEXDELOXOXL vQ EHQHILFLXO
UHDOL] ULLIXQF LLORUVWDWXOXL6XQWX]XDOHWUHLLSRWH]HvQOHJ WXU FXDFHVWVDFULILFLX

11.3.1.1. Sacrificiul absolut egal

6DFULILFLXO DEVROXW HJDO HVWH R LSRWH]  GH LPSXQHUH SRWULYLW F UHLD LPSR]LWHOH WUHEXLH
DH]DWHDVWIHOvQFkWSLHUGHULOHGHXWLOLWDWHFDX]DWHGHGLPLQXDUHDYHQLWXULORUSULQLPSXQHUHV ILH

egale:
U (VA) - U (VA - TA) = U (VB) - U (VB - TB)

(98)

unde: VA
VB
TA
TB

= venitul contribuabilului A;
= venitul contribuabilului B;
= impozitul suportat de contribuabilul A;
= impozitul suportat de contribuabilul B.

Q FRQGL LLOH LSRWH]HORU SULYLQG VDFULILFLXO VLWXD LD ILVFDO  D FRQWULEXDELOXOXL $ HVWH
FRQVLGHUDW  HWDORQ DVWIHO vQFkW SLHUGHUHD OXL GH XWLOLWDWH FDX]DW  GH LPSXQHUH XUPHD]  V  VH
UHIOHFWH L DVXSUD FHORUODO L FRQWULEXDELOL &RQWULEXDELOXO $ HVWH vQ SULQFLSLX R SHUVRDQ  LSRWHWLF 
L DQXPH FHDFDUHDYkQG XQ YHQLW 9$ L R VLWXD LH SHUVRQDO  ELQH SUHFL]DW  SO WHWH XQ LPSR]LW
7$ SUHVWDELOLW &RQWULEXDELOXO % HVWH R SHUVRDQ  UHDO  F UHLD XUPHD]  V  L VH VWDELOHDVF 

impozitul astfel nct pierderea saGHXWLOLWDWHSULQGLPLQXDUHD YHQLWXOXLV

ILHLGHQWLF FX FHDD

SHUVRDQHL LSRWHWLFH $ Q PRG VLPLODU VH SRDWH DFFHSWD vQ OHJ WXU  FX FRQWULEXDELOXO $ F  HVWH R
SHUVRDQ  FDUH D UHDOL]DW L DQWHULRU YHQLWXUL L D SO WLW LPSR]LW vQ FXDQWXP 7$ vQ WLPS FH
FRQWULEXDELOXO % HVWH XQ FRQWULEXDELO QRX FDUH QX D UHDOL]DW SkQ  DFXP YHQLWXUL L QX D SO WLW
LPSR]LW'HDVHPHQHDS VWUkQGVDXQXLSRWH]DGHVSUHFDUDFWHUXOLSRWHWLFVDXUHDODOSHUVRDQHL$
VH SRDWH DFFHSWD GHVSUHFRQWULEXDELOXO % F  QX HVWH QRXFL F  GRDU DFXP vQWUXQHWHFRQGL LL GH
YHQLWLVLWXD LHSHUVRQDO FDUHvOFDOLILF vQDFHLDLFDWHJRULHFX$
3HED]DUHOD LHLLDFFHSWkQG SURSULHWDWHDIXQF LHL89GHDILLQYHUVDELO VHSRDWH

determina cuantumul impozitului pentru contribuabilul B:

TB = VB - [U]-1 (U (VB) - U (VA) +U (VA - TA) )

(99)

9HQLWXO9$VDX9%VH]LFHYHQLWEUXWWRWDOVDXJOREDOLDUYHQLWXOU PDVGXS LPSR]LWDUH

VA - TA sau VB - TB, se zice venit net sau disponibil.

Efectul ipotezei "sacrificiului" absolut egal, vQ FD]XO DQXPLWRU IXQF LL GH XWLOLWDWH HVWH
SURSRU LRQDOLWDWHD

LPSR]LWXOXL DGLF  LPSXQHUHD FX DFHLDL

FRW  D YHQLWXULORU FHORU

GRL

FRQWULEXDELOL ,SRWH]D HVWH HFKLWDELO  vQ FD]XO FRQWULEXDELOLORU DIOD L vQWU R DFHLDL FDWHJRULH

GHILQLW  GH SXWHUHD HFRQRPLF  L VLWXD LD SHUVRQDO  &X WRDWH F  SURSRU LRQDOLWDWHD LPSXQHULL DU
S UHDvQSULQFLSLXHFKLWDELO WRWXLQXHVWHDDHFKLWDWHDILLQGvQDFHVWFD]UHODWLY GLVFXWDELO Q

cazul n care venitul contribuabilului A este de cteva ori mai mare dect cel al lui B, atunci o
FRW  VLPLODU  GH SUHOHYDUH D LPSR]LWXOXL SRDWH GXFH OD VLWXD LD F  YHQLWXO OXL % V-a diminuat
GUDPDWLFvQWLPSFHSHQWUX$GLPLQXDUHDHVWHVXSRUWDELO 
3URSRU LRQDOLWDWHD FD HIHFW D LSRWH]HL VDFULILFLXOXL DEVROXW HJDO DSDUH vQ FD]XO IXQF LHL
GHXWLOLWDWHGLQFODVDIXQF LLORUORJDULWPLFH

U (V) = ln V

(100.1)

ceea ce conduce, conform (98), la egalitatea

ln VA - ln (VA - TA) = ln VB - ln (VB TB)

(100.2)

GLQFDUHUH]XOW

TA TB
=
VA VB

(100.3)

cu alte cuvinteFRWDGHLPSR]LWDUHHVWHDFHLDL
11.3.1.2.

6DFULILFLXOSURSRU LRQDOHJDO

6DFULILFLXO SURSRU LRQDO HJDO HVWH R LSRWH]  GH LPSXQHUH SRWULYLW F UHLD SRQGHUHD
XWLOLW

LLYHQLWXOXLGLVSRQLELOvQXWLOLWDWHDYHQLWXOXLEUXWVHS VWUHD] DFHLDL

U(VA TA ) U(VB TB)

=
U(VA)
U(VB)

(101)

QDFHVWFD]LPSR]LWXOSO WLWGHFRQWULEXDELOXO%HVWHGDWGHUHOD LD

TB = VB - [U]-1 (U (VA-TA) U (VB) / U (VA) )

(102)

11.3.1.3. Sacrificiul marginal egal

6DFULILFLXOPDUJLQDOHJDOHVWHRLSRWH] GHLPSXQHUHSRWULYLWF

reia pierderea de utilitate

PDUJLQDO vQWUHYHQLWXOEUXWLFHOGLVSRQLELOHVWHHJDO 

U (VA-TA) - U(VA) = U(VB-TB) - U(VB)

(103)

QDFHVWFD]LPSR]LWXOSO WLWGHFRQWULEXDELOXO%HVWHGDWGHUHOD LD

TB = VB - [U]-1 ( (U (VA-TA) - U (VB) + U (VB) )dV)

(104)

Q DFHDVW  LSRWH]  VH LQH VHDPD GH IDSWXO F  XWLOLWDWHD PDUJLQDO  D XQHL XQLW

L GH YHQLW

HVWH FX DWkW PDL PDUH FX FkW YHQLWXO HVWH PDL PLF DGLF  GH IDSWXO F  XWLOLWDWHD PDUJLQDO  HVWH R
IXQF LH GHVFUHVF WRDUH SRWULYLW SURSULHW

LORU IXQF LHL GH XWLOLWDWH  IXQF LD GH XWLOLWDWH

PDUJLQDO 8
DUHGHULYDWDQHJDWLY 
,SRWH]D VDFULILFLXOXL PDUJLQDO HJDO D IRVW LQWHUSUHWDW  GH XQLL DXWRUL vQ PRG JUHLW FD
XWLOLWDWHPDUJLQDO DYHQLWXOXLGLVSRQLELOQDFHDVW LQWHUSUHWDUHDUWUHEXLFDXWLOLW

LOHPDUJLQDOH

DOHYHQLWXULORUGLVSRQLELOHV ILHHJDOH

U (VA-TA) = U (VB - TB)

FHHD FH FRQGXFH LPSOLFLW OD HJDOLWDWHD YHQLWXULORU GLVSRQLELOH DGLF  R QLYHODUH D DFHVWRUD WRWDO
FRQWUDSURGXFWLY FDGHDOWIHORULFHP VXU HFRQRPLF GHXQLIRUPL]DUHQFD]XOvQVSH

QLPHQL

QX DU PDL GRUL V  GHSXQ  HIRUW VDX V

GHRDUHFH SULQ LPSR]LWDUH YHQLWXO V

efortul sau nu-LDVXP

-L DVXPH ULVF vQ YHGHUHD RE LQHULL XQXL YHQLW PDL PDUH
X GLVSRQLELO DU IL GLPLQXDW OD QLYHOXO FHOXL FH QX-L P UHWH

ULVFSHQWUXFUHWHUHDYHQLWXOXLV X

11.3.1.4. Tipuri de cote de impunere

Q YLUWXWHD SULQFLSLXOXL HFKLW

LL ILVFDOH VH SUDFWLF  GRX  PRGDOLW

L SULQFLSDOH GH

LPSXQHUHvQVXPHIL[HLvQFRWHSURFHQWXDOH

Impunerea n sume fixe este destXO GH OLPLWDW

 GHRDUHFH QX U VSXQGH ELQH FHULQ HL GH

FRUHODUH D VDUFLQLL ILVFDOH FX SXWHUHD HFRQRPLF  D FRQWULEXDELOXOXL $]L HVWH XWLOL]DW  SHQWUX
DH]DUHD XQRU LPSR]LWH LQGLUHFWH FD GH SLOG  DFFL]D vQ VXP  IL[  SHQWUX LJ UL L DOFRRO VDX D

unor taxe (n special locale).

Impunerea n cote procentuale HVWH ODUJ XWLOL]DW

 ILLQG vQ ]LOHOH QRDVWUH SULQFLSDOD

PRGDOLWDWH GH DH]DUH D LPSR]LWXOXL GHRDUHFH SHUPLWH R EXQ  FRUHODUH D VDUFLQLL ILVFDOH DWkW FX
SXWHUHDHFRQRPLF DFRQWULEXDELOXOXLFkWLFXVLWXD LDVDSHUVRQDO 6XQWvQX]WUHLYDULDQWH

vQFRWHSURSRU LRQDOH

n cote progresive cu alternativele:

cote progresive simple,
FRWHSURJUHVLYHFRPSXVHVDXFRWHSURJUHVLYHSHWUDQH
n cote regresive.
,PSXQHUHD vQ FRWH SURSRU LRQDOH presupune stabilirea cuantumul impozitului (T) cu o

DFHLDLFRW SURFHQWXDO WLQGLIHUHQWGHP ULPHDPDVHLLPSR]DELOH0

T = t M

(105)

Q FH SULYHWH HFKLWDWHD DFHDVWD HVWH GLVFXWDELO  GDF  FHL LPSXL GLVSXQ GH PDVH

impozabile n limLWHGHPDUHDPSOLWXGLQHYH]LLFDS

Impunerea n cote progresive SUHVXSXQH YDULD LD FRWHL SURFHQWXDOH vQ VHQVXO vQ FDUH
YDULD]  L YROXPXO PDWHULHL LPSR]DELOH &DUDFWHULVWLF DFHVWHL PRGDOLW

L GH LPSXQHUH HVWH

partajarea materiei impozabile pe WUDQH GHILQLWH vQWUH GRX  QLYHOH DOH YROXPXOXL DFHVWHLD 6
SUHVXSXQHPF VXQWGHILQLWHnWUDQHLGHQWLILFDELOSULQLQGLFHOHMM QDVWIHO
WUDQD

j [Mj-1 +1;Mj]
3HQWUX M

(106)

  OLPLWD LQIHULRDU  D WUDQHL HVWH  VDX PLQLPXO LPSR]DELO LDU SHQWUX M

 Q

OLPLWD VXSHULRDU  QX HVWH SUHFL]DW  FHHD FH vQVHDPQ  F  QLYHOXO FRWHL GH LPSXQHUH VH S VWUHD] 
DFHODLSHQWUXRULFHFD]vQFDUHPDWHULDLPSR]DELO GHS HWHYROXPXO0n-1

+1.
Impunerea n cote progresiYHSUHVXSXQHRFRW GHLPSXQHUHGLIHULW SHQWUXILHFDUHWUDQ 
respectiv tjFUHVF WRDUHRGDW FXPDVDPDWHULHLLPSR]DELOH&UHWHUHDVHSRDWHIDFHFXpas (ritm)
constant p:
tj = tj-1 +p
p>0
(107.1)
sale cu pas(ritm) variabil pj:
tj = tj-1 + pj
pj >0
(107.2)
QFD]XOFUHWHULLFXSDVYDULDELOvQWUHGRLSDLVXFFHVLYLH[LVW UHOD LD

pj = kj pj-1

(107.3)

unde kj este un coeficient de multiplicare kj > 1 sau 0 < kj < 1, astfel nct avem ntotdeauna tj > tj-1.
Alternativa cotelor progresive simple SUHVXSXQH F  GDF  XQ FRQWULEXDELO x dispune de o
PDWHULH LPSR]DELO  FXSULQV  vQ WUDQD j, aceasta se impune n totalitate cu cota tj. n acest caz,
PDVDPDWHULHLLPSR]DELOH0[VHFODVLILF vQWU-XQDGLQWUDQHSRWULYLWUHOD LHL
Mj-1 + 1 Mx Mj
DSRLVHIL[HD] FRWDGHLPSXQHUH

tjLVHGHWHUPLQ

(108.1)

LPSR]LWXOvQVDUFLQDFRQWULEXDELOXOXL[

Tx = tj Mx

(108.2)

Alternativa cotelor SURJUHVLYH SH WUDQH SUHVXSXQH F  GLQ

contribuabilului x, se impune cu cota tj QXPDL FXDQWXPXO FH UHSUH]LQW

PDWHULD LPSR]DELO  D
 DPSOLWXGLQHD WUDQHL

DGLF 0[HVWHODUkQGXOV XSDUWDMDW SHWUDQHDOF URUYROXPHVWHHJDOFXDPSOLWXGLQHDDPLQWLW 

Mxj =Mj - Mj-1

j = 1, 2, , n

(109.1)

Mx j = Mx

(109.2)

j=1

Cuantumul impozitului datorat de contribuabil este:

n

Tx t j Mx j
j=1

(109.3)

Q FD]XO vQ FDUH OHJHD SUHYHGH XQ PLQLP QHLPSR]DELO DWXQFL DFHVWD HVWH DD FXP DP

ar

WDWOLPLWDVXSHULRDU DWUDQHLLDUFRWDGHLPSXQHUHSUHY ]XW HVWHW1

Impunerea n cote regresiveQXDSDUHFDPRGDOLWDWHSUDFWLF

GRDUFDRFRQVHFLQ

=0

GHDH]DUHDLPSR]LWXOXLFL

DLPSR]LWHORULQGLUHFWH$FHVWHDVXQWDH]DWHvQFRW SURFHQWXDO VDXIL[ SH

XQLWDWHDGHFRQVXPLHVWHGHFLRVDUFLQ FRQVWDQW FHUHYLQHRULF UXLFRQVXPDWRUDOXQXLSURGXV

supus impunerii indirecte. Varietatea veniturilor consumatorilor face ca, n mod relativ,
LPSR]LWXOV ILHFXDWkWPDLPDUHFXFkWYHQLWXOHVWHmai mic.
11.3.2.

3ULQFLSLLGHSROLWLF

ILQDQFLDU

$FHVWHSULQFLSLLU VSXQGXQRUQHFHVLW

LGHQDWXU ILQDQFLDU UHIHULWRDUHODVXPDFROHFWDW 

FD YHQLW OD EXJHW L OD UHODWLYD VWDELOLWDWH D DFHVWRU VXPH vQ UDSRUW FX FRQMXQFWXUD HFRQRPLF  Q

acest grup de principii se includ:

randamentul fiscal;

stabilitatea;

elasticitatea.
Randamentul fiscalHVWHPHQ LRQDWUHODWLYODILHFDUHLPSR]LWvQSDUWHGDULODDQVDPEOXO
VLVWHPXOXLGHLPSR]LWH&RQGL LLOHOXLVXQW

FDUDFWHUXOXQLYHUVDODOLPSR]LWXOXLFDUHSUHVXSXQHGRX LQWHUSUHW UL

 LPSR]LWXO V

 ILH DH]DW vQ OHJ WXU  FX L SO WLW GH F WUH WRDWH SHUVRDQHOH IL]LFH VDX

MXULGLFH FDUH RE LQ DFHODL WLS GH YHQLW DGLF  GLQ DFHLDL VXUV  VDX FDUH DX DFHODL JHQ GH
DYHUHVDXFDUHFXPS U GLQ DU DFHODLWLSGHSURGXV

 LPSR]LWXO V

 VH FDOFXOH]H L V  VH SO WHDVF  SHQWUX vQWUHDJD PDWHULH LPSR]DELO 

UHIHULWRDUHODRDQXPLW SHUVRDQ IL]LF VDXMXULGLF 

LQH[LVWHQ D SRVLELOLW

LORU GH VXVWUDJHUH GH OD LPSXQHUH D PDWHULHL LPSR]DELOH SDU LDO VDX

total, tolerat sau ilicit);

DH]DUHDLUHFROWDUHDLPSR]LWXOXLLPSR]LWHORUV VHIDF FXFKHOWXLHOLPLQLPSRVLELOH

Stabilitatea HVWH SULQFLSLXO SRWULYLW F

UXLD UDQGDPHQWXO ILVFDO QX WUHEXLH V  ILH LQIOXHQ DW

GH ID]HOHFLFOXOXLHFRQRPLFDGLF  V QXRVFLOH]HH[FHVLYGH ODID]HOHFHFDUDFWHUL]HD] VWDUHDGH

H[SDQVLXQHODFHOHFHFDUDFWHUL]HD] VWDUHDGHUHFHVLXQH

Elasticitatea HVWH SULQFLSLXO SRWULYLW F UXLD LPSR]LWXO SRDWH IL DGDSWDW vQ PRG RSHUDWLY OD
nevoile de venituri ale statului.
Un alt principiu din grupa celor de polLWLF  ILQDQFLDU  HVWH FHO DO multitudinii
impozitelor (VWH XQ SULQFLSLX JHQHUDW GH SUDFWLFD ILVFDO  SRWULYLW F UXLD HVWH UHFRPDQGDELO 
XWLOL]DUHD XQXL VLVWHP GH LPSR]LWH L QX D XQXL LPSR]LW XQLF $FHDVWD FUHHD]  R IOH[LELOLWDWH PDL

mare n constituirea

YHQLWXULORU VWDWXOXL VL FRQIHU  WRWRGDW  FDUDFWHULVWLFD GH SkUJKLH D

LPSR]LWXOXL DGLF  SRVLELOLWDWHD QXDQ

ID

 GH GLYHUVH JHQXUL GH DYHUH ID

ULL DWLWXGLQLL VWDWXOXL ID

 GH GLIHULWH FDWHJRULL GH YHQLWXUL

 GH YDULHWDWHD FDWHJRULLORU GH DFWLYLW

L ID

 GH GLYHUVLWDWHD

SUREOHPHORU GH GH]YROWDUH ]RQDO  HWF 1HDGHFYDUHD LPSR]LWXOXL XQLF HVWH FX DWkW PDL UHOHYDQW 

cu ct, n chiar cazurile limitate n care s-DvQFHUFDWVDXVHvQFHDUF GHILQLUHDXQXLVLQJXULPSR]LW

referitor la un anumit gen de materie LPSR]DELO  GLILFXOW LOH GH DH]DUH VXQW GHRVHELW GH PDUL
'H SLOG  LQWURGXFHUHD XQXL LPSR]LW XQLF JOREDO SH YHQLWXULOH SHUVRDQHORU IL]LFH ULGLF  PDUL
SUREOHPH SULYLQGFRQ LQXWXODFHVWRU YHQLWXULFHV VHLQFOXG vQHOHVDXFDWHJRULLOHGHSHUVRDQH

fizice care trebuie supuse unui astfel de impozit etc.

11.3.3. Alte grupe de principii
Un grup distinct de principii sunt cele de SROLWLF HFRQRPLF DOF URUFRQ LQXWVHUHIHU OD
realizarea unor obiective economice pe care le are n vedere statul. Teoria financiaU QXGHILQHWH
vQPRGH[SUHVDVWIHOGHSULQFLSLLFLGRDUJHQXULGHRELHFWLYHDF URUUHDOL]DUHSRDWHILLQIOXHQ DW 
SULQ LPSR]LWH SURFXUDUHD YHQLWXULORU QHFHVDUH HIHFWX ULL FKHOWXLHOLORU DYXWH vQ YHGHUH GH VWDW

folosirea impozitelor, n general a fiscaOLW

LLFDSkUJKLHSHQWUXVWLPXODUHDGH]YROW ULLHFRQRPLFH

JHQHUDOH]RQDOHVDXGHUDPXU LGHPSHQWUXVWLPXODUHDIUkQDUHDFRQVXPXOXLXQRUSURGXVHLGHP
SHQWUXVWLPXODUHDIUkQDUHDXQRURSHUD LXQLVDXUHOD LLGHDIDFHULvQFRPHU XOH[WHULRU

Un alt grup de principii sunt cele social-politice DO F

URU FRQ LQXW VH UHIHU  OD UHDOL]DUHD

XQRURELHFWLYHVRFLDOHLSROLWLFHSHFDUHVWDWXOOHDUHvQYHGHUH1LFLvQDFHVWFD]QXVXQWGHILQLWHvQ
PRGH[SUHVDVWIHOGHSULQFLSLLFLGRDURELHFWLYHDF URUUHDOL]DUHSRDWHILLQIOXHQ DW SULQLPSR]LWH

protejarea veniturilor unor categorii defavorizate, limitarea consumului unor produse considerate
G XQ WRDUH V Q W

LL LQIOXHQ DUHD FRPSRUWDPHQWXOXL GHPRJUDILF DO LQGLYL]LORU L IDPLOLLORU

GHSODVDUHDSRYHULLILVFDOHF WUHFDWHJRULLOHVRFLDOHFDUHvQSULQFLSLXQXVXV LQSDUWLGXOVDXFRDOL LDGH

JXYHUQ PkQW FRUHODUHD ILVFDOLW

LL FX LQWHUHVHOH VDX JUXSXULOH VRFLDOH SH FDUH OH UHSUH]LQW 

IRUPD LXQLOHSROLWLFHJXYHUQDQWHUHIDFHUHDLPDJLQLLJXYHUQXOXLvQDQXOSUHHOHFWRUDOH

tc.

11.4.

$H]DUHDLPSR]LWHORU

$H]DUHD LPSR]LWXOXL HVWH XQ FRPSOH[ GH RSHUD LXQL SULYLQG VWDELOLUHD RELHFWXOXL
LPSR]DELOGHWHUPLQDUHDFXDQWXPXOXLLPSR]LWXOXLLSHUFHSHUHDLPSR]LWXOXL

Stabilirea obiectului impozabil are n vedere constatarea materiei impozabile (care este
vQ VDUFLQD RUJDQXOXL ILVFDO L HYDOXDUHD DFHVWHLD HIHFWXDW  GH RUJDQXO ILVFDO vQVXL VDX vQ
FRQOXFUDUHFXFKLDUFRQWULEXDELOXOVDXFXRWHU

SHUVRDQ 

Evaluarea se poate face indirect sau direct.

(YDOXDUHDLQGLUHFW
se poate efectua:

pe ED]D VHPQHORU H[WHULRDUH DOH RELHFWXOXL LPSR]DELO X]XDO

 SHQWUX LPSR]LWHOH GH WLS UHDO

RSHUDWLY  VLPSO  L SX LQ FRVWLVLWRDUH GDU DSUR[LPDWLY  L JHQHUDWRDUH GH DEX]XUL 'H
H[HPSOXHYDOXDUHDXQXLLPRELOGXS QXP UXOLGHVWLQD LDvQF SHULORU

forfetaUDGLF

DGPLQLVWUDWLY DGLF  DWULEXLUHD XQHL YDORUL GH F WUH FKLDU RUJDQXO ILVFDO SH ED]D SURSULLORU

DWULEXLUHDXQHLYDORULvQvQ HOHJHUHFXFRQWULEXDELOXO

LQIRUPD LL L DMXVWDELO  SH ED]D XQRU DUJXPHQWH SUH]HQWDWH GH FRQWULEXDELO L DFFHSWDWH GH

organul fiscal.

(YDOXDUHDGLUHFW

SH ED]D GHFODUD LHL XQHL WHU H SHUVRDQH DOH F UHL FDOLWDWH L REOLJD LH VXQW VWDELOLWH SULQ OHJH

se poate efectua:

'H H[HPSOX FHO FH DQJDMHD]  DUH FDOLWDWHD L REOLJD LD GH D GHFODUD VXPHOH SO WLWH FD YHQLW
DQJDMDWXOXLV XL

de a-LRSULLY

UVDLPSR]LWXOSHDFHVWYHQLW

SH ED]DGHFODUD LHLFRQWULEXDELOXOXLF UXLDLVH VWDELOHWHSULQOHJHREOLJD LDGHGHFODUD LHFD

LIRUPDvQFDUHWUHEXLHI FXW LWHUPHQXOSkQ ODFDUHWUHEXLHGHSXV 

Determinarea cuantumului impozabil arHvQYHGHUHFDOFXOXOVXPHLGHSODW QFD]XOvQ

FDUHFDOFXOXOVHIDFHDDFXPV-DDU WDWvQFDSPHWRGDGHFDOXOVH]LFHD impozitului de
cotitateFHDPDLX]XDO vQ]LOHOHQRDVWUH
7HRULD ILQDQFLDU  PHQ LRQHD]  L PHWRGD LPSR]LWXOXL GH UHSDUWL ie, n care autoritatea
VWDWDO VWDELOHWHYROXPXOQHFHVDUDOYHQLWXULORULvOUHSDUWL]HD] SHFRQWULEXDELOLGXS RDQXPLW 
FKHLH FULWHULX $FHDVW  PHWRG  HVWH XWLOL]DW  XQHRUL vQ VSHFLDO OD QLYHOXO FROHFWLYLW

LORU PLFL

VDW FRPXQ  FDUWLHU vQ OHJ WXU  FX UHDOL]DUHD XQXL RELHFWLY GH LQWHUHV FRPXQ SHQWUX FDUH FHL
LQWHUHVD LDFFHSW V FRQWULEXLHGLQGRULQ DGHDJU ELUHDOL]DUHDFDUHDUSXWHDILDPkQDW GDF V
DUDWHSWDH[LVWHQ DXQHLILQDQ

ULEXJHWDUH

12. Impozitele directe

Impozitele directe VXQW R FDWHJRULH GH LPSR]LWH FODVLILFDWH GXS

 FULWHULXO WU V WXULORU GH

IRQG L GH IRUP  (OH SUH]LQW  R VHULH GH DYDQWDMH UH]XOWDWH GLQ WU V WXUL FH U VSXQG FHULQ HORU
PXOWRUD GLQ SULQFLSLLOH LPSXQHULL VXQW QRPLQDWLYH VXQW OHJDWH GH SXWHUHD HFRQRPLF 

i de

VLWXD LDSHUVRQDO DFRQWULEXDELOXOXLVXQWDGXVHODFXQRWLQ DSO WLWRUXOXLDQWLFLSDWSO

SULYHWHVXPDGHSODW FkWLWHUPHQHOH VFDGHQ

LLDWkWvQFH

,PSR]LWHOH GLUHFWH VXQW FODVLILFDWH GXS  RELHFWXO LPSXQHULL vQ LPSR]LWH UHDOH L LPSR]LWH

personale.

Impozitele reale VXQW DH]DWH SH RELHFWXO DFWLYLW

LL L QX PDL VXQW FDUDFWHULVWLFH HSRFLL

FRQWHPSRUDQHYH]LLFDS$H]DUHDORUQHFHVLW LQWURGXFHUHDXQHLLQVWLWX LLVSHFLILFHFDUHV 

-l nregistreze pe peUVRDQH2DVWIHOGHLQVWLWX LHV-a creat n timp

LOH OHJDWH GH HO SHQWUX DOWH JHQXUL GH DFWLYLW L QX V-a
SXWXW LPSXQH R DVWIHO GH LQVWLWX LH &HD LQL LDW  vQ OHJ WXU  FX S PkQWXO VH QXPHWH cadastru.

GHVFULHRELHFWXODFWLYLW

LLLV

QXPDL vQ OHJ WXU  FX S PkQWXO L DFWLYLW

$FHDVW  LQVWLWX LH DUH FD RELHFW GHVFULHUHD EXQXULORU IXQFLDUH PHQ LRQDUHD YHQLWXULORU SH FDUH
DFHVWHDOHSURGXFLHYLGHQ DORUSHSURSULHWDUL$FHDVW LQVWLWX LHFXDFHODLRELHFWGDUFXIXQF LL
PRGLILFDWHVHS VWUHD] LD]L

Impozitele personaleVXQWDH]DWHSHYHQLWLSHDYHUHLFRQVWLWXLHIRUPDGHLPSXQHUHFHD
PDLU VSkQGLW vQ]LOHOHQRDVWUH

12.1. Impozitele pe venit

,PSR]LWHOHSHYHQLWVXQWDH]DWHSHGLIHULWHOHWLSXULGHYHQLWXULXQHOHILLQGvQV H[RQHUDWH

pensii, ajutoare sociale, burse, dobnzi DFXGLIHUHQ LHULSH

ULLvQWLPS

'XS  FULWHULXO VXELHFWXOXL LPSR]LWXOXL LPSR]LWHOH SH YHQLW VXQW LPSR]LWH SH YHQLWXULOH
SHUVRDQHORUIL]LFHLLPSR]LWHSHYHQLWXULOHSHUVRQDOHORUMXULGLFH

12.1.1. Impozitul pe veniturile persoanelor fizice

SuELHFWXO DFHVWXL LPSR]LW VXQW SHUVRDQHOH IL]LFH FDUH vL DX GRPLFLOLXO VDX UH]LGHQ D vQ
VWDWXO EHQHILFLDU DO UHVSHFWLYXOXL LPSR]LW SUHFXP L SHUVRDQH QHUH]LGHQWH FX XQHOH H[FHS LL L
FDUH UHDOL]HD]  YHQLWXUL vQ UHVSHFWLYXO VWDW /HJHD VFXWHWH GH UHJXO 

de la plata acestui impozit

XQHOH FDWHJRULL GH EHQHILFLDUL GH YHQLW FXP VXQW VXYHUDQLL L IDPLOLLOH UHJDOH GLSORPD LL VWU LQL
DFUHGLWD L FX FRQGL LD UHFLSURFLW

LL SHUVRDQHOH FDUH UHDOL]HD]  YHQLWXUL VXE PLQLPXO LPSR]DELO

LXQHRULPLOLWDULL

ObieFWXO DFHVWXL LPSR]LW vO FRQVWLWXLH YHQLWXO UHDOL]DW GH RULFH SHUVRDQ  IL]LF  venit care
se zice brut. Acesta este ajustat, potrivit legii, prin deducerea unor cheltuieli pe care le-a
VXSRUWDWFRQWULEXDELOXORE LQkQGX-se astfel venitul impozabil care reprH]LQW PDWHULDLPSR]DELO 
LFDH[SUHVLHFDQWLWDWLY PDVDDFHVWHLD&KHOWXLHOLOHGHGXFWLELOHVXQWGHUHJXO 

FKHOWXLHOLSHQWUXGHVI XUDUHDDFWLYLW

GREkQ]LOHSO WLWHSHQWUXFUHGLWHOHXWLOL]DWH

LL

Y UV PLQWHOHODIRQGXOGHDPRUWL]DUHLODFHOGHUH]HUY 

FRWL]D LLOHSHQWUXDVLJXU ULVRFLDOH

primele de asigurare;
unele cheltuieli social-culturale;

SLHUGHULGLQDFWLYLWDWHDDQLORUSUHFHGHQ L

SLHUGHULGLQFDODPLW

LQDWXUDOH

Q FRQGL LLOH LQWURGXFHULL vQ DUD QRDVWU  D LPSR]LWXOXL SH YHQLWXO JOREDO v

ncepnd cu 1

LDQXDULH  GLQ YHQLWXO EUXW DO SHUVRDQHORU IL]LFH VH PDL SRW GHGXFH WD[HOH SHQWUX DVLJXU UL
VRFLDOHGHV Q WDWHLSHQWUXRPDMRVXP SHQWUXFKHOWXLHOLSURIHVLRQDOHVXPHSHQWUXFRQVXPXO
SHUVRQDOLSHQWUXFHODOPHPEULORUGHIDPLOLHDIOD LvQvQWUH LQHUHDFRQWULEXDELOXOXL
$H]DUHD LPSR]LWXOXL VH IDFH FX VDX I U  OXDUHD vQ FRQVLGHUDUH D VLWXD LHL SHUVRQDOH D
FRQWULEXDELOXOXLVWDUHFLYLO QXP UGHSHUVRDQHvQvQWUH LQHUHH[LVWHQ DYUHXQXLKDQGLFDSD

Sistemul de impunere poate fi:

a) separat DGLF  VH LQWURGXFH XQ LPSR]LW XQLF SHQWUX ILHFDUH FDWHJRULH GH YHQLW VDX VH IDFH
LPSXQHUHDSHILHFDUHVXUV GHYHQLW

b) global DGLF  XQ LPSR]LW XQLF SHQWUX WRDWH YHQLWXULOH FXPXODWH RE LQXWH GH FRQWULEXDELO
indiferent de categoria acestora sau de sursa lor.
&DOFXOXO LPSR]LWXOXL VH IDFH FHO PDL DGHVHD vQ FRWH SURJUHVLYH SH WUDQH VDX vQ FRWH

progresive simple. Minimul impozabil pentru salarii este stabilit n Romnia, de la 01.01.2000 la
OHLOXQDULVHSUDFWLF XQVLVWHPSURJUHVLYSHWUDQHFXFRWDPDUJLQDO  GHLPSXQHUHGH

SHQWUXSDUWHDGLQYHQLWXOVDODULDOFHGHS HWHOHLDQXDO

12.1.2. Impozitul pe veniturile personale juridice

6XELHFWXO DFHVWXL LPSR]LW VXQW SHUVRDQHOH MXULGLFH FDUH RE LQ YHQLWXUL vQ VWDWXO EHQHILFLDU

aO UHVSHFWLYXOXL LPSR]LW LQGLIHUHQW GH GRPLFLOLXO ORU 6XELHF LL VXQW GH UHJXO

 GLIHUHQ LD L GXS 

FDUDFWHUXOSDUWLFLSDQ LORUODDVRFLHUH

SHUVRDQHMXULGLFH UH]XOWDWH GLQ DVRFLHUHD GH SHUVRDQHIL]LFH QXPLWH L VRFLHW

caracterizate prin fapWXO F

VRFLHW

L GH SHUVRDQH

 HVWH GLILFLO GH I FXW GLVWLQF LH vQWUH DYHUHD DVRFLDWXOXL L DYHUHD

LL GH DFHHD LPSXQHUHD YHQLWXULORU ORU VH IDFH GXS  SURFHGXULOH GH LPSXQHUH D

veniturilor persoanelor fizice;

persoane juridice rezultate din asocierea de capitaluri, numitH

L VRFLHW

L GH FDSLWDO

FDUDFWHUL]DWH SULQ IDSWXO F  VH SRDWH GLVWLQJH QHW vQWUH DYHUHD SDUWLFLSDQ LORU L DYHUHD
VRFLHW

LL SDUWLFLSDQ LL DF LRQDULL U VSXQG GH DFWHOH LQL LDWH GH VRFLHWDWH QXPDL vQ OLPLWD

FDSLWDOXOXLFXFDUHDXLQWUDWvQDVRFLD LH
2ELHFWXO DFHVWXL LPSR]LW vO FRQVWLWXLH YHQLWXO SHUVRDQHL MXULGLFH vQ FDX]  Q FD]XO
VRFLHW

LORUGHFDSLWDOSRWILLGHQWLILFDWHWUHLQLYHOXULGHYHQLW

a) SURILWXOVRFLHW LLvQDLQWHGHLPSR]LWDUH
b) SURILWXOUHSDUWL]DWFDGLYLGHQGSHQWUXDF LRQDUL
c) profitul r PDVODGLVSR]L LDVRFLHW LL
3UDFWLFDILVFDO FXQRDWHSDWUXPRGDOLW

LGHLPSXQHUHDVRFLHW

LORUGHFDSLWDOPRGDOLW

L

FDUH LQVHDPDGHH[LVWHQ DFHORUWUHLQLYHOXULGHYHQLWPHQ LRQDWHPDLVXV

i)
ii)
iii)
iv)

VHLPSXQHVHSDUDWLDLE

se impune numai b);

se impune numai c);
VHLPSXQHVHSDUDWLELF
)LHFDUH GLQ DFHVWH PRGDOLW

L U VSXQGH XQRU DQXPLWH RELHFWLYH GH SROLWLF  HFRQRPLF  D

VWDWXOXL EHQHILFLDU DO LPSR]LWXOXL L JHQHUHD]  DYDQWDMH VDX GH]DYDQWDMH vQ VDUFLQD EHQHILFLDUXOXL

de venit.
n Romnia pQ

 OD  GHFHPEULH  SURILWXO HUD LPSR]LWDW FX FRW  GH  DSOLFDW 

SURILWXOXL LPSR]DELO FDOFXODW SRUQLQG GH OD SURILWXO EUXW GLQ DFWLYLWDWHD GH ED]  OD FDUH VH
DG XJDX DOWH FDWHJRULL GH YHQLWXUL GLQ DFWLYLW

L H[FHS LRQDOH GLQ FKLULL HWF L XQHOH

cheltuieli

QHGHGXFWLELOH FKHOWXLHOL SHVWH FRWD OHJDO  GH FKHOWXLHOL GH SURWRFRO VDX VSRQVRUL]DUH D L GLQ
FDUH VH VF GHDX XQHOH FKHOWXLHOL GHGXFWLELOH FKHOWXLHOL ILQDQFLDUH FRQVWLWXLUHD XQRU IRQGXUL GH
UH]HUY  L DPRUWL]DUH SLHUGHUL GLQ DQLL SUHFHGHQ L VDX GLQ FDODPLW

L QDWXUDOH D $FHDVW  FRW 

se modifica n cteva cazuri:

GDF SURILWXOSURYHQHDvQSURSRU LHGHPLQLPGLQDFWLYLW

GDF SURILWXOSURYHQHDGLQMRFXULGHQRURFEDUXULLFOXEXULGHQRDSWH

LDJULFROH

 GDF  SURILWXO DSDU LQHD XQHL SHUVRDQH MXULGLFH VWU LQH L SURYHQHD GLQ DFWLYLW

L

GHVI XUDWHODXQVHGLXSHUPDQHQWGLQ5RPkQLD

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De la 1 ianuarie 2000, cota de impunere a profitului s-D UHGXV OD  L V-a introdus
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12.2. Impozitele pe avere

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12.2.1. Impozitele pe averea propriu-]LV

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bunurilor imobile (teren, imobile etc.) sau a tuturor bunurilor din patrimoniu, imobile sau mobile,
(activul net).
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12.2.3. Impozitul pe sporul de avere

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te

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fie

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n acest stat;

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supus impunerii acolo unde l-DRE LQXWQXVHLQFOXGHvQYHQLWXOLPSR]DELODOUH]LGHntului calculat
vQ DUD$

b)

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ULL $ vQ DIDUD

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IA = [ t (VA + c VB)] VA

c) FUHGLWDUHDREQXLW

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(110)
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IcA(VA + c VB) = [ t (VA + c VB)] (VA + c VB)

(111.1)

IcA(c VB) = [ t (c VB)] (c VB)

(111.2)

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(111.3)

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unde: IcA(VA+c VB)

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IcA(c VB)

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(111.4)

al rezidentului

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IdA(VA + c VB) = IcA(VA + c VB) TIpB(VB)

$FHVW FULWHULX SUHVXSXQH F 

impozitului pe care acesta l-DSO

(112)

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13. Impozitele indirecte

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prelevarea de venit pe care statul R SUDFWLF  SULQ LPSXQHUHD FRQVXPXOXL Q 5RPkQLD GH
H[HPSOX DFHDVW  WD[  V-a introdus la 1 iulie 1993, iar de la 1 ianuarie 1998 se practica la trei
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ULORr membre
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t al premiului Nobel

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comerciantului.
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Q SUDFWLFD ILVFDO  LQWHUQD LRQDO  FRWHOH DFHVWHL WD[H VH SRW vQWkOQL OD SDWUX QLYHOXUL FRWD ]HUR
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UHJXO  SHQWUX SURGXVH GH VWULFW  QHFHVLWDWH FRWD QRUPDO  VDX VWDQGDUG L FRWD PDMRUDW  SHVWH
QLYHOXOFHOHLQRUPDOHGHUHJXO SHQWUXSURGXVHGHQHFHVLWDWHDDGRXDLGHOX[

13.2. Taxele vamale

7D[HOH YDPDOH VXQW LPSR]LWH LQGLUHFWH DO F URU VXELHFW HVWH DJHQWXO H

conomic ce

HIHFWXHD]  RSHUD LXQL GH FRPHU  H[WHULRU DO F URU RELHFW HVWH YDORDUHD vQ YDP  D UHVSHFWLYHL

RSHUD LXQL L DO F URU VXSRUWDWRU HVWH vQ SULQFLSDO FRQVXPDWRUXO ILQDO YH]L L  PRGHOXO
/DIIHU &RQVXPDWRUXO ILQDO HVWH GRDU SDU LDO VXSRUWDWRU QXPDL vQ FD]XO XQRU SLH H SXWHUQLF
FRPSHWLWLYH L SH FDUH FHUHUHD HVWH UHODWLY ELQH VDWLVI FXW  3H DVWIHO GH SLH H YkQ] WRUXO QX DUH
SRVLELOLWDWHDV LQWURGXF  vQSUH vQWUHDJDWD[ YDPDO GHRDUHFHSUH XOSURGXVHORURIHULWHGHHODU

putea fi prea mare fa

 GHFHO DODOWRU RIHUWDQ LDVWIHO vQFkW SURGXVHOH VDOHQX V

-ar mai vinde. De

DVHPHQHD UDSRUWXO SUH   FDOLWDWH SHQWUX SURGXVHOH VDOH DU SXWHD IL QHFRQYHQDELO SHQWUX

consumatori, astfel nct s-DUDMXQJHODDFHODLUH]XOWDWDOLPSRVLELOLW

$FHDVW  LQFLGHQ

LLGHD LYL

nde produsele.

 D WD[HORU YDPDOH DVXSUD FRQVXPDWRUXOXL GLQ DUD LPSRUWDWRDUH  DUD GH

GHVWLQD LH D SURGXVHORU HVWH YL]LELO  L GLUHFW  ([LVW  vQV  L R LQFLGHQ

 DVXSUD FRQWULEXDELOLORU

GLQ DUD H[SRUWDWRDUH  DUD GH RULJLQH D SURGXVHORU vQ P VXUD vQ FDUH SHQWUX UD LXQL GH SROLWLF 
HFRQRPLF  H[SRUWXO HVWH VXEYHQ LRQDW GHRDUHFH VXEYHQ LD HVWH EXJHWDU  DGLF  GLQ YHQLWXULOH
FROHFWDWH GH VWDWXO H[SRUWDWRU GH OD SURSULL V L FRQWULEXDELOL $VWIHO WD[D YDPDO  LPSXV  GH

statul "importator HVWH VXSRUWDW

 GRDU SDU LDO GH FRQVXPDWRULL FRQWULEXDELOLL V L SDU LDO GH

H[SRUWDWRUvQFD]XOXQRUVXEYHQ LLVXEQLYHOXOWD[HORUYDPDOHVXSRUWDWHGHSURGXVHOHVDOHvQ DUD

GHGHVWLQD LHLSDU LDOGHFRQWULEXDELOLL

ULLGHRULJLQHDSURGXVHORUH[SRUWDWH$GHVHDUD LXQLOH

GH SROLWLF  HFRQRPLF  DPLQWLWH PDL VXV vL J VHVF PRWLYD LD vQ vQFXUDMDUHD H[SRUWDWRULORU
DXWRKWRQL FDUH DUH HIHFWH vQ PHQ LQHUHD VDX H[WLQGHUHD XQRU DFWLYLW
FRQVHFLQ

L HFRQRPLFH L SULQ

DVXSUDPHQ LQHULLVDXFUHHULLGHQRLORFXULGHPXQF GDULDYHQLWXULORUEXJHWDUHDOH

ULLH[SRUWDWRDUHSULQFUHWHUHDED]HLGHLPSR]LWDUH
QIXQF LHGHRELHFWXOORUWD[HOHYDPDOHSRWILGHH[SRUWGHWUDQ]LWGHP UIXULGHLPSRUW

Taxele vamale de exportVXQWDH]DWHDVXSUDYDORULLH[SRUWXULORULVXQWSX LQIUHFYHQWH

GHRDUHFH IUkQHD]  H[SRUWXO FHHD FH DUH HIHFWH QHJDWLYH DVXSUD  EDODQ HL FRPHUFLDOH 0RWLYD LD
LQWURGXFHULLORUHVWHvQJHQHUDOGHGRX IHOXUL

- HFRQRPLF

 WD[DUHD PDWHULHL SULPH FX VFRSXO GH D vQFXUDMD SUHOXFUDUHD HL vQ DU  FX HIHFWH

SR]LWLYHvQFHSULYHWHQXP UXOORFXULORUGHPXQF LHYHQWXDODFUHWHUHDvQFDV ULORUYDOXWDUHSH

seama exportului de produse finite rezultate din prelucrare;

- ILVFDO  WD[DUHD XQRU SURGXVH H[SRUWDELOH FDUH DX PDUH SXWHUH FRPSHWLWLY

 SH DOWH SLH H GH

UHJXO PDWHULLSULPHVDXSX LQSUHOXFUDWHFXFDUDFWHUGHPRQRSROVDXTXDVLPRQRSROQDWXUDO

Taxele vamale de tranzit VXQW DH]DWH DVXSUD YROXPXOXL P

UIXULORU WUDQ]LWDWH vQWUH GRL

SDUWHQHUL H[WHUQL SH WHULWRULXO XQXL VWDW WHU  6XQW WD[H UHODWLY IUHFYHQWH PDL DOHV vQ OHJ WXU  FX

marile artere de transport rutier sau feroviar, cu transportul pe conducte al hidrocarburilor lichide
VDXJD]RDVHLFXWUDQVSRUWXOHQHUJLHLSHPDJLVWUDOHHOHFWULFHLQWHUQD LRQDOH

Taxele vamale de import VXQW DH]DWH DVXSUD LPSRUWXOXL H[SULPDW YDORULF VDX IL]LF L
VXQW JHQHUDOL]DWH vQ WRDWH

ULOH 3HUFHSHUHD ORU VH IDFH vQ VDUFLQD LPSRUWDWRUXOXL L vQ PRPHQWXO

GHSXQHULLGHF WUHDFHVWDvQYDP DGRFXPHQWHORUGRYHGLWRDUHDOHDSDUWHQHQ HLUHVSHFWLYHLSDUWLGH

de import.
$FHVWH WD[H DX UROXO GH LPSR]LW GH HJDOL]DUH D SUH XOXL P UILL LPSRUWDWH GH UHJXO  PDL
PLF FX SUH XO P UILL LQGLJHQH GH DFHODL WLS GH UHJXO  PDL PDUH 6H RE LQH DVWIHO SURWHMDUHD
SURGXF WRULORU LQWHUQL ID

 GH FHL H[WHUQL PDL FRPSHWLWLYL FD L D UHVXUVHORU YDOXWDUH DOH

LPSRUWDWRDUHGDULOLPLWDUHDSRVLELOLW

ULL

LORUGHDOHJHUHDFRQVXPDWRULORULQWHUQL

Nivelul taxelor vamale de import este determinat, n principal, de doi factori:

UDSRUWXOFHUHUHRIHUW SHSLD

politica ecoQRPLF

LPSRUWDWRDUH

SURPRYDW GH DUDLPSRUWDWRDUH

$H]DUHDWD[HORUYDPDOHGHLPSRUWVHIDFHvQWUHLPRGDOLW

(i)
(ii)
(iii)

ad-YDORUHPDGLF

L

vQFRW SURFHQWXDO DVXSUDYDORULLLPSRUWXOXL

WD[HYDPDOHVSHFLILFHDGLF vQFRW IL[ SHXQLWDWHDIL]LF GHPDUI LPSRUWDW 

taxe vamaOH FRPSXVH DGLF

 WD[DUHD vQ GRL SDL vQWkL R WD[  DG YDORUHP DSRL R WD[ 

VSHFLILF 
0XO LPHD WD[HORU YDPDOH SH ILHFDUH SURGXV VDX JUXS  GH SURGXVH vQ SDUWH LQFOXVLY
VSHFLILFD LLOHGHH[FHS LHDOF WXLHVF

tariful vamalDOXQHL

UL

'XS PRGXOvQFDUHHVWHRUJDQL]DWWDULIXOYDPDOLFDRFRQVHFLQ

DXQRUDFRUGXULELVDX

multilaterale ntre state cu privire la taxarea importurilor, taxele vamale de import pot fi:

a)

WD[H YDPDOH FX FODX]D QD LXQLL FHOHL PDL IDYRUL]DWH DSOLFDWH vQWUH

OrgDQL]D LHL0RQGLDOHD&RPHU XOXL20&VDXvQWUHGRX

ULRDUHFDUHFHL

ULOH PHPEUH DOH

-au acordat reciproc

UHVSHFWLYDFODX] 6XQWSUDFWLFDWHGRX YDULDQWH

- OD QLYHO FRQVROLGDW DGLF

 WD[HOH VXQW VWDELOLWH vQ FDGUXO XQRU QHJRFLHUL PXOWLODWHUDOH vQ FD]XO

20& L QX SRW IL PRGLILFDWH XQLODWHUDO GH QLFL XQXO GLQ SDUWLFLSDQ LL OD QHJRFLHUL FL QXPDL FX
DFRUGXO WXWXURU SDUWLFLSDQ LORU vQ FD]XO XQXL DFRUG ELODWHUDO SULYLQG FODX]D PRGLILF ULOH GH

tarife de taxare a importului se pot face numai prin acordul celor doi parteneri;
- OD QLYHO QHFRQVROLGDW DGLF  WD[HOH VXQW UHIHULWRDUH OD SURGXVH FH QX DX

I FXW RELHFW DO

QHJRFLHULORU PXOWLODWHUDOH SULYLQG FODX]D LDU XQXO GLQ SDUWHQHUL GRUHWH V  PRGLILFH DVWIHO GH

taxe ulterior ncheierii acordului; el poate face aceasta, dDU QX QXPDL vQ UHOD LLOH FX XQXO VDX
Fk LYDGLQWUHSDUWHQHULLDFRUGXOXLPXOWLODWHUDOFLQXPDLvQUHOD LLOHFXWR LDFHWLD

b) taxe vamale autonome DSOLFDWH GH R

DU  vQ UHOD LLOH HL FX SDUWHQHUL FX FDUH QX DUH

vQFKHLDWDFRUGGHFODX] LFDUHGHUHJXO VXQWPDLPDULGHFkWvQFD]XOD

c)

WD[H YDPDOH SUHIHUHQ LDOH DSOLFDWH vQ UHOD LLOH GLQWUH SDUWHQHUL FH IDF SDUWH GLQWU

-o

XQLXQHYDPDO FXFDUDFWHUvQFKLVGHSLOG 8QLXQHD(XURSHDQ VDXvQWUHSDUWHQHULFXQLYHOXULGH

GH]YROWDUH GLIHULWH GH SLOG 

Commonwealth-XO GH UHJXO

 VXQW VXE QLYHOXO FHORU SUDFWLFDWH vQ

cazul a).
13.3 Taxele generale
7D[HOH JHQHUDOH UHSUH]LQW  SO

L HIHFWXDWH GH EHQHILFLDULL XQRU VHUYLFLL VROLFLWDWH

DGPLQLVWUD LLORU SXEOLFH $FHVWH WD[H DX XQHOH WU V WXUL DOH LPSR]LWHORU

(obligatorii, cu titlul
nerambursabil, stabilite prin lege sau ca efect al legii), dar cu caracteristica de a da dreptul la
FRQWUDSUHVWD LHGLUHFW LLPHGLDW 'XS QDWXUDORUWD[HOHSRWIL

MXGHF

WRUHWL SO WLWH LQVWDQ HORU MXGHF WRUHWL SHQWUX DF LXQLOH GH MXGHFDW 

LQWURGXVHGHRULFHSHUVRDQ IL]LF VDXMXULGLF 

de notariat

SO WLWH QRWDULDWHORU SHQWUX VHUYLFLLOH VROLFLWDWH ORU OHJDOL] ULL

DXWHQWLILF ULHWF

consulare SO
oriJLQHD

WLWH FRQVXODWHORU SHQWUX VHUYLFLLOH VSHFLILFH ORU YL]H FHUWLILFDWH GH

GH DGPLQLVWUD LH SO WLWH SULP ULLORU SUHIHFWXULORU DOWRU LQVWLWX LL SXEOLFH SHQWUX
DXWRUL]D LLSHUPLVHOHJLWLPD LLHWF

de timbruSO WLWHSULQDSOLFDUHDGHWLPEUHILVFDOHSHDFWHGRFXPHQWHDXWRUL]DWH
nregistrate, certificate, transpuVHHOLEHUDWHHWFGHXQHOHLQVWLWX LLSXEOLFH
de nregistrareSO WLWHDXWRULW LORUSXEOLFHSHQWUXVHUYLFLLGHYkQ] ULGHLPRELOH
IX]LRQDUHDVDXGL]ROYDUHDXQRUILUPHFXPS U ULGHWLWOXULSULQEXUV D

&X H[FHS LD FHORU GH WLPEUX WD[HOH VH SO WHVF vQ QXPHUDU L SRW IL DH]DWH DG

-valorem

FRW SURFHQWXDO GLQYDORDUHDIDSWHORUFHIDFRELHFWXOVHUYLFLLORUSXEOLFHVROLFLWDWHIDSWHFHSRWIL

evaluate n bani) sau n sume fixe.

&UHGLWXOSXEOLFLGDWRULDSXEOLF
&UHGLWXO SXEOLF UHSUH]LQW  VXPD SH FDUH R DXWRULWDWH SXEOLF  R LD FX vPSUXPXW GH OD XQ
DJHQWHFRQRPLFRDUHFDUH&UHGLWRUXOSRDWHILRSHUVRDQ IL]LF VDXRSHUVRDQ MXULGLF DXWRKWRQ 
VDXVWU LQ &UHGLWXOSRDWHILSHWHUPHQVFXUWPHGLXVDXOXQJLHVWHSXUW WRUGHGREkQG 

Datoria puEOLF

 UHSUH]LQW  WRWDOLWDWHD VXPHORU OXDWH FX vPSUXPXW GH F WUH R DXWRULWDWH

SXEOLF LH[LVWHQWHvQVDUFLQDDFHVWHLDODXQPRPHQWGDWVDXSHXQLQWHUYDOGHWLPSGHUHJXO XQ

DQ'XS DSDUWHQHQ DJHRJUDILF DFUHGLWRUXOXLGDWRULDSXEOLF SRDWHILLQWHUQ VDXH[WHUQ 

0HFDQLVPXOIRUP ULLLFDUDFWHULVWLFLOHFUHGLWXOXLSXEOLF
$SDUL LD FUHGLWXOXL SXEOLF HVWH GHWHUPLQDW  GH LQVXILFLHQ D UHVXUVHORU ILQDQFLDUH DOH XQHL
DXWRULW

L SXEOLFH vQ UDSRUW FX FKHOWXLHOLOH DFHVWHLD 6FRSXO FUHGLWXOXL SXEOLF H

ste de a complini

UHVXUVHOHSXEOLFHDOHXQHLDXWRULW

LGDWH$FHDVW DXWRULWDWHSRDWHILRLQVWLWX LHSXEOLF RDUHFDUH

XQ RUJDQ ORFDO DO SXWHULL H[HFXWLYH VDX FHO PDL DGHVHD VWDWXO QWUXFkW SUDFWLFD ILQDQFLDU  HVWH
GRPLQDW GHFUHGLWXOSUHOXDWGHVWDWQHYRPUHIHULvQFRQWLQXDUHODDFHVWFUHGLWFDIRUP WLSLF D
FUHGLWXOXLSXEOLFIRUP FDUHHVWHGHQXPLW 

mprumut de stat.

PSUXPXWXO GH VWDW DSDUH vQ OHJ WXU  FX H[HFX LD EXJHWXOXL GH VWDW FDUH SH SHULRDGD

subanuale (zile sau luni) sau pe total an,

SRDWH VXIHUL GH LQVXILFLHQ D YHQLWXULORU vQ UDSRUW FX

FKHOWXLHOLOHSUHY ]XWHDVHHIHFWXD'HDLFLQHFHVLWDWHDXQXLvPSUXPXWILHGLQQHYRLGHWUH]RUHULH

(acoperirea unor cheltuieli pe termen scurt), fie din nevoia de echilibrare a bugetului (acoperirea
deficitului anual).
6XUVD vPSUXPXWXULORU GH VWDW R UHSUH]LQW  GLVSRQLELOLW

LOH E QHWL DOH SRSXOD LHL L DOWRU

DJHQ L HFRQRPLFL &RQWUDFWDUHD VH SRDWH IDFH ILH GLUHFW GH F WUH VWDW ILH SULQ LQWHUPHGLXO XQRU
LQVWLWX LL ILQDQFLDUH FDUH JHVWLRQHD]  SODVDUHD vPSUXPXWXULORU 3ULQFLSDOHOH FRQGL LL SHQWUX
DFRUGDUHDFUHGLWXOXLVXQWJDUDQ LDUDWDGREkQ]LLLWHUPHQXOGHUDPEXUVDUH
Q FD]XO vQ FDUH FUHGLWXO HVWH DFRUGDW GLQ VXUVH DOH SRSXOD LHL VDX DOWRU DJHQ L HFRQRPLFL
FX H[FHS LD % QFLL &HQWUDOH PDVD PRQHWDU  QX FUHWH GHRDUHFH VXUVD GH ILQDQ DUH R UHSUH]LQW 
GLVSRQLELOLW

LOHE QHWLDOHDFHVWRUDQFD]XOvQFDUHFUHGLWRUXOHVWH%DQFD&HQWUDO HVWHSRVLELO 

FUHWHUHDPDVHLPRQHWDUHSHVHDPDHPLVLXQLLVXSOLPHQWDUHGHPRQHG 
&D XUPDUH D SUHOX ULL XQXL F

redit, statul emite nscrisuri cu statut de titluri financiare:

SROL H  ERQXUL GH WH]DXU FHUWLILFDWHERQXUL GH LPSR]LWH L FHUWLILFDWH GH WUH]RUHULH n cazul
creditelor din nevoi de trezorerie sau REOLJD LXQL GH VWDW WLWOXUL GH UHQW  VDX WLWOXUL GH UHQW 
SHUSHWX
n cazul creditelor de echilibrare a bugetului; primele trei sunt nscrisuri privind creditul
SH WHUPHQ VFXUW L DWHVW  GH UHJXO  XQ FUHGLW SH SLD D LQWHUQ  XOWLPHOH VXQW vQVFULVXUL SULYLQG
FUHGLWH SH WHUPHQ OXQJ L DWHVW  XQ FUHGLW FH SRDWH IL SUHOXDW ILH SH SLD D LQWHUQ  ILH SH SLD D
H[WHUQ  7RDWH DFHVWH WLWOXUL SRW IL VDX QX WUDQ]DF LRQDELOH SH SLD D GH FDSLWDO vQ UDSRUW FX IDSWXO
F SUHOXDUHDFUHGLWXOXLV DI FXWGLQWU XQFHUFODUJUHVSHFWLYUHVWUkQVGHFUHGLWRULVDXF SLD DGH

capital LQL LD]

 VDX QX WUDQ]DF LL FX DVWIHO GH WLWOXUL GH UHJXO  WLWOXULOH SH WHUPHQ VFXUW QX VXQW

WUDQ]DF LRQDWH SH SLD D GH FDSLWDO 8QHRUL ERQXULOH GH WH]DXU SRW IL FX SXWHUH FLUFXODWRULH DGLF 
SRWSDUWLFLSDODFLUFXLWXORELQXLWDOQXPHUDUXOXLvQDFHVWFD]HOHIXQF LRQHD] FDEDQLGHKkUWLH

Acoperirea golului temporar de trezorerie sau a deficitului bugetar anual prin

vPSUXPXWXULvQORFGHLPSR]LWHSUH]LQW XQHOHDYDQWDMH RSHUDWLYLWDWHDGHRDUHFHHYLW  XQSURFHV
OHJLVODWLYGHUHJXO GHOXQJ GXUDW VWULFWREOLJDWRULXvQFD]XOLPSR]LWHORUHYLWDUHDQHPXO XPLULL
VRFLDOH GHRDUHFH I U  H[FHS LH FUHWHUHD ILVFDOLW

LL HVWH R GHFL]LH JXYHUQDPHQWDO  WRWDO

QHDJUHDW  QLFL GH SRSXOD LH QLFL GH vQWUHSULQ] WRUL L GLPLQXDUHD UHODWLY  vQ WLPS D HIRUWXOXL

fisFDO GHRDUHFH DF LRQHD]

 HIHFWHOH LQIOD LHL vQ P VXUD vQ FDUH GREkQGD DQJDMDW  DMXQJH vQ WLPS

V  QX PDL DFRSHUH LQWHJUDO UDWD LQIOD LHL $FHVWH DYDQWDMH DX vQV  XQ FRVW UHSUH]HQWkQG

dezavantajul apelului la mprumut, cost format din cheltuielile de lansare (publicitate,

FRPLVLRDQH YkQ]DUHD VXE SDUL GREkQGD SULPD GH UDPEXUVDUH D Q FD]XO vQ FDUH FKHOWXLHOLOH
QHDFRSHULWH JHQHUDWRDUH GH vPSUXPXW DX FD GHVWLQD LH DF LXQL GH WLS LQYHVWL LL HFRQRPLFH

rambursarea se poate face din venitul net adus de aceVWHD FHHD FH QX JHQHUHD]
EXJHWDUHVXSOLPHQWDUHODGDWHOHGHVFDGHQ

 FKHOWXLHOL

'HRELFHLvQV DVWIHOGHFKHOWXLHOLQXVXQWGHQDWXUD

LQYHVWL LLORUDDvQFkWUDPEXUVDUHDORUGHWHUPLQ FKHOWXLHOLFDUHVXQWDFRSHULWHGLQVXUVHOHILVFDOH

curente ale anilRU GH UDPEXUVDUH RU DFHDVWD vQVHDPQ  F  GH IDSW vPSUXPXWXULOH EXJHWDUH GH
echilibrare sunt impozite anticipate.
n calitatea lor de impozite anticipate, mprumuturile de stat se deosebesc de impozitele
FXUHQWHSULQXUP WRDUHOHFDUDFWHULVWLFL

au caracWHU FRQWUDFWXDO VLPLODU RULF

UXL vPSUXPXW DGLF  UHSUH]LQW  GLQ SXQFW GH YHGHUH

MXULGLF R vQ HOHJHUH vQWUH GRX  S U L VWDW L FUHGLWRULL V L DFHDVWD H[FOXGH FDUDFWHUXO

REOLJDWRULX DO LPSR]LWHORU FXUHQWH vQORFXLW FX DOWHUQDWLYD IDFXOWDWLYLW

LL vQWUXF

t posibilii

FUHGLWRULSRWV QXDFFHSWHLQGLYLGXDOvQEORFVDXWR LFRQGL LLOHGHSUHOXDUHDvPSUXPXWXOXL

DDFXPDXIRVWHOHDQXQ DWHGH0LQLVWHUXO )LQDQ HORU SUDFWLFDILQDQFLDU D vQUHJLVWUDWvQV L

cazul de mprumuturi de stat obligatorii; pe de aOW

 SDUWH VWDWXO ID

DFRUG  JDUDQ LL PDWHULDOH DGLF  vPSUXPXWXULOH GH VWDW ID

 GH DO L GHELWRUL QX

 GH FHOHODOWH FDWHJRULL GH

vPSUXPXWXULQXDXFODX] GHLSRWHF JDMHWF

DXFDUDFWHUUDPEXUVDELOVLPLODURULF UXLvPSUXPXWGDUWRWDOQHVSHFLILFSHQ

tru impozite; acest

FDUDFWHU VH S VWUHD]  LQFOXVLY vQ FD]XO vPSUXPXWXULORU ]LVH SHUSHWXH UHQWH YLDJHUH
GHRDUHFH UDPEXUVDUHD DFHVWRUD VH IDFH WRWXL FKLDU GDF  GLVFUHW L I U  R VFDGHQ

 DQWHULRU

DQXQ DW 

DVLJXU  FRQWUDSUHVWD LH OXFUX WRWDO QHVSHFLILF LPSR]LWHORU DFHDVW  FRQWUDSUHVWD LH LD FHO PDL
IUHFYHQWIRUPDGREkQ]LLLDSULPHLGHUHPEXUVDUHLDHPLWHULLVXEYDORDUHDQRPLQDO XQHOH
GLQ DFHVWH DYDQWDMH PDWHULDOH SH FDUH VWDWXO OH DQXQ D FUHGLWRULORU OD ODQVDUHD vPSUXPXWXOXL

pot fi retrase pe parcurs, ca de exemplu diminuarea dobnzii prin conversiunea datoriei

publice.
14.2. Elementele tehnice ale mprumutului de stat
PSUXPXWXULOHGHVWDWSUH]LQW PDLPXOWHHOHPHQWHWHKQLFHGLQFDUHXQHOHGHLGHQWLILFDUH

altele de caracterizare valoriF

LWHPSRUDO DOWHOHSULYLQGUDPEXUVDUHDGLIHULWHDYDQWDMHD

8QHOH GLQ DFHVWH HOHPHQWH LQWHUHVHD]  PDL DOHV SH HPLWHQW vQ YHGHUHD LQHULL HYLGHQ HL
vPSUXPXWXOXLQXP UXOGHWLWOXULHPLVHvQVFULHUHDORUVHULLOHU PDVHSHSLD

VHULLOHUHWUDVHSUL

WUDJHUL OD VRU L SHULRGLFH VDX D HYDOX ULL HILFLHQ HL vPSUXPXWXOXL VXPD PRELOL]DW  vQ XUPD
HPLVLXQLL FKHOWXLHOLOH GH HPLVLXQH WLS ULUH SXEOLFLWDWH SODVDUH FRVWXO WRWDO DO vPSUXPXWXOXL
FKHOWXLHOLGHUDPEXUVDUHD
$OWH HOHPHQWH LQWHUHVHD]  QX QXPDL SH HPLWHQW GDU vQ PDUH P VXU  SH HYHQWXDOLL
FUHGLWRULLODDFHVWHDQHYRPUHIHULvQFRQWLQXDUH

nscrisulDGLF

DFWXOGRFXPHQWXOFHDWHVW F SRVHVRUXOV XHVWHFUHGLWRUSHQWUXHPLWHQW

QVFULVXO VH SUH]LQW  FD R KkUWLH WLS ULW  ID

- verso

DYkQG PHQ LRQDW  GHQXPLUHD vPSUXPXWXOXL

YDORDUHD QRPLQDO  VHULD HPLWHQWXO L GLIHULWH VHPQH FXORUL DUDEHVFXUL  ILJXUL GHVHQH HWF FX

rol de securizare, pentru evitarea / ngreunarea comiterii de falsuri. Pe verso sunt, de obicei,
PHQ LRQDWHH[WUDVHGLQUHJXODPHQWXOHPLVLXQLLDYDQWDMHOHFRQIHULWHGHELWRULORUVFDGHQ DD
QVFULVXO DUH XQ FRUS FHO GHVFULV PDL VXV L XQ FDUQHW GH FXSRDQH &XSRDQHOH
UHSUH]LQW PLFL SLHVH GHKkUWLHFDPGHP ULPHDXQRUP UFLSRWDOHOHJDWHvQWUHHOHLGHFRUS

nscrisului n maniera n care sunt prinse timbrele ntr-RFRDO ILODWHOLF 

Cuponul HVWH XQ vQVFULV FX HOHPHQWH GH VHFXUL]DUH SH FDUH HVWH PHQ LRQDW

ul

 VFDGHQ D OD

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FD] QXP UXO FXSRDQHORU HVWH FkWH GRX  UHVSHFWLY FkWH SD
vPSUXPXWXOXL /D ILHFDUH VFDGHQ

tru pentru fiecare an din durata

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prin dobnda de ncasat, cuponulHVWHLHOXQWLWOXGHYDORDUHLSRDWHFLUFXODVHSDUDWGHWLWOXOGH

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creditorilor este foarte limitat, iar raportul de creditare este atestat prin creaQ H GH FRQW Q DO
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QRPLQDO DvQVFULVXOXL

Cele mai uzuale nscrisuri sunt prezentate n continuare.

Bonurile de tezaurSRWDYHDVDXQXSXWHUHFLUFXODWRULHQSULPXOFD]HOHFLUFXO

FDLEDQL

GH KkUWLH Q DO GRLOHD FD] SRW IL QHJRFLDELOH OD EXUV  vQ P VXUD vQ FDUH SLD D HVWH VXILFLHQW GH
VXV LQXW  GH DVHPHQHD

pot fi lombardate vQ WRDWH FD]XULOH vQ FDUH QX VH SRW QHJRFLD OD EXUV



DGLF YkQGXWHvQDLQWHGHWHUPHQDFHORUE QFLFDUHIDFDVWIHOGHRSHUD LXQLLFDUHvLUH LQRSDUWH

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de scont).
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tezaur sub forma taxei de scont.

Certificatele de trezorerieQXDXSXWHUHFLUFXODWRULHLGHUHJXO
VXQWSUHVFKLPEDWHvQQXPHUDUODVFDGHQ

QLFLSLD

VHFXQGDU (OH

SOXVGREkQGDDIHUHQW 

Certificatele sau bonurile de impozite VXQW vQVFULVXUL FX FDUH VWDWXO vL SO WHWHIXUQL]RULL
nu sunWSXUW WRDUHGHGREkQG LSRWILXWLOL]DWHGHSRVHVRULSHQWUXSODWDLPSR]LWHORUF WUHVWDW
2EOLJD LXQLOH VXQW vQVFULVXUL FX SLD

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DFKL]L LRQDUHDORUODEXUV ODSUH XOSLH HL

Denumirea mprumutului este un element de identificare ce permite individualizarea

WLWOXULORU SH SLH HOH ILQDQFLDUH SULPDU  L VHFXQGDU  ,GHQWLILFDUHD VH IDFH GH UHJXO  ILH SULQ

desWLQD LD vPSUXPXWXOXL ILH SULQ DQXO HPLVLXQLL ILH SULQ UDWD GREkQ]LL ILH SULQ IRUPD SH FDUH R
vPEUDF  YHQLWXO FRQIHULW FXPS U WRULORU GH WLWOXUL ILH SULQ GHQXPLUHD DXWRULW

LL ORFDOH HPLWHQWH

sau printr-o combinare a unor astfel de elemente de identificare.

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9DORDUHD QRPLQDO
LFDUHVH H[SULP vQ XQLW

LPRQHWDUHQD LRQDOHvQFD]XO XQRUHPLVLXQLODQVDWHSHSLD DLQWHUQ 

sau ntr-R XQLWDWH PRQHWDU

 VWU LQ  vQ FD]XO HPLVLXQLORU ODQVDWH SH SLD D LQWHUQD LRQDO  GH

FDSLWDO 9DORDUHD QRPLQDO  HVWH VWDQGDUGL]DW  vQ

cupiuri DGLF

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L

PRQHWDUH 'H SLOG  OD vPSUXPXWXULOH SH WHUPHQ VFXUW SUDFWLFDWH SH 0LQLVWHUXO )LQDQ HORU DO
5RPkQLHLSHSLD DLQWHUQ vQDQLL

8-1999 s-DIRORVLWODvQFHSXWRFXSLXU
lei, apoi s-DXPDLLQWURGXVFXSLXULGHOHLLGHOHL
9DORDUHD QRPLQDO  HVWH YDORDUHD GH UHIHULQ

revine posesorului unui titlu, duS

XQLF GH

 OD FDUH VH FDOFXOHD]  GREkQGD DQXDO  FH vL

UHOD LD

D = dn VN

unde: D
dn
VN

(113)

GREkQGDDQXDO DIHUHQW XQXLWLWOX

UDWDQRPLQDO DGREkQ]LL
YDORDUHDQRPLQDO DWLWOXOXL

'H PXOWH RUL HPLWHQWXO QX FRPXQLF  UDWD GREkQ]LL FX FDUH HVWH ODQVDW vPSU

umutul, ci

FXDQWXPXODQXDODODFHVWHLDFD]vQFDUHUDWDGREkQ]LLVHFDOFXOHD] SHED]DUHOD LHL

9DORDUHDQRPLQDO HVWHWRWRGDW YDORDUHDGHUHIHULQ
'DF  QX H[LVW  QLFL R DOW  VSHFLILFD LH OD VFDGHQ
QRPLQDO 'HDVHPHQHDHVWHYDORDUHDGHUHIHULQ
9DORDUHD HIHFWLY

sau

SHQWUXUDPEXUVDUHDvPSUXPXWXOXL

 HPLWHQWXO U VFXPS U WLWOXULOH OD YDORDUHD ORU

SHQWUXFDOFXOXOFXUVXOXLEXUVLHU

YDORDUHD GH SLD

este suma de bani cu care se poate procura de

SHSLD ODXQPRPHQWGDWXQWLWOXDSDU LQ tor unei emisiuni. n cazul n care momentul ales este
FKLDU FHO DO ODQV ULL SH SLD  YDORDUHD HIHFWLY  VH ]LFH valoare de emisiune sau SUH  GH
emisiune.
9DORDUHDGHSLD SUHFXPLIRUPDHLSDUWLFXODU GHSUH GHHPLVLXQHSRWIL peste, la sau
sub valoDUHD QRPLQDO  Q IXQF LH GH DFHVW UDSRUW GH RUGLQH vQWUH YDORDUHD QRPLQDO  L SUH XO GH
HPLVLXQH HPLVLXQHD VH ]LFH ODQVDW  supra, al sau sub pari $FHVWH FDOLILFDWLYH VH S VWUHD]  L vQ
OHJ WXU FXQLYHOXOvQUHJLVWUDWODXQPRPHQWGDWGHFXUV

Cursul esWH QXP

VXW GHXQLW

UXO GH XQLW

L PRQHWDUH FX FDUH VH SRDWH FXPS UD OD XQ PRPHQW GDW R

LGLQYDORDUHDQRPLQDO DXQXLWLWOXDSDU LQ WRUXQHLHPLVLXQLDDvQFkW

c=

VP
100
VN

(114)

unde: c = cursul curent al unui titlu;

VP = vDORDUHDGHSLD DWLWOXOXL
3HQWUX D FUHD R DWUDFWLYLWDWH PDL PDUH XQXL vPSUXPXW SUHFRQL]DW D VH ODQVD GH UHJXO 
HPLWHQWXO VWDELOHWH XQ FXUV VXE SDUL OD ODQVDUH L DO SDUL OD UDPEXUVDUH VDX DO SDUL OD ODQVDUH L

supra pari la rambursare.

&XUVXOLHYROX LDOXLHVWHRIXQF LHGHXQFRPSOH[GHIDFWRULFRQMXQFWXUDOLVDXQXLQWHUQL

L H[WHUQL RELHFWLYL L VXELHFWLYL HFRQRPLFL L SROLWLFL L VRFLDOL HWF )DFWRULL FX FHO PDL GLUHFW
LPSDFW VXQW UDSRUWXO FHUHUH  RIHUW  SH SLD

 GH FDSLWDO UDWD GREkQ]LL SH SLD D PRQHWDU  L

avantajele oferite de debitor (peste rata dobnzii).

&XUVXO REOLJD LXQLL VH VWDELOHWH SHQWUX WLWOXO QXG DGLF  GLVWLQFW GH YDORDUHD OD ]L D
FXSRQXOXLGHODSUR[LPDVFDGHQ

$FHVWSURFHGHXHVWHGHWHUPLQDWWRFPDLGHIDSWXOF LFXSR

nul

SRDWH IL QHJRFLDW VHSDUDW DGLF  OD IHO FD XQ WLWOX GH YDORDUH GLVWLQFW 9DORDUHD OD ]L D FXSRQXOXL
Y]FVHGHWHUPLQ SHED]DGXUDWHLSRVHVLHLOXLGHF WUHYkQ] WRUWLDOXQJLPLLVFDGHQ HL]

vzc = D

t
z

(115.1)

Durata t reprH]LQW  QXP UXO GH ]LOH VFXUVH GH OD XOWLPD VFDGHQ  SkQ  OD GDWD YkQ] ULL
cuponului, iar zUHSUH]LQW QXP UXOGH]LOHvQWUHXOWLPDVFDGHQ LSUR[LPDVDXGH]LOH
VFDGHQ D VHPHVWULDO  GH OD  LXQLH GXS  FXP DQXO HVWH ELVHFW VDX QX  GH ]LOH VFDGHQ D
VHPHVWULDO GHODGHFHPEULHLVDXGH]LOHVFDGHQ DDQXDO ODGHFHPEULH
$FHDVW  YDORDUH VH SRDWH H[SULPD SURFHQWXDO vQ UDSRUW FX YDORDUHD QRPLQDO  D
REOLJD LXQLL

vzc% =

vzc
100
VN

(115.2)

Q FD]XO F  vQWUH GRX  VFDGHQ H VH YLQGH R REOLJD LXQH LQFOXVLY FXSRQXO GH OD SUR[LPD
VFDGHQ

FXUVXOGHYkQ]DUHVHGHWHUPLQ GXS UHOD LD

c = c + vzc%

(115.3)

Termenul de rambursare HVWH VFDGHQ D GDWD OD FDUH vPSUXPXWXO WUHEXLH UDPEXUVDW
Termenul poate fi precizat (sub un an -WHUPHQVFXUWGHUHJXO VDXOXQLvQWUHXQXLFLQFLDQL
- termen mediu; peste cinci ani -WHUPHQOXQJVDXQHSUHFL]DW FD]XOWLWOXULORUFXUHQW SHUSHWX 
7HUPHQHOH PHGLL L OXQJL VXQW IRORVLWH GH UHJXO  SHQWUX DFRSHULUHD GHILFLWHORU bugetare cronice
VDX SHQWUX ILQDQ DUHD XQRU LQYHVWL LL 7HUPHQHOH VFXUWH VXQW IRORVLWH SHQWUX DFRSHULUHD XQRU
JROXULGHFDV WHPSRUDUHVDXDXQRUFKHOWXLHOLQHSUHY ]XWH

Venitul asigurat de titlu este venitul ce revine posesorului unui titlu pe perioada
GH LQHULLDFHVWXLD'LQSXQFWGHDOVXUVHLDFHVWXLDYHQLWXOSRDWHILLQWULQVHFLFRQMXQFWXUDO

Venitul intrinsecHVWHFHOSHFDUHvOSURGXFHvPSUXPXWXOVXEIRUPDGREkQ]LLLDSULPHLGH
rambursare, considerate la rndul lor, distinct, ca elemente tehnice al mprumutului.
n forma n care ne-DP UHIHULW PDL VXV UHOD LD  GREkQGD HVWH QRPLQDO  L HVWH OHJDW 
GH VDX GHILQHWH UDWD QRPLQDO  D GREkQ]LL 3RVHVRUXO GH WLWOX UHIHU  vQV  GREkQGD SH FDUH R
vQFDVHD]  QX OD YDORDUHD QRPLQDO  D WLWOXOXL FL OD H

fortul efectiv pe care l-D I

FXPS UD WLWOXO DGLF  OD YDORDUHD GH DFKL]L LH OD YDORDUHD GH SLD
FXPS U ULLOXL$SDUHDVWIHOUDWDHIHFWLY

DGREkQ]LL

de =

FXW HO SHQWUX D

 D WLWOXOXL vQ PRPHQWXO

D
VP

(116.1)

GLQFDUHGDF  LQHPVHDPDGHUHOD LLOHLRE LQHP

de =

dn
c

QOHJ WXU FX UDWDGREkQ]LLSURVHVRUXOSRDWHFDOFXODL RUDW

UDW DGREkQ]LLFRUHFWDW FXGHIODWRUXOLQGLFHOHSUH XULORU

(116.2)
UHDO

 DGREkQ]LL DGLF R

dr =

1 + de
1
Ip

(117.1)

dr =

1 + de
1
1 + ri

(117.2)

sau

unde: Ip
ri

LQGLFHOHSUH XULORU
UDWDLQIOD LHL

9HQLWXOVXEIRUPDGREkQ]LLSRDWHILGLVWULEXLWvQWUHLPRGDOLW

SODWDvQQXPHUDUODVFDGHQ

L

SHED]DGHWD ULLGLQFDUQHWHDFXSRDQHO

or aferente respectivei

VFDGHQ H

DWULEXLUHD GREkQ]LL GRDU XQRUD GLQ REOLJD LXQLOH HPLVH SULQ WUDJHUHD OD VRU L D VHULLORU
REOLJD LXQLORUFkWLJ WRDUHvQDFHVWFD]GREkQGDDIHUHQW vPSUXPXWXOXLODGDWDXQHLVFDGHQ H
GHSODW DDFHVWHLDVHSDUWL LRQHD] vQWU XQQXP UGHFkWLJXULREOLJD LXQLOHFkWLJ WRDUHVXQW

UHWUDVHGLQFLUFXOD LHRGDW FXvQPkQDUHDFkWLJXOXL

PL[WFkQGRSDUWHGLQGREkQG VHSO WHWHvQQXPHUDULDURDOW SDUWHVXEIRUP GHFkWLJXUL

Venitul conjunctural HVWH UH]XOWDWXO RE LQXW GH SRVHVRUXO XQXL WLWOX GLQ YDULD LD FXUVXOXL
DFHVWXLD vQWUH PRPHQWXO DFKL]L LHL L XQ PRPHQW XOWHULRU DUELWUDU DOHV GH UHJXO  PRPHQWXO vQ
FDUH VH GHFLGH YkQ]DUHD WLWOXOXL $FHVW UH]XOWDW SRDWH IL SR]LWLY VDX QHJDWLY GXS  FXP FXUVXO D
XUFDW VDX D VF ]X

t. Posesorul titlului poate calcula astfel produsul anual efectiv (pae) al

LQYHVWL LHLSODVDPHQWXOXLV XFRUHFWkQGGREkQGDvQFDVDW SHFXSRQFXDFHVWYHQLWFRQMXQFWXUDO

pae =
VDX LQkQGVHDPDGHL

D + (cv ca ) VN
VP

(118.1)

dn + cv ca
ca

(118.2)

pae =
unde: cv
ca

FXUVXOWLWOXOXLvQPRPHQWXOYkQ] ULL
FXUVXOWLWOXOXLvQPRPHQWXODFKL]L LHL

2EVHUYD LH vQ FDOFXOXO SURGXVXOXL DQXDO HIHFWLY VH SUHVXSXQH F  SRVHVLD REOLJD LXQLL D
vQFHWDWvQFKLDU]LXDXUP WRDUHFHOHLGHVFDGHQ

DQXDO QFD]XODOWRU]LOHGHYkQ]DUHvQFDOFXOXO

GREkQ]LL'VH LQHVHDPDGHUHOD LLOH

Prima de rambursare HVWH SOXVXO GH YDORDUH RIHULW FUHGLWRUXOXL GH F

WUH GHELWRU OD

PRPHQWXOUDPEXUV ULLvPSUXPXWXOXL LFDUH GHUHJXO HVWHDQXQ DWvQF GLQSHULRDGDFDPSDQLHL

SXEOLFLWDUH DQWHULRDU  ODQV ULL vPSUXPXWXOXL YH]L L REVHUYD LLOH I FXWH PDL VXV OD FXUV vQ
OHJ WXU FXFUHWHUHDDWUDFWLYLW

LLvPSUXPXWXOXL

pr = VR - VE cu VR > VE

(119)

unde: pr SULPDGHU VFXPS UDUe;

VR YDORDUHDGHU VFXPS UDUH
VE = valoarea de emisiune.
Emitentul -VWDWFRQIHU Lalte avantaje plasatorilor n mprumuturile sale, cum sunt:

VFXWLUHDGHWD[HLLPSR]LWHDYHQLWXULORUUHDOL]DWHGLQvPSUXPXWXULOHSXEOLFH

idem a tranzaF LLORUODEXUV

SODWD LPSR]LWHORUFXWLWOXUL GHVWDWHYDOXDWHODYDORDUHDQRPLQDO LQXPDLWkU]LXGHVFDGHQ D

FXHIHFWHDOHDFHVWRUvPSUXPXWXUL

ILQDO DvPSUXPXWXOXL

H[RQHUDUHDHIHFWHORUSXEOLFHGHODH[HFX LDILQDQFLDU VLOLW 

garantarea mpotriva vDULD LLORUSXWHULLGHFXPS

UDUHDPRQHGHLQD LRQDOHSULQVWDELOLUHDXQHL

GREkQ]L QRPLQDOH FDUH V  ILH UHDO SR]LWLY  SH WRW SDUFXUVXO vPSUXPXWXOXL H[SULPDUHD

mprumutului ntr-R XQLWDWH PRQHWDU

 PDL VWDELO  VDX vQWU

-o unitate de calcul (de exemplu,

dreptuO VSHFLDO GH WUDJHUH FDOFXODW GH )0, VDX %DQFD 0RQGLDO

 SH ED]D XQXL FR YDOXWDU

UHSUH]HQWDWLYLVWDELOLQGH[DUHDvPSUXPXWXOXLSHED]DXQXLLQGLFHGHSUH 

2SHUD LXQLVSHFLILFHvPSUXPXWXULORUGHVWDW
$FHVWHRSHUD LXQLVXQWOHJDWHGHSODVDUH

de modificarea unora din elementele tehnice ale

vPSUXPXWXOXLXOWHULRUODQV ULLOXLLGHUDPEXUVDUH

a) Plasarea

vPSUXPXWXOXL SUHVXSXQH YkQ]DUHD WLWOXULORU L vQFDVDUHD FRQWUDYDORULL

YkQ] ULL FDUH YD UHSUH]HQWD VXPD FROHFWDW  FD vPSUXPXW GH F WUH HPLWHQW

. Aceasta nu coincide,

GHUHJXO FXYDORDUHDQRPLQDO WRWDO DHPLVLXQLLILHGLQFDX]DSUH XOXLGHHPLVLXQHVXESDULILH

GDWRULW FKHOWXLHOLORUOHJDWHGHHPLVLXQHWLS ULWHSXEOLFLWDWHSODWDLQWHUPHGLDULORUHWF&XPGH
UHJXO  HPLWHQWXO XUP UHWH F

olectarea unei anumite valori, el va lansa un mprumut mai mare,

VXILFLHQWSHQWUXFDVXPDQHW FROHFWDW V ILHPLQLPXPODQLYHOXOFHOHLDYXWHvQYHGHUH

6XEVFULS LD SXEOLF

 HVWH IRUPD GH SODVDUH RUJDQL]DW  L JHVWLRQDW  GH 0LQLVWHUXO

)LQDQ HORU VDX GH F WUH R LQVWLWX LH SXEOLF  DXWRUL]DW  vQ DFHVW VHQV GH JXYHUQ VDX GH vQVXL
0LQLVWHUXO )LQDQ HORU $FRSHULUHD FKHOWXLHOLORU RFD]LRQDWH GH YkQ]DUHD WLWOXULORU L FROHFWDUHD

sumelor se face printr-XQ FRPLVLRQ DFRUGDW LQVWLWX LHL RUJDQL]DWRDUH D SODV

ULL 3OD

satorii de

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VXEVFULVHLLQWUDUHDvQSRVHVLDORUVHIDFHXOWHULRUFXXQGHFDODMvQWLPSQHFHVDUSHQWUXFRUHODUHD

volumului subscrierii cu volumul mprumuWXOXL ODQVDW Q FD]XO vQ FDUH VXEVFULHUHD GHS

HWH

YROXPXOvPSUXPXWXOXLVHFDOFXOHD] XQFRHILFLHQWGHY UV PkQW

cv =

VTE
VS

(120)

unde: cv
FRWDGHY UV PkQW
VtE YDORDUHDWRWDO GHHPLVLXQHDvPSUXPXWXOXL
VS = valoarea subscrierilor.
9DORDUHDVXEVFULHULLILHF UXLSODVDWRUGHFDSLWDOVHYDFRUHFWDFXFRWDGHY UV PkQWDVWIHO
vQFkW HO YD FXPS UD REOLJD LXQL OD QLYHOXO YDORULL

VS cv URWXQMLW

 HYHQWXDO FRQIRUP FXSLXULORU

practicate n respectivul mprumut.

([LVW  L SUDFWLFD DWULEXLULL ILHF UXL DJHQW SODVDWRU DO LQVWLWX LHL RUJDQL]DWRDUH D XQXL
DQXPLW SODIRQ GH vPSUXPXW XQ DQXPLW QXP U GH REOLJD LXQL XUPkQG FD HO V  OH YkQG  GXS 

regula "primul venit - primul servit".

3ODVDUHD SULQFRQVRU LL (sindicate) bancareSUHVXSXQHRUJDQL]DUHD LJHVWLRQDUHDSODV

ULL

GHF WUHXQJUXSGHE QFL$FHDVWDVHSRDWHIDFH

vQ FRPLVLRQ VLPLODU  VXEVFULS LHL SXEOLFH L FDUH QX DQJDMHD]  U VSXQGHUHD E QFLORU SHQWUX
REOLJD LXQLOHQHYkQGXWH

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HPLWHQWXOXL L R SODVHD]  OD FXUVXUL IRUPDWH SH SLD

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SHQWUX SODVDUH FD L FkWLJXO ORU SURYLQH GLQ GLIHUHQ D GH FXUV vQWUH FXUVXO SLH HL L FHO GH

preluare de la emitent.
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 HVWH DGHFYDW  VLWXD LLORU vQ FDUH EXUVD HVWH DFWLY  L VH Y GHWH D IL

PRGXO GH SODVDUH FHO PDL SX LQ FRVWLVLWRU (PLVLXQHD HVWH vQUHJLVWUDW  OD EXUV  VLPLODU HPLVLXQLL
RULF URU DOWRU WLWOXUL GH YDORDUH L VH QHJRFLD]  SULQ DJHQ LL GH EXUV  vQ VHVLXQL VSHFLDOH GHGLFDWH

efectelor financiare generale.

b) Conversiunea HVWH R RSHUD LXQH YL]kQG PRGLILFDUHD UDWHL GREkQ]LL OD XQ vPSUXPXW
SXEOLF GDWRULW  GLPLQX ULL GREkQ]LL FXUHQWH VXE QLYHOXO FHOHL SUDFWLFDWH OD UHVSHFWivul mprumut.
$FHDVWDvQVHDPQ F VWDWXOJ VHWHDFXPSHSLD

le-DJ

VXUVHGHFUHGLWDUHPDLLHIWLQHGHFkWFHOHSHFDUH

VLWODPRPHQWXOSODV ULLvPSUXPXWXOXL

Conversiunea presupune nlocuirea titlurilor emise n trecut (titluri vechi) cu alte titluri
penWUXFDUHGREkQGDHVWHFRUHODW FXFHDDSLH HLDGLF PDLPLF WLWOXULQRL

&RQYHUVLXQHD IRU DW
GH WLPS DQXQ DW 'XS

presupune nlocuirea titlurilor vechi cu altele noi, ntr-un interval

 vQFKHLHUHD DFHVWXLD WLWOXULOH YHFKL vL SLHUG YDODELOLWDWHD $Fest lucru este

SRVLELOGHRDUHFHVWDWXOQXHVWHDJHQWHFRQRPLFRDUHFDUHFLXQXOFDUHDUHLSXWHUHSROLWLF LIRU

GHFRHUFL LXQH
&RQYHUVLXQHD IDFXOWDWLY
SUHVFKLPEDUH EHQHYRO  GH F

presupune nlocuirea titlurilor vechi cu altele noi prin

WUH SRVHVRULL celor vechi; titlurile vechi nu-L SLHUG YDODELOLWDWHD

WLWOXULOHQRLSRWILSURFXUDWHILHODVFKLPEFXFHOHYHFKLILHSULQFXPS UDUH
&RQYHUVLXQHD SULQ UDPEXUVDUH DQWLFLSDW

presupune nlocuirea titlurilor vechi cu unele

QRL FX RS LXQHD SHQWUX SRVHVRULL GH WLWOXUL YHFKL GH D L OH SUHVFKLPED VDX GH D VROLFLWD
U VFXPS UDUHDORU
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torul -

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atractive.
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termenul de rambursare este mai lung.

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emise anterior pentru un astfel de mprumut. Sursele de rambursare sunt: cheltuielile anume
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casa de

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cu plata inclusiv a dobnzii.

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de actualizare. Anuitatea este suma reprezentnd amortizarea mprumutului (plata unei rate din
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sau

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(plata la nceputul anului) sau SRVWLFLSDW (plata la finele

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arieratele financiare

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Diminuarea ar putea fi att de

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repudierea DGLF

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