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costul, profitul, dobânda úD

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de stat, bugetele locale, bugetele fondurilor speciale.

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În România în 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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din postura sa de agent economic.

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soldul acestuia.
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pe zone / regiuni geografice).

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- LL vQ DJULFXOWXU  úL SULQ

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Cheltuielile publice constituie pârJKLLGHUHJODUHvQVSHFLDOSHQWUXFRQVXPúLSURGXF LH2

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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
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Chicago, mai ales Milton Friedman, a reluat ideea liberalismului economic, criticând
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vQFXUDM ULLGH]YROW ULLHFRQRPLFHSULYDWL]DUHDUHVSHFWLYGLPLQXDUHDVHFWRUXOXLHFRQRPLFGHVWDW

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HFRQRPLF GLPLQXDUHDGHILFLWHORUEXJHWDUH .

2. Principii bugetare
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regimului de stat, a organului legislativ sau a guvernelor. Acest lucru nu poate fi interpretat ca o
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cazurilor în astfel de rHOD LL UHFXQRVFkQG DFHDVWD FD R UHJXO  úL QX FD XQ GDW DEVROXW 'DF  GH
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vQ ILQDQ H GH H[HPSOX HFKLOLEUXO EXJHWDU HVWH XQ SULQFLSLX H[SULPkQG XQ DGHY r recomandabil,
vQ HOHSW FXPLQWH úL FX PLQWH GDU QLFLGHFXP DEVROXW úL VWULFW 'H DFHHD UHFXQRVFkQG úL

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2.1. Universalitatea bugetului

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

ƒ FXQRDúWHUHDFXDQWXPXOXLHIHFWLYDOYHQLWXULORUUHVSHFWLYFKHOW uielilor;
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diferite segmente ale structurii sociale;

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ƒ facilitarea controlului financiar.

ƒ %XJHWXOGHVWDWHODERUDWúLH[HFXWDWV trict în limita acestui principiu se zice buget brut.

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-
dintâi cu soldul lor;
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mixt.

2.2. Unitatea bugetului

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locale.
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ƒ conturi de reglementare: deschise pe baza unor acorduri guvernamentale privind probleme

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emisLXQHPRQHWDU 
ƒ conturi de avans GHVFKLVH SHQWUX D ILQDQ D EXJHWH ORFDOH SkQ  OD FRQVWLWXLUHD SURSULLORU ORU
venituri disponibile ulterior momentului în care trebuiau efectuate unele cheltuieli.
 2.3. Neafectarea veniturilor
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veniturilor, deoarece oricare dintre ele
sau în varii câtimi poate contribui în general sau la un moment dat la acoperirea unei nevoi.
([FHS LD GH DIHFWDUH DGLF  GH QHGHSHUVRQDOL]DUH DSDUH SHQWUX EXJHWHOH H[WUDRUGLQDUH úL

pentru fondurile speciale.

2.4. Anualitatea bugetului

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sau mai mult).
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FKHOWXLHOLOH GH LQYHVWL LL LQWHUYDOXO GH XQ DQ HVWH UHODWLY VFXUW $FHVW QHDMXQV DSDUH úL vQ FD]XO

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EXJHWDU  DX DS UXW legile - program prin care sunt aprobate cheltuielile pentru obiective
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acest scop.
$QXDOLWDWHD EXJHWXOXL QX vQVHDPQ  F  YDODELOLWDWHD WHPSRUDO D DFHVWXLD este 1 ianuarie -
 GHFHPEULH $FHVW LQWHUYDO HVWH GHVWXO GH U VSkQGLW GDU vQ SUDFWLFD EXJHWDU  LQWHUQD LRQDO  VH

vQWkOQHVF
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([LVW vQSUDFWLFDEXJHWDU GRX VLVWHPHGLVWLQFWHGHH[HFX LH

a) sistemul de gestiune SRWULYLW F UXLD bugetul se încheie la finele intervalului anual

SHQWUX FDUH D IRVW DSUREDW $FHDVWD vQVHDPQ  F  EXJHWXO VH H[HFXW  QXPDL SHQWUX YHQLWXUL

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acest moment. CeleODOWH YHQLWXUL úL FKHOWXLHOL DSUREDWH vQ EXJHW GDU QHvQFDVDWH VDX QHHIHFWXDWH
QX VXQW UHSRUWDWH vQ EXJHWXO XUP WRUXOXL DQ 'DF  YRU IL WRWXúL UHDOL]DWH HOH VXQW LQFOXVH vQ

H[HFX LD DQXOXL vQ FDUH V

-au realizat. Acest sistem are dezavantajul de a nu se pXWHD úWL GHFkW
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încheiat bugetul (care este soldul rezultat)úLvQFHP VXU SURFHQWXDO V-au realizat în intervalul
GDW YHQLWXULOH úL FKHOWXLHOLOH DSUREDWH LQL LDO $FHVW VLVWHP VH XWLOL]HD]  vQ SUDFWLFD EXJHWDU  GLQ

DUDQRDVWU 

b) VLVWHPXO GH H[HUFL LX SRWULYLW F UXLD GXS  vQFKHLHUHD DQXOXL EXJHWDU VH DFRUG un
WHUPHQ GH H[HFX LH GH   OXQL vQ FDUH V  VH UHDOL]H]H LQWHJUDO YHQLWXULOH úL FKHOWXLHOLOH DSUREDWH
-
prin buget:
 $QXOEXJHWDU7HUPHQXOGHH[HFX LH ([HUFL LXEXJHWDU

(12 luni) (3-6 luni) (15-18 luni)

În acest VLVWHPSHSDUFXUVXOH[HUFL LXOXLEXJHWDUIXQF LRQHD] GRX EXJHWHXQXODODQXOXL

vQ FXUV úL DOWXO DO DQXOXL H[SLUDW FHHD FH JHQHUHD]  XQHOH GLILFXOW L vQ HYLGHQ  úL FRQWURO

$YDQWDMXODFHVWXLVLVWHPFRQVW vQIDSWXOF ODILQHOHH[HUFL LXOXLVHUHDOL]HD] LQWHJUDOFXDQWXPXO

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GHH[HFX LHEXJHWDU SHQWUXDQXOSUHFHGHQW

2.5. Echilibrul bugetar

3ULQFLSLXOHFKLOLEUXOXLEXJHWDUSUHYHGHDFRSHULUHDLQWHJUDO vQLQWHUYDOXODQXOXLEXJHWDUD

FKHOWXLHOLORU GLQ YHQLWXULOH RUGLQDUH 3ULQFLSLXO FDS W  DVWIHO FRQRWD LD HFKLOLEUXOXL EXJHWDU anual
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- LOH

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prevederi legislative care interzic aprobarea unui buget ordinar deficitar. De aceea, s-au formulat
úLXWLOL]DWVROX LLGHFRPSURPLVFXPVXnt:

ƒ vQWRFPLUHD HFKLOLEUDW  D EXJHWXOXL RUGLQDU úL vQ SDUDOHO D XQXL EXJHW H[WUDRUGLQDU GHILFLWDU

SHQWUX DO F UXL HFKLOLEUX VXQW SUHY ]XWH YHQLWXUL H[WUDRUGLQDUH vPSUXPXWXUL LQWHUQH VDX

H[WHUQHHPLVLXQHPRQHWDU 

ƒ debugetizarea (vezi cap. III.2.2);

ƒ elaborarea unor bugete echilibrate pe durata unui ciclu economic, compensând deficitele
vQUHJLVWUDWH vQ ID]HOH GH FUL]  úL GHSUHVLXQH FX H[FHGHQWHOH RE LQXWH vQ ID]HOH GH UHODQVDUH úL

expansiune.
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FRQWLQX V VHIDF DQXDO

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a) IRQGXO GH UH]HUY care se constituie în perioadele economice favorabile, în care masa
LPSR]LWHORUSRDWHFUHúWHI U DVSRULFRWDGHLPSXQHUHGHRDUHFHED]DGHLPSR]LWDUHvQSULQFLSDO

YHQLWXULOHGDUúLFRQVXPXOHVWHPDLPDUH'LQDFHVWIRQGVHYRUILQDQ DGHILFLWHOHvQUH gistrate în

SHULRDGHOHHFRQRPLFHQHIDYRUDELOH1HDMXQVXODFHVWHLWHKQLFLFRQVW vQIDSWXOF QXVHúWLHDSULRUL

GDWD PRPHQWXO vQFDUHYRUGHEXWD SHULRDGHOHQHIDYRUDELOHúLQLFLFXDQWXPXOGHILFLWXOXLFH VHYD

înregistra atunci.

b) fondul de egalizare care SUHVXSXQH ILQDQ DUHD GHILFLWXOXL EXJHWDU SULQWU-un împrumut
VDX SULQ HPLVLXQH PRQHWDU  VXSOLPHQWDU  'LPHQVLXQHD ILQDQ ULL HVWH HYLGHQ LDW  vQ FRQWXUL

GLVWLQFWH SH VXUVH GHILQDQ DUHIRORVLWH XUPkQG FD vQ SHULRDGH VDX FRQMXQFWXUL IDYRUDELOH V  VH

stLQJ  WUHSWDW REOLJD LLOH DVXPDWH ÌQ FD]XO vPSUXPXWXULORU VWLQJHUHD VH IDFH SULQ UDPEXUV UL GLQ
excedentele bugetare curente ale anilor "buni"; în cazul emisiunii monetare stingerea se face prin
vQV úL FUHúWHUHD HFRQRPLF  FH  SUHVXSXQH ID  GH QLYHOXO DQWHULRU DO WUDQ]DF LLORU R PDV 

PRQHWDU VXSOLPHQWDU FDUHQXVHYDPDLHPLWHDYkQGvQYHGHUHF HPLVLXQHDV DI FXWDQWLFLSDW

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vQDQLLVODELSHQWUXDILQDQ DGHILFLWXOEXJHWDU

c) DPRUWL]DUHD DOWHUQDWLY  SUHVXSXQH PDQHYUDUHD GLQDPLFLL UDPEXUV ULL GDWRU iei publice
úLDFKHOWXLHOLORUSXEOLFH$VWIHOvQDQLLIDYRUDELOLGLQYHQLWXULOHILVFDOHRE LQXWHVXSOLPHQWDUFX

VDX I U  PDMRUDUHD FRWHORU GH LPSXQHUH VH DFFHOHUHD]  UDPEXUVDUHD GDWRULHL SXEOLFH LDU
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veniturilor pe suUVH GH SURYHQLHQ  úL D FKHOWXLHOLORU SH WLSXUL GH QHYRL úL GHVWLQD LL $FHDVW 

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VXV LQHUHDQHYRLORUSXEOLF e etc.

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ƒ economic, prin care sunt identificate tipurile de venituri (impozit pe profit, taxe vamale etc.)
sau de cheltuieli (curente sau de capital);
ƒ IXQF LRQDOSULQFDUHVHUHDOL]HD] RFODVLILFDUHGXS IXQF LLVDUFLQLúLRELHFWLYH

2.7 Publicitatea bugetului

3ULQFLSLXO SXEOLFLW LL DUH vQ YHGHUH LQIRUPDUHD QD LXQLL D ILHF UXL FHW HDQ GHVSUH

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capital.

3. Metode de dimensionare a componentelor bugetului

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P VXU  SH SHUIRUPDQ HOH HFRQRPLHL SH FDSDFLWDWHD DFHVWHLD GH D VXV LQH SULQ HILFLHQ 

dezideratele sociale.
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ƒ SRVLELOLWDWHD GH P VXUDUH D FDUDFWHULVWLFLORU FDQWLWDWLYH DOH IHQRPHQHORU úL SURFHVHORU

HFRQRPLFHSRVLELOLWDWHFUHDW GHWHRULDHFRQRPLF úLGHúWLLQ DILQDQ HORU

ƒ H[LVWHQ D XQRU LQIRUPD LL GH UHIHULQ  VXE IRUPD VHULLORU GLQDPLFH UH]XOWDW vQ JHQHUDO DO

VWDWLVWLFLLúLvQSDUWLFXODUDOVWDWLVWLFLLILQDQFLDUH

ƒ IXQGDPHQWDUHD XQRU PHWRGH úL WHKQLFL GH FDOFXO úL DQDOL]  URG Dl matematicii, statisticii

teoretice, analizei economico-ILQDQFLDUHWHRULHLILQDQFLDUHúLSUDFWLFLLEXJHWDUH

6FKHPDSUHGLF LHLEXJHWDUHLQFOXGH
ƒ IRUPXODUHD RELHFWLYHORU XUP ULWH SULQ IL UHDOL]DWH SULQ EXJHW úL HYDOXDUHD HIRUWXOXL ILQDQFLDU

implicit;
ƒ preJ WLUHD LQIRUPD LLORU SHQWUX GHWHUPLQDUHD WHQGLQ HORU FH FDUDFWHUL]HD]  FKHOWXLHOLOH úL

YHQLWXULOHEXJHWDUHGDUúLHYROX LDHFRQRPLHLúLvQSULPXOUkQGDVXUVHORUGHYHQLWXUL

ƒ DQDOL]D FDOLWDWLY  D DFHVWRU WHQGLQ H D FRQVLVWHQ HL úL FRHUHQ HL ORU SUHFXP úL D úDQVHL

SUREDELOLW LLGHSURGXFHUHDORU

ƒ HODERUDUHD SURSXQHULORU GH YHQLWXUL úL 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 úL

FKHOWXLHOLORU EXJHWDUH 8QHOH VH UHIHU  VWULFW OD HODERUDUHD SURSXQHULORU XQHOH DX vQ YHGHUH úL

FRPSRQHQWDWHQGHQ LDO LDUDOWHFLUFXPVFULXúLDVSHFWHOHFRUHODWLYHFXHYROX LDHFRQRPLHL

0HWRGD DXWRPDW  FRQVW  vQ  HVWLPDUHD YHQLWXULORU úL FKHOWXLHOLORU EXJHWDUH vQ DQXO W

XUP WRU FHOXL vQ FXUV SH ED]D H[HFX LHL EXJHWDUH vQ DQXO W -1 (anterior celui în curs). Baza de
UHIHULQ HVWHPRWLYDW SULQIDSWXOF vQDQXOvQFXUVEXJHWXOHVWHvQF vQH[HFX LHúLQXVHFXQRVF

rezultatele efective DOH DFHVWHLD 9DULD LD LQGLFDWRULORU EXJHWDUL VLQWHWLFL YHQLWXUL úL FKHOWXLHOL
HVWH vQ PDUH P VXU  UH]XOWDWXO PRGXOXL vQ FDUH V D H[HFXWDW EXJHWXO úL GRDU vQ PLF  P VXU  DO
-
contextului economic în care s-DSURGXVDFHDVW H[HFX LH
0HWRGD HVWH VLPSO  GDU IRDUWH DSUR[LPDWLY  úL vQ PDUH P VXU  SX LQ UHDOLVW  GHRDUHFH

H[WUDSROHD] WHQGLQ HFDUHVXQWGHFHOHPDLPXOWHRULGHS úLWHGHUHDOLWDWHDHFRQRPLF 5HJXODSH

FDUHVHED]HD] DFHDVW PHWRG HVWH

Vt − 1 = PVt + 1 sau C t − 1 = PC t + 1 (75)

unde: V YHQLWXULFRQIRUPH[HFX LHLEXJHWDUH

C FKHOWXLHOLFRQIRUPH[HFX LHLEXJHWDUH

PV SUHGLF LHGHYHQLWXUL

PC SUHGLF LHGHFKHOWXLHOL

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

veniturilor / cheltuielilor în anul t- ID  GH SUHGLF LD 39t-1 sau PCt-1. De asemenea, nu ia în
FRQVLGHUDUHHYROX LDHFRQRPLHLvQFHLDQLFHGHVSDUWDQXOGHUHIHULQ GHFHOGHSUHGLF LH&HHD

FHVHúWLHFXFHUWLWXGLQHHVWHUDSRUWXOGHRUGLQHvQWUHSUHGLF LDúLH[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 ut.

0HWRGD PDMRU ULL GLPLQX ULL GH ED]HD]  SH H[WUDSRODUHD XQHL WHQGLQ H UHODWLY

FRQVROLGDWHUH]XOWDW GLQGLQDPLFDSH -8-DQLDYHQLWXULORUúLFKHOWXLHOLORUEXJHWDUH5LWPXOGH

HYROX LH DO DFHVWRUD HVWH DVXPDW FD UHDOL]DELO úL 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 ) (77.2)

unde: n = orizont statisticGHLQIRUPDUHGHSLOG DQL

 It/t-1 LQGLFHOHGHFUHúWHUHDYHQLWXOXLFKHOWXLHOLLEXJHWDUHvQDQXOWID GHDQXOW -1;
−
r ULWPXOPHGLXGHHYROX LHDYHQLWXOXLFKHOWXLHOLLEXJHWDUHSHQDQL

Sn = nivelul venitului / cheltuielii bugetare în 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 GHDDQLORULQFOXúLvQRUL]RQWXOVWDWLVWLF

0HWRGD HYDOX ULL GLUHFWH VH ED]HD]  SH HVWLPDUHD YHQLWXULORU úL FKHOWXLHOLORU DQXOXL W

XUP WRUFHOXLFXUHQWSRUQLQGGHODSUHOLPLQDUHDH[HFX LHLEXJHWDUHSHDQXOWDQXOFXUHQWúLGH

la predic LLOH SULYLQG HYROX LD HFRQRPLF  úL HYHQWXDOHOH PRGLILF UL OHJLVODWLYH FH YRU LQWUD vQ

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

FKHOWXLDO vQSDUWH

Într-RIRUP VLPSOLILFDW SUHGLF LDYHQLWXULORUSRDWHILUHDOL]DW GXS UHOD LD

PVt +1 = Vp t + BI t +1 ∗ ∆l (73.1)

în care: Vpt = venitul preliminat în anul t;

BIt+1 = baza de impozitare în anul t+1;
∆l  PRGLILF UL OHJLVODWLYH vQ DQXO W ID  GH DQXO W DOWHOH GHFkW FHOH SULY ind baza de
impozitare.

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 úL

LQIOXHQ DIDFWRULORUGHQDWXU HFRQRPLF HVRFLDO VSROLWLF SúLGHFRQMXQFWXU H[WHUQ F

ÌQ FH SULYHúWH HYDOXDUHD FKHOWXLHOLORU PHWRGD HVWH VLPLODU  GRDU F  HYHQWXDOHOH FRUHF LL

VXQW GHWHUPLQDWH SUHGRPLQDQW vQ UDSRUW FX SURGXVXO LQWHUQ EUXW 3,% UDWD LQIOD LHL UL úL FXUVXO

GHVFKLPEDOPRQHGHLQD LRQDOHFV

PC t +1 = Cp t ∗ g (PIBt +1, ri t +1, cs t +1) (74.1)

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

LPSDFWXOHYROX LHLIDFWRULORUGHLQIOXHQ PHQ LRQD L

Într-RIRUP VLPSOLILFDW SUHGLF LDFKHOWXLHOLORUVHSRDWHUHDOL]DGXS UHOD LD

PC t +1 = Cp t ∗ I PIB ∗ (1 + ri t +1) (74.2)

unde IPIB HVWH LQGLFHOH 3,% vQ DQXO W ID  GH DQXO W vQ SUH XUL GHIODWDWH DGLF  QHLQIOXHQ DWH GH

SURFHVXOLQIOD LRQLVW

Metoda esWHPDLFRPSOH[ GDUPDLDSURDSHGHUHDOLWDWHLDUHYHQWXDOHOHQHVLQFURQL] ULúL

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

Metoda PPBS are în 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

ƒ planificarea - elaborarea obiectivului de realizat într-R SHUVSHFWLY  SH WHUPHQ OXQJ vQ
contextul unei strategii administrative date;
ƒ 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
HYDOXDUHDFRVWXULORUúLDUH]XOWDWHORUSUH]XPDWH

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

0HWRGD HVWH PXOW PDL SUHFLV úLDUHvQ 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  FRVW-

DYDQWDM SUH]LQW  IRU  GH DUJXPHQWD LH GHRDUHFH FRPSDU  FKHOWXLHOLOH FX UH]XOWDWHOH DGLF 

permite folosirea indicatorilor de eILFLHQ úLGHDVHPHQHDG SRVLELOLWDWHDLQWURGXFHULLDOHJHULL

multicriteriale.
ÌQFHSULYHúWHHILFLHQ DDFHDVWDHVWHHYLGHQ LDW vQGRX GLQIRUPHOHHLFHOHPDLH[SUHVLYH

•HIHFWRE LQXWODXQLWDWHDGHFRVW
e1 = A / C (75.1)

• cheltuiala (efortXOQHFHVDU 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.
Într-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 LúFRODUL]D LV OLGHFODV  HWF

(SHQWUX RELHFWLYH GH vQY PkQW QXP U GH XQLW L VSLWDOLFHúWL 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 úRPHUL

DVLVWD LVDXLQWHJUD LHWFSHQWUXRELHFWLYHVRFLDOHFUHúWHUH a PIB-XOXLYDORDUHDSUH]HQW QHW HWF

SHQWUXRELHFWLYHHFRQRPLFHúD

ÌQFHSULYHúWHDOHJHUHD PXOWLFULWHULDO DFHDVWDSHUPLWHGHILQLUHDXQRUFULWHULLGHDSUHFLHUH

FDOLWDWLY úLLPSOLFLWGHVHOHF LH VSHFLILFH GLIHULWHORURELHFWLYH3HQWUXDFHDVWDHVWH QHFHVDUV VH

LGHQWLILFH LQGLFDWRULFDQWLWDWLYLFkWPDLH[SUHVLYLSHQWUXILHFDUHFULWHULXvQSDUWHV VHJHQHUH]HR

SURFHGXU  GH FRHUHQ  vQWUH DFHúWLD úL vQ VIkUúLW XQ DOJRULWP FDUH V  SHUPLW  FRQFHQWUDUHD

impactului cumulativ al tuturor acestor indicaWRUL 6  SUHVXSXQHP XQ RELHFWLY SHQWUX UHDOL]DUHD

F UXLD SRW IL DYXWH vQ YHGHUH M    « - YDULDQWH &ULWHULLOH FDOLWDWLYH GH DSUHFLHUH D

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

K. În 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:
K
rj = ∑ l jk j = 1,2, …, J (76)
k =1

Cu cât acest rang este mai mic, cu atât proiectul respectiv este mai bine situat în ierarhia
PXOWLFULWHULDO  3URFHGXUD SRDWH IL vPEXQ W LW   SULQ LQWURGXFHUHD XQRU SRQGHUL GH LPSRUWDQ 

pentru fiecare criteriu în parte, fie pk

 K
∑ pk = 1 (76.1)
k =1

$FHVWH SRQGHUL DGXF vQ MRF VXELHFWLYLVPXO GHFLGHQWXOXL DGLF  LPSRUWDQ D SH FDUH HO R

DFRUG GLIHULWHORUFULWHULLGHDSUHFLHUHÌQDFHVWFD]UHOD LDGHYL ne:

K
rj = ∑ 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 în etape anuale t = (1, T1 vQ FDUH VH HIHFWXHD]  FKHOWXLHOLOH GH UHDOL]DUH &%t úL
FKHOWXLHOLOHGHIXQF LRQDUH&)tDFHVWHDGLQXUP QXQHDS UDWILQDQ DWHGLQEXJHW'XS UHDOL]DUHD

RELHFWLYXOXL DFHVWD FRQWLQX  V  IXQF LRQH]H WLPS GH 72 - T1 ani (T2 > T1). În tot intervalul de
IXQF LRQDUH VH RE LQ DYDQWDMH EHQHILFLL DQXDOH GH P ULPH $t. 'DWRULW  SHUHQLW LL UHDOL] ULL úL

IXQF LRQ ULL 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. În aceste

FRQGL LLDYDQWDMXOQHWDFWXDOHVWH

T2 T1
−t
ANA = ∑ (A t − CFt ) ∗ (1 + i) − ∑ CBt ∗ (1 + i) − t ] (77)
t =1 t =1

Metoda prezint FXWRDWHDYDQWDMHOHHLPXOWHSXQFWHVODEHVDXGLVFXWDELOH

%XJHWXO GH VWDW UHXQHúWH FKHOWXLHOL SHQWUX RELHFWLYH GLQ GRPHQLL GLYHUVH &ULWHULLOH FDUH

FRQGXF GLIHULWH LQVWLWX LL OD SURSXQHUHD XQHL FKHOWXLHOL VXQW H[WUHP GH GLYHUVH úL 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  úL RUGLQH SXEOLF 

3HQWUX DFHDVWD VXQW QHFHVDUH FULWHULL JHQHUDOH JUHX GH IRUPXODW úL probabil, mai greu de
FXQDWLILFDW 3HQWUX DFHDVW  VHOHF LH RUL]RQWDO  SUHYDOHD]  DGHVHD RS LXQLOH UH]XOWkQG GLQ

SURJUDPHOHSROLWLFHGHJXYHUQDUHGLQLGHRORJLLGLQRELúQXLQ HGLQFRQMXQFWXUL

Un element discutabil în utilizarea acestei metode îl 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 úL XQLFLWDWHD VD vO UHSUH]LQW  2U WHRULD VLVWHPHORU úL WHRUHPHOH RSWLPXOXL

RSWLPXO JOREDO VXERSWLPXO RSWLPXO SDU LDO GHPRQVWUHD]  FODU F  SUHPLVD PHQ LRQDW  QX HVWH

DGHY UDW  'HS úLUHDDFHVWXL 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 între oELHFWLYH DVWIHO vQFkW V 

DVLJXUHRFRW GHUHDOL]DUHFkWPDLULGLFDW 

Metoda ZBB are în vedere evaluarea variantelor de realizare a unui obiectiv în 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 úL DYDQWDMH SH P VXU  0HWRGD HVWH L]RPRUI 

problemei de optim a agentului economic ce-úL 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]  ÌQ 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 úL HYDOXDUH D

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

buget.
Metoda RCB are în 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 DWkWDRELHFWLYXOXLFkWúLDPLMORDFHORU GHUHDOL]DUHDOXLDVWIHO

vQFkW DQVDPEOXO HIRUWXOXL EXJHWDU V  ILH PDL FRQYHQDELO FKHOWXLHOL EXJHWDUH PDL PLFL I U  D

renun DQHDS UDWODSURLHFWHGHMDLQL LDWHvQFXUVGHGHVI úXUDUH

ÌQILHFDUHLWHUD LH úLSHQWUXILHFDUH SURLHFWHVWHQHFHVDU  SDUFXUJHUHD XQRUHWDSHVWULFWHGH

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

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

úLGHH[FHS LLOHSHFDUHOHSUHVXSXQHID GHSULQFLSLLOHEXJHWDUHDOHDQXDOLW LLúLQHDIHFW ULL

4. Procesul bugetar
3URFHVXO EXJHWDU UHSUH]LQW  PXO LPHD VWUXFWXUDW  D DF LXQLORU úL P VXULORU LQL LDWH úL

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 úL GUHSWXUL LQVWLWX LRQDOH R FRQVWLWXLH &RQVWLWX LD úL OHJLOH

VSHFLILFH7RDWHDFHVWHUHJOHPHQW ULDXFDRELHFWILQDOYHQLWXULOHúLFKHOWXLHOLOHVWDWXOXL

Procesul bugetar are câteva caracteristici majore:

ƒ HVWH GHFL]LRQDO GHRDUHFH DUH FD VFRS IRUPXODUHD UHDOL]DUHD úL FRQWUROXO IRUP ULL UHVXUVHORU

EXJHWDUH úL DO DORF ULL ORU LQFOXVLY GHFL]LD SULYLQG UHFXQRDúWHUHD QHYRLORU úL D FXDQWXPXOXL

ORUDSULRULW LLRSRUWXQLW LLúLVWULQJHQ HLD

cestora);
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SXWHULLGHVWDWSHVHDPDRS LXQLORUH[SULPDWHSULQYRWGHF WUHFHW HQL

ƒ HVWH SUHSRQGHUHQW SROLWLF GHRDUHFH FRQ LQXWXO V X VH UHIHU  OD SROLWLFD ILQDQFLDU  D F UHL

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ƒ HVWH WHKQLF vQ FH SULYHúWH IRUPXODUHD H[HFX LD úL FRQWUROXO GHRDUHFH GLQFROR GH RS LXQLOH

SROLWLFH WUHEXLH UHVSHFWDWH FHULQ HOH IXQF LRQ ULL PHFDQLVPXOXL HFRQRPLF úL SULQFLSLXO

UD LRQDOLW LL

ƒ este ciclic, deoarece se reia anual;

ƒ DUH ODUJ LPSDFW SXEOLF GHRDUHFH VIHUD VD GH FXSULQGHUH úL HIHFWHOH JHQHUDWH VH UHJ VHVF vQ

PDFURúLPLFRUHFRQRPLHSUHFXPúLvQWRDWHGRPHQLLOHYLH LLVRFLDO -economice.

Procesul bugetar FXSULQGHSDWUXHWDSHHODERUDUHDDSUREDUHDH[HFX LDúLFRQWUROXO/HJHD
SUHYHGH FRQ LQXWXO DFHVWRU HWDSH JUDILFXO WHPSRUDO DO GHUXO ULL ORU LQVWLWX LLOH DELOLWDWH

FRPSHWHQWHúLU VSXQ] WRDUH

ÌQSURFHVXOEXJHWDUVXQWDQJUHQDWHPDLPXOWHLQVWLWX LL3D rlamentul, Guvernul, Ministerul

)LQDQ HORU WRDWH FHOHODOWH PLQLVWHUH WRDWH LQVWLWX LLOH EXJHWDUH 7UH]RUHULD 6WDWXOXL RUJDQHOH

DXWRULW LLORFDOH&XUWHDGH&RQWXUL

4.1 Elaborarea proiectului de buget

ÌQ DFHDVW  HWDS  VXQW DQJDMDWH WRDWH LQVWLWX LLO e publice de orice nivel în vederea
SURSXQHULL GH UHVXUVH ILQDQFLDUH úL GH RELHFWLYH SHQWUX FDUH V  VH SUHYDG  FKHOWXLHOL GLQ EXJHW
,QVWLWX LD VSHFLDOL]DW  HVWH 0LQLVWHUXO )LQDQ HORU3H ED]D XQHLDFWLYLW L SURVSHFWLYH DDFHVWXLD úL

în colaborare cu alte RUJDQLVPH GH VSHFLDOLWDWH VWDWLVWLF  SURJQR]  FHUFHWDUH HFRQRPLF  HWF

VXQWIRUPXODWHvQSULQFLSLXQLYHOXOúLVWUXFWXUDYHQLWXULORU

3H GH DOW  SDUWH WRDWH LQVWLWX LLOH ILQDQ DWH GLQ EXJHW vúL IRUPXOHD]  SURSXQHULOH SULYLQG

necesarul de cheltuieli SHQWUXDQXODOF UXLEXJHWHVWHvQFXUVGHHODERUDUH$FHVWHSURSXQHULVXQW

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SkQ  OD  LXQLH 0LQLVWHUXOXL )LQDQ HORU $FHVWD GXS  FRQVXOWDUHD SULPXOXL PLQL stru asupra
FDGUXOXL EXJHWDU JHQHUDO IRUPXOHD]  QLYHOXULOH GH FKHOWXLHOL SURSXVH SHQWUX ILHFDUH LQVWLWX LH

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)LQDQ HORU SkQ   OD  DXJXVW FDUH OD UkQGXO V X WUHEXLH V  vQDLQWH]H *XYHUQXOXL SkQ  OD 

VHSWHPEULHSURLHFWXOGHEXJHW úLSURLHFWXO OHJLLEXJHWDUH7RWDFHVWFLUFXLWHVWHFDUDFWHUL]DWSULQ

repetate cRQVXOW UL úL FRQFLOLHUL vQWUH XQLW LOH EXJHWDUH GH RULFH QLYHO úL GLUHF LLOH GH VSHFLDOLWDWH

GLQ PLQLVWHUHOHEXJHWDUHvQVWUXFWXUDF URUD VHDIO  vQWUHPLQLVWHUH úL0LQLVWHUXO)LQDQ HORUvQWUH

PLQLVWUXO ILQDQ HORU úL FRQGXF WRULL LQVWLWX LLORU FHQWUDOH Obiectivul acestora îl constituie de
UHJXO FUHúWHUHDDORFD LLORUEXJHWDUHvQOLPLWDSUHYHGHULORUOHJDOHúLDQRUPHORUPHWRGRORJLFHDOH

0LQLVWHUXOXL)LQDQ HORU'LYHUJHQ HOHQHVROX LRQDWHODFHOHWUHLQLYHOXULPHQ LRQDWHVXQWUH]ROYDWH

în Guvern cu prileMXO GLVFXW ULL úL DGRSW ULL GH F WUH DFHVWD D SURLHFWXOXL GH EXJHW vQ YHGHUHD

VXSXQHULL VSUH GH]EDWHUH úL DSUREDUH vQ 3DUODPHQW 3URLHFWXO GH EXJHW DGXV vQ GH]EDWHUHD

Parlamentului, include mai multe documente:

ƒ expunerea de motive;
ƒ proiectul propriu-zis deEXJHWSHFDWHJRULLPDULGHYHQLWXULúLFKHOWXLHOL
ƒ SURSXQHULGHHYHQWXDOHDPHQG ULOHJLVODWLYHSULYLQGYHQLWXULOHúLFKHOWXLHOLOHEXJHWDUH

ƒ DQH[HOH OD SURLHFWXO GH EXJHW FX GHWDOLHUHD YHQLWXULORU úL FKHOWXLHOLORU úL HYHQWXDO FX

propunerile de veniturLúLFKHOWXLHOLDOHIRQGXULORUVSHFLDOHH[WUDEXJHWDUH

ƒ LQIRUPD LLGHIXQGDPHQWDUH

'RFXPHQWHOHúLGLQvQúLUXLUHDGHPDLVXVVXQWFXSULQVHvQSURLHFWXOGHOHJHSULYLQG

EXJHWXO GH VWDW 'HSXQHUHD OD 3DUODPHQW D SURLHFWXOXL GH EXJHW úL D SURLHFWXOX i legii bugetare
WUHEXLHI FXW GH*XYHUQSkQ ODGDWDGHRFWRPEULH

4.2. Aprobarea bugetului

$SUREDUHD EXJHWXOXL VH IDFH GH F WUH 3DUODPHQW DVWIHO vQFkW EXJHWXO V  DLE  FDUDFWHU GH

OHJH $FHVW OXFUX HVWH LPSRUWDQW SHQWUX LQVWLWXLUHD REOLJDWLYLW LL FRQWULEXDELOLORU GH D Y UVD

YHQLWXULOH SH FDUH JXYHUQXO FRQWHD]  vQ UHDOL]DUHD SROLWLFLL VDOH GDU úL SHQWUX VWDELOLUHD

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 úL DOHJHUHD FHOHL PDL DGHFYDWH RS LXQL SULYLQG

FRQVWLWXLUHDúLXWLOL]DUHDUHVXUVHORUEXJHWDUHÌQFDGUXODFHVWHLSURFHGXULVHvQWkOQHVFvQSULQFLSDO

XUP WRDUHOHHWD pe:

ƒ prezentarea vQ SOHQXO 3DUODPHQWXOXL GH F WUH SULPXO PLQLVWUX VDX GH F WUH PLQLVWUXO
ILQDQ HORUDproiectului de bugetvQVXúLWGH*XYHUQ

ƒ examinarea acestui proiect în comisiile permanente DOH 3DUODPHQWXOXL HGXFD LH V Q WDWH
FXOWXU  DS UDUH HWF FRPLVLL FDUH SRW IRUPXOD DPHQGDPHQWH ILHFDUH FRPLVLH WUHEXLH V  VH

SURQXQ HvQOHJ WXU FXDFRUGXOSULYLQGUHVSHFWLYXOSURLHFW

ƒ examinarea proiectului de buget vQFRPLVLDGHEXJHWILQDQ HE QFL (comisia de specialitate a

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

aprobare;
ƒ dezbaterea înSOHQXO3DUODPHQWXOXLDSURLHFWXOXLGHEXJHWDGLF DSUREDUHDSULQYRWDILHF UXL

DUWLFRO GLQ OHJHD EXJHWXOXL LQFOXVLY D DPHQGDPHQWHORU DIHUHQWH SURYHQLWH GH OD FRPLVLL úL

aprobarea prin vot a legii bugetului în ansamblul ei;

ƒ promulgarea legii bugetului dHF WUH3UHúHGLQWHOH ULL
ƒ publicarea în "Monitorul oficial" a legii privind bugetul.

4.3. ([HFX LDEXJHWXOXL

%XJHWXO GHYLQH RSHUD LRQDO QXPDL GXS  SXEOLFDUHD VD vQ 0RQLWRUXO RILFLDO ([HFX LD

bugetului începe din prima zi a anului bugetar (vezi cap. III.2 úL FDUH vQ 5RPkQLD HVWH 
LDQXDULH ÌQ P VXUD vQ FDUH OHJHD EXJHWXOXL QX HVWH DSUREDW  FX FHO SX LQ  ]LOH vQDLQWH GH

vQFHSXWXO DQXOXL EXJHWDU DWXQFL SRWULYLW OHJLL ILQDQ HORU SXEOLFH *XYHUQXO SRDWH vQFDVD YHQLWXUL

úLOHSRDWHFKHOWXLSkQ ODDSURE area noului buget, în conformitate cu prevederile legii bugetului

pe anul anterior.
([HFX LDEXJHWXOXLvQVHDPQ  vQFDVDUHDYHQLWXULORUúL HIHFWXDUHDFKHOWXLHOLORUSRWULYLWOHJLL

EXJHWXOXLFDOLPLW PLQLP vQFHSULYHVFYHQLWXULOHúLFDOLPLW PD[LP vQFH privesc cheltuielile.

/D H[HFX LD EXJHWXOXL SDUWLFLS  0LQLVWHUXO )LQDQ HORU 7UH]RUHULD 6WDWXOXL FD LQVWLWX LH

VSHFLDOL]DW  D 0LQLVWHUXOXL )LQDQ HORU úL VXERUGRQDW  DFHVWXLD vQ XQHOH VWDWH QX H[LVW  DFHDVW 

LQVWLWX LH WRDWH LQVWLWX LLOH EXJHWDUH vQ FDOLWDWH GH RUGRQDWRUL GH FUHGLWH EXJHWDUH XQLW LOH

administrativ-WHULWRULDOH E QFL DQJDMDWH vQ RSHUD LXQLOH EXJHWDUH RUJDQLVPH LQWHUQD LRQDOH

angajate în transferuri monetare cu bugetul.

0LQLVWHUXO)LQDQ HORUVDX7UH]RUHULD6WDWXOXLDXFDRELHFWLYV FXQRDVF úLV XUP UHDVF 

SHUPDQHQW VWDUHD vQFDV ULL úL FKHOWXLULL UHVXUVHORU EXJHWDUH FD úL HFKLOLEUXO EXJHWDU V  HIHFWXH]H

vQFDV ULOHúLSO LOHEXJHWDUH'DF QXH[LVW LQVWLWX LDWUH]RUHULHLDWXQFLvQFDV ULOHúLSO LOHVHIDF

printr-REDQF FRPHUFLDO VDXSULQWU XQJUXSGHE QFLvQED]DXQXLFRQWUDFWGHVHUYLFHvQFKHLDWGH

-
DFHDVWDDFHVWHDFX0LQLVWHUXO)LQDQ HORU

([HFX LD YHQLWXULORU VH IDFH SULQ RSHUD LXQL VSHFLILFH DGHVHD GLIHULWH GXS  WLSXO GH YHQLW

LPSR]LWGLUHFWLPSR]LWSHFRQVXPWD[ YDPDO YHQLWQHILVFDOvPSUXPXWXULúD

3HQWUXLPSR]LWHOHGLUHFWH[HFX LDVHUHDOL]HD] SULQ

a) RSHUD LXQLHIHFWXDWHGHDSDUDWXOILVFDODO0LQLVWHUXOXL)LQDQ HORU :

ƒ DúH]DUHD LPSR]LWXOXL DGLF  LGHQWLILFDUHD úL GLPHQVLRQDUHD PDWHULHL LPSR]DELOH D ILHF UXL

contribuabil;
ƒ lichidarea DGLF  GHWHUPLQDUHD P ULPLL LPSR]LWXOXL FH WUHEXLH SO WLW GH XQ FRQWULEXDELO úL
înscrierea acesteia ca debit într-XQUROILVFDOGHVFKLVSHQWUXILHFDUHGLQDFHúWLD
ƒ emiterea titlului de percepereDGLF GRFXPHQWXOFDUHDXWRUL]HD] vQFDVarea; acesta poate fi:
• GLVSR]L LH GH vQFDVDUH HPLV  DWXQFL FkQG FRQWULEXDELOXO SO WHúWH LPSR]LWXO GLQ SURSULH
LQL LDWLY 

• ordin de încasare emis pentru a-O DQXQ D SH FRQWULEXDELO GH REOLJD LD GH SODW  VDX SHQWUX

H[HFXWDUHDVLOLW DDFHVWXLD

b) RSHUD LXQLHIHFWXDWHGH7UH]RUHULHVDXGHE QFLOHvQFDVDWRDUH :

ƒ perceperea impozitului DGLF  vQFDVDUHD HIHFWLY  D DFHVWXLD RSHUD LXQHD SUHVXSXQH úL

XUP ULUHD RQRU ULL LQWHJUDOH úL OD WLPS D REOLJD LLORU ILVFDOH GH F WUH ILHFDUH FRQWULEXDELO vQ

parte.

([HFX LD FKHOWXLHOLORU SUHVXSXQH úL HD XQHOH SDUWLFXODULW L vQ VSHFLDO SHQWUX WDQVIHUXUL vQ

EHQHILFLXOEXJHWHORUORFDOHúLSHQWUXUDPEXUV ULGHvPSUXPXWXUL

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a) RSHUD LXQL vQ VDUF ina ordonatorilor de credite DGLF  D FRQGXF WRULORU GH LQVWLWX LL SXEOLFH

VDXDFHORUPDQGDWD LGHHLúLFDUHvQSUDFWLFDEXJHWDU D ULLQRDVWUHVXQW

• GH JUDGXO , PLQLúWULL úL FRQGXF WRULL DJHQ LLORU JXYHUQDPHQWDOH VXERUGRQDWH GLUHFW

Guvernului;
 • GH JUDGXO ,, FRQGXF WRULL LQVWLWX LLORU SXEOLFH GLQ VWUXFWXUD WHULWRULDO  D PLQLVWHUHORU úL

DJHQ LLORU JXYHUQDPHQWDOH VXERUGRQDWH QHPLMORFLW *XYHUQXOXL GLUHF LL LQVSHFWRUDWH HWF

MXGH HQH

• GH JUDGXO ,,, FRQGXF WRULL LQVWLWX LLORU SXEOLFH RSHUD LRQDOH VSLWDO úFRDO  XQLWDWHPLOLWDU 

muzeu, teatru etc.).

ÌQFDGUXODFHVWRURSHUD LXQLVHLQFOXG

ƒ angajareaDGLF GHFL]LDSHED]DF UHLDVHDXWRUL]HD] HIHFWXDUHDXQHLSO LGHF WUHLQVWLWX LD

EXJHWDU  vQ EHQHILFLXO XQXL WHU  OD ED]D GHFL]LHL VW  vQWRW deauna un document legal de
DQJDMDUHFRQWUDFWRUGLQDOPLQLVWUXOXLKRW UkUHMXGHF WRUHDVF SUHYHGHULOHXQRUOHJL

ƒ lichidarea DGLF  UHFHS LD EXQXULORUVHUYLFLLORU FRQWUDFWDWH úL GHWHUPLQDUHD VXPHL GDWRUDWH

furnizorilor;
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RUGLQGHSODW 

b) RSHUD LXQLvQVDUFLQDVHUYLFLXOXLILQDQFLDUDOLQVWLWX LHLRUGLQDWRDUHGHFUHGLW :

ƒ plataDGLF DFKLWDUHDVXPHLGDWRUDWH

ƒ HYLGHQ DSO LORU.

ÌQFKHLHUHD DQXOXL EXJHWDU HVWH PDUFDW  SULQ RSHUD LXQL úL GRFXPHQWH FDUH V  DWHVWH

vQFKHLHUHD H[HFX LHL EXJHWDUH úL HVWH GLIHUHQ LDW  GXS  VLVWHPXO GH H[HFX LH GH H[HUFL LX VDX GH

gestiune (vezi cap. III.2.4).

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H[HFX LD GH FDV  D EXJHWXOXL DIHUHQW úL GH DVHPHQHD VH vQFKLG FRQWXULOH GH DORFD LL EXJHWDUH

DVWIHOvQFkWYHQLWXULOHQHXWLOL]DWHV ILHUHWXUQDWHEXJHWXOXLGHVWDW

/D QLYHOXO 0LQLVWHUXOXL )LQDQ HORU FD DGPLQLVWUDWRU JHQHUDO DO H[HFX LHL EXJHWDUH se
vQWRFPHúWH FRQWXO GH H[HFX LH EXJHWDU  SH ED]D F UXLD VH GHWHUPLQ  PRGXO vQ FDUH DX IRVW

UHDOL]DWH YHQLWXULOH FKHOWXLHOLOH úL VROGXO EXJHWXOXL DúD FXP DX IRVW HOH DSUREDWH SULQ OHJHD

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

SULPXO UkQG GLQ FDX]D LQIOD LHL DORF ULOH SUHY ]XWH SULQ OHJHD LQL LDO  D EXJHWXOXL DX GHYHQLW

insuficiente.
&RQWXOGHH[HFX LH EXJHWDU vQWRFPLWGH0LQLVWHUXO)LQDQ HORUHVWHQXPLWúLFXDSHODWLYXO

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
)LQDQ HORU SHQWUX D IL GLVFXWDW GH *XYHUQ LDU DFHVWD vO SUH]LQW  3DUODPHQWXOXL VSUH GLVFX LH úL

DSUREDUHGXS FDUHH[HFX LDEXJHWXOXLVHFRQVLGHU vQFKLV 

'H]EDWHUHD vQ 3DUODPHQW úL *XYHUQ D FRQWXOXL JHQHUDO GH H[HFX LH EXJHWDU  VH IDFH SH

baza unui rapRUW HODERUDW GH 0LQLVWHUXO )LQDQ HORU SUHFXP úL D XQXL SURLHFW GH OHJH SULYLQG
H[HFX LD EXJHWXOXL ÌQ 3DUODPHQW DFHVWH GRFXPHQWH VXQW vQ SUHDODELO GLVFXWDWH vQ FRPLVLD GH

VSHFLDOLWDWH FDUH SUH]LQW  SOHQXOXL 3DUODPHQWXOXL R UHFRPDQGDUH DVXSUD ORU 3H OkQJ  DFHVWH

GRFXPHQWH 3DUODPHQWXO LD FXQRúWLQ  DXGLD]  úL GH]EDWH GH DVHPHQHD XQ UDSRUW DO &XU LL GH

&RQWXUL SULYLQG H[HFX LD EXJHWXOXL 7RDWH DFHVWH RSHUD LXQL QHFHVLW  R SHULRDG  GH WLPS OD FDUH

VH DGDXJ  úL FHD GH HODERUDUH D SURLHFWXOXL DVWIHO vQFk t durata procesului bugetar este mult mai
PDUH GHFkW D H[HUFL LXOXL SURSULX ]LV 3HQWUX FRQGL LLOH OHJLVODWLYH GLQ 5RPkQLD DFHVW SURFHV
-
GXUHD] vQWUHúLGHOXQLHODERUDUHDvQFHSHvQOXQDPDLDDQXOXLW H[HFX LDVHSURGXFHSH
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parcursul anului t, FRQWXO GH H[XFX LH HVWH vQWRFPLW SkQ  vQ LXQLH DQXO W FRQWUROXO &XU LL GH

&RQWXUL VH H[HUFLW  GH UHJXO  GLQ LXOLH DQXO W SkQ  vQ LDQXDULH LXQLH DQXO W SUHJ WLUHD
-
GH]EDWHULLSDUODPHQWDUHDFRQWXOXLGHH[HFX LHEXJHWDU PDLGXUHD] -2 luni astfel încât procesul

bugetar vizând anul t se încheie în 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 úL FDUH H[HUFLW  XQ FRQWURO GH WLS XOWHULRU ÌQ XQHOH UL DFHDVW  LQVWLWX LH SRDWH

DYHDúLDWULEX LLGHFRQWUROSUHYHQWLY&RQWUROXO&XU LLGH&RQWXULYL]HD] 

ƒ OHJDOLWDWHD úL UHDOLWDWHD GDWHORU FXSULQVH vQ G ULOH GH VHDP  FRQWDELOH úL vQ FRQWXULOH GH

H[HFX LH GH FDV  D EXJHWXOXL OD RULFDUH RUGRQDWRU GH FUHGLWH SUHFXP úL vQ UDSRUWXO úL FRQWXO

JHQHUDOGHH[HFX LHvQWRFPLWHGH0LQLVWHUXO)LQDQ HORU

ƒ HILFLHQ D HILFDFLWDWHD úL HFRQRPLFLWDWHD H[HFX LHL EXJHWDUH UHVSHFWLY FDOLWDWHD JHVWLRQ ULL

banilor publici la toate nivelurile;

ƒ GHSLVWDUHD XWLOL] ULL QHOHJDOH D EDQLORU SXEOLFL HYDOXDUHD HYHQWXDOHORU SDJXEH úL UHFXSHUDUHD

ORUSULQRUJDQHMXULVGLF LRQDOHSURSULLVDXSULQLQVWDQ HGLQVIHUDSXWHULLMXGHF WRUHúWL

ƒ SURSXQHUHD F WUH 3DUODPHQW D XQRU HYHQWXDOH PRGLILF UL  DMXVW UL  vPEXQ W LUL D OHJLVOD LHL

SULYLQGEXJHWXOH[HFX LDúLFRQWUROXOH[HFX LHLDFHVWXLD

&RQWUROXO H[HFX LHL EXJHWXOXL HVWH HIHFWXDW úL SH ILOLHUD *XYHUQXOXL GH OD QLYHOXO

acestuia, de OD QLYHOXO 0LQLVWHUXOXL )LQDQ HORU úL GH OD QLYHOXO GLIHUL LORU RUGRQDWRUL GH FUHGLWH
$FHVWDHVWHXQFRQWUROLQWHUQVSUHGHRVHELUHGHFHODO&XU LLGH&RQWXULFDUHHVWHH[WHUQúLVH

H[HUFLW  úL SUHYHQWLY úL XOWHULRU )LHFDUH GLQ QLYHOHOH PHQ LRQDWH DU e organ propriu de control
ILQDQFLDU LQWHUQ &RPSHWHQ HOH GH FRQWURO VXQW TXDVLJHQHUDOH OD QLYHOXO FRQWUROXOXL ILQDQFLDU DO

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úL MXGH HORU vQ MRV úL VXQW FLUFXPVFULVH GRDU XQLW LORU vQ VXERUGLQH SHQWUX FHLODO L RUGRQDWRUL

de credite.
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FHORUODOWH RUJDQLVPH PHQ LRQDWH HVWH XQ FRQWURO WHKQLF DGLF  GH QDWXU  ILQDQFLDU  ÌQ DIDUD

DFHVWXLD 3DUODPHQWXO H[HUFLW  XQ FRQWURO SROLWLF DVXSUD RULF UHL HWDSH D SURFHVXOXL EXJHWDU SULQ

IDSWXOF GH]EDWHúLDSURE EXJHWXOúLOHJHDEXJHWXOXLFRQWXOGHH[HFX LHEXJHWDU GRFXPHQWHOH

SHQGLQWHúLOHJHDH[HFX LHLEXJHWXOXL

5. Structura bugetului de stat al României

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

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

soldului bugetar (deficit / excedent);

ƒ regimul veniturilor bugetare, în care se faF SUHFL] UL UHIHULWRDUH OD FROHFWDUHD YHQLWXULORU

EXJHWDUHVDXODXQHOHPRGLILF UL DMXVW UL SHFDUHOHLQWURGXFHOHJHDEXJHWXOXLGHDVHPHQHD

HVWHSUH]HQWDW RVLQWH] DYHQLWXULORUSHSULQFLSDOHOHFRPSRQHQWH7DEHO

ƒ UHJLPXO úL GHVWLQD LLOH FKHOWXLHOLORU vQ FDUH VH IDF SUHFL] UL SULYLQG PRGXO GH HIHFWXDUH D

FKHOWXLHOLORU EXJHWDUHSUHFXPúLXQHOHDWULEX LL UHVSRQVDELOLW LDOHRUGRQDWRULORUGHFUHGLWH

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

cheltuielilor bugetare (Tabel 1);

ƒ GHILFLWXOH[FHGHQWXOEXJHWDUGDWRULDSXEOLF úLvPSUXPXWXULOHJXYHUQDPHQWDOH

ƒ GLVSR]L LLUHIHULWRDUHODUHJLLOHDXWRQRPHVRFLHW LOHúLFRPSDQLLOHQD LRQDOH

ƒ GLVSR]L LLUHIHULWRDUHODEXJHWHOHORFDOH

ƒ bugetele fondurilor speciale;

ƒ UHVSRQVDELOLW LvQDSOLFDUHDOHJLL

ƒ GLVSR]L LLILQDOH
 Tabelul 1 (mdl.lei)
VENITURI - TOTAL CHELTUIELI - TOTAL
din care: din care:
I. Venituri curente I. Cheltuieli curente
din care: din care:
1.Venituri fiscale 1. cheltuieli de personal;
din care: 2. FKHOWXLHOLPDWHULDOHúLVHUYLFLL
a) impozite directe 3. VXEYHQ LL
din care: 4. SULPHDFRUGDWHSURGXF WRULORUDJULFROL
- impozit pe profit; 5. transferuri;
- impozit pe salarii. 6. dobânzi aferente datoriei publice alte
b) impozite indirecte cheltuieli;
din care: 7. VXPH SUHY ]XWH vQ SR]L LL JOREDOH FD
- WD[DSHYDORDUHDDG XJDW  rezerve din care:
- taxe vamale; - )RQG OD GLVSR]L LD *XYHUQXOXL GLQ
- DFFL]HúLLPSR]LWSHFLUFXOD LH Y UV PLQWHGLQSULYDWL]DUH

2.Venituri nefiscale. II. Cheltuieli de capital.

II. Venituri din capital. III. Împrumuturi acordate.
,,,ÌQFDV ULGLQUDPEXUVDUHDvPSUXPXWXULORU ,9 5DPEXUV UL GH FUHGLWH SO L GH GREkQ]L úL

comisioane la credite
din care:
1. UDPEXUV ULGHFUHGLWHH[WHUQH
2. SO LúLFRPLVLRDQHODSO LH[WHUQH
3. UDPEXUV ULGHFUHGLWHLQWHUQH
4. SO L GH GREkQ]L úL FRPLVLRDQH OD FUHGLWH
interne.

Anexele legii bugetului de stat includ sinteza bugetului, detalierea pe articole a

FKHOWXLHOLORU OLVWD LPSR]LWHORU WD[HORU úL DOWRU YHQLWXUL DOH DQului bugetar, sumele defalcate din

LPSR]LWXO SH VDODULL OD GLVSR]L LD MXGH HORU FDWHJRULLOH GH YHQLWXUL úL FKHOWXLHOL FDUH VH SUHY G vQ

EXJHWHOH ORFDOH FDWHJRULLOH GH LQVWLWX LL SXEOLFH úL DF LXQL DOH F URU FKHOWXLHOL VH DVLJXU  GLQ

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

În sinteza bugetului, veniturile, exprimate în mii lei, sunt prezentate pe cele trei
FRPSRQHQWH SULQFLSDOHPHQ LRQDWH vQ WDEHOXO  LDU vQ FDGUXOILHF UHLD SH FDSLWROH úL VXEFDSLWROH

&KHOWXLHOLOH H[SULPDWH WRW vQ PLL OHL VXQW SUH]HQWDWH SH WRWDO úL SH S U L FX PHQ LRQDUHD

FDSLWROXOXL VXEFDSLWROXOXL WLWOXOXL  DUWLFROXOXL úL 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:
ƒ SDUWHD,6HUYLFLLSXEOLFHJHQHUDOHDXWRULW LSXEOLFH

ƒ SDUWHD ,, $S UDUH RUGLQH SXEOLF  VLJXUDQ  QD LRQDO  SH WRWDO úL GHIDOFDW SH FHOH WUH i
domenii;
ƒ SDUWHD,,,&KHOWXLHOLVRFLDOFXOWXUDOHSHWRWDOúLSHGRPHQLLvQY PkQWV Q WDWHFXOWXU úL

UHOLJLHúLDF LXQLSULYLQGDFWLYLWDWHDVSRUWLY úLGHWLQHUHWDVLVWHQ VRFLDO úLDORFD LLúLSHQVLL

úLDMXWRDUHúLLQGHPQL]D LL

ƒ partea IV "SerYLFLL úL GH]YROWDUH SXEOLF  úL ORFXLQ H PHGLX úL DSH SH WRWDO úL SH GRX 

componente;
ƒ SDUWHD 9 $F LXQL HFRQRPLFH SH WRWDO úL GHIDOFDW SH LQGXVWULH DJULFXOWXU  úL VLOYLFXOWXU 

WUDQVSRUWXULúLFRPXQLFD LLDOWHDF LXQLHFRQRPLFH

ƒ SDUWHD9,$OWHDF LXQLSHWRWDOúLGHIDOFDWSHFHUFHWDUHúWLLQ LILF úLDOWHDF LXQL

ƒ partea VII "Transferuri";

ƒ partea VIII "Împrumuturi acordate";
ƒ SDUWHD,;3O LGHGREkQ]LúLDOWHFKHOWXLHOLDIHUHQWHGDWRULHLSXEOLFH

ƒ SDUWHD;)RQGXULGHUH]HUY 

Pentru fiecare indiFDWRUEXJHWDUGHFKHOWXLDO vQVFULVvQEXJHWVHPHQ LRQHD] FXDQWXPXO

SUHY ]XW GLQ UHVXUVHOH LQWHUQH FXDQWXPXO ILQDQ ULL GLQWU XQ HYHQWXDO FUHGLW H[WHUQ úL WRWDOXO
-
VXPDFHORUGRX 

/LVWD SULYLQG YHQLWXULOH PHQ LRQHD]  SHQWUX ILHFDUH YHQLW vQ SDUWH legea / legile pe baza
F URUDDFHVWDHVWHLQWURGXVSHUFHSXWúLFROHFWDW

'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 úL FXDQWXPXO SHQWUX VXEGLYL]LXQLOH WHULWRULDOH FRPXQ  RUDú PXQLFLSLX /HJHD

EXJHWXOXLSUHYHGHGHDVHPHQHDFULWHULLOHGXS FDUHVHIDFHGHIDOFDUHD

3HQWUX EXJHWHOH ORFDOH OHJHD EXJHWXOXL PHQ LRQHD]  GLVWLQFW FDWHJRULLOH  WLSXULOH GH

venituri prRSULLúLFKHOWXLHOLDOHEXJHWHORUMXGH HORUSUHFXPúL VHSDUDWDOHEXJHWHORUFRPXQHORU

RUDúHORU PXQLFLSLLORU VHFWRDUHORU PXQLFLSLXOXL %XFXUHúWL úL&RQVLOLXOXL *HQHUDO DO 0XQLFLSLXOXL

%XFXUHúWL

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 úL DOWHFkWHYD 7RW

în sarcina acestor bXJHWH UHYLQ úL FKHOWXLHOLOH GLQ GRPHQLXO DVLVWHQ HL VRFLDOH SULYLQG F PLQHOH
F PLQHOH-VSLWDO úL F PLQHOH-DWHOLHU SHQWUX WRDWH FDWHJRULLOH GH GHIDYRUL]D L DMXWRUXO VRFLDO úL

LQGHPQL]D LLOH GH QDúWHUH 6XQW SUHY ]XWH GH DVHPHQHD XQHOH FKHOWXLHOL vQ GRPHQLXO V Q W LL

GUHSWXULOH GRQDWRULORU GH VkQJH úL FKHOWXLHOLOH QHVDQLWDUH DOH FUHúHORU úL DO DJULFXOWXULL

SUHYHQLUHDúLFRPEDWHUHDG XQ WRULORUúLEROLORU

3ULQWUHIRQGXULOHVSHFLDOHPHQ LRQDWHvQEXJHWVHLQFOXG

ƒ IRQGXO VSHFLDO SHQWUX V Q WDWH SH WRWDO úL SH FHOH GRX  PLQLVWHUH DGPLQLVWUDWRDUH 0LQLVWHUXO

6 Q W LLúL0LQLVWHUXO7UDQVSRUWXULORU

ƒ IRQGXOGHDVLJXU ULVRFLDOHGHV Q WDWHvQDGPLQLVWUDUHD0LQLVWHUXOXL6 Q W LL

ƒ IRQGXO GH ULVF úL DFFLGHQW vQ DGPLQLVWUDUHD 6HFUHWDULDWXOXL GH 6WDW SHQWUX persoane cu
handicap;
ƒ IRQGXO VSHFLDO SHQWUX GH]YROWDUHD úL PRGHUQL]DUHD SXQFWHORU GH FRQWURO SHQWUX WUHFHUHD

IURQWLHUHLSUHFXPúLDFHORUODOWHXQLW LYDPDOHvQDGPLQLVWUDUHD0LQLVWHUXOXL)LQDQ HORU

ƒ fondul special pentru dezvoltarea sistemului energetic, în administrarea Ministerului

,QGXVWULHLúL&RPHU XOXL

ƒ fondul special al drumurilor publice, în administrarea Ministerului Transporturilor;

ƒ IRQGXOVSHFLDOSHQWUXSURWHMDUHDDVLJXUD LORUvQDGPLQLVWUDUHD0LQLVWHUXOXL)LQDQ HORU

ƒ fondul special pentru prRPRYDUHD úL GH]YROWDUHD WXULVPXOXL vQ DGPLQLVWUDUHD $XWRULW LL

1D LRQDOHSHQWUX7XULVP

ƒ IRQGXOVSHFLDODODYLD LHLFLYLOHvQDGPLQLVWUDUHD0LQLVWHUXOXL7UDQVSRUWXULORU

&RPSHWHQ HOH GH DSUREDUH D LQYHVWL LLORU VXQW VWDELOLWH SHQWUX DQXO  OD PD[LP 9
PLOLDUGH GH OHL SHQWUX RUGRQDWRULL GH FUHGLWH VHFXQGDUL úL WHU LDUL FX DYL]XO SUHDODELO DO

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

DFRUGXOSUHDODELODO0LQLVWHUXOXL)LQDQ HORUúLODSHVWHPLliarde de lei pentru Guvern.

6. Sistemul cheltuielilor publice

&KHOWXLHOLOHSXEOLFHVXQWXQFRQFHSWILQDQFLDUDOF UXLFRQ LQXWvOUHSUH]LQW H[SULPDUHDvQ

IRUP E QHDVF DUHOD LLORUHFRQRPLFR VRFLDOHDS UXWHvQWUHVWDWSHGHRSDUWHúLSHUVRDQHIL]L

- ce
úL MXULGLFH SH GH DOW  SDUWH FX RFD]LD IRORVLULL UHVXUVHORU ILQDQFLDUH DOH VWDWXOXL úL vQ VFRSXO

H[HUFLW ULLIXQF LLORUúLDWULEX LLORUDFHVWXLD

 &RQFHSWXO GH FKHOWXLHOL SXEOLFH HVWH OHJDW GH vQGHSOLQLUHD IXQF LHL GH DORFDUH D ILQDQ HORU

SXEOLFH úL DQXPH GH FRPSRQHQWD HL SULYLQG UHSDUWL]DUHD úL XWLOL]DUHD UHVXUVHORU ILQDQFLDUH DOH

statului.
ÌQ 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 úL FDUH SRW IL

SDUWLFXODUL]DWHGXS VXUVDGHILQDQ DUHvQ

a. ILQDQ DWHGLQEXJHWXOGHVWDWEXJHWXOFHQWUDOGHVWDWvQFD]XOVWDWHORUIHGHUDWLYH

b. ILQDQ DWHGLQEXJHWXODVLJXU ULORUVRFLDOHGHVWDW

c. ILQDQ DWHGLQIRQGXULVSHFLDOHEXJHWDUHV au extrabugetare).

 FKHOWXLHOL SXEOLFH HIHFWXDWH GH DGPLQLVWUD LLOH SXEOLFH ORFDOH úL FDUH vQ FD]XO VWDWHORU

IHGHUDWLYHVHUHJ VHVFSHGRX QLYHOHDOHLHUDUKLHLVWUXFWXULLDGPLQLVWUDWLY - teritoriale:

a. efectuate de organele administrativ - teritoriale iQWHUPHGLDUHVWDWHSURYLQFLLUHJLXQLúD
b. efectuate de organele administrativ -WHULWRULDOHORFDOHRUDúHFRPXQHHWF
FKHOWXLHOLSXEOLFHHIHFWXDWHGHRUJDQLVPHDGPLQLVWUD LLLQWHUQD LRQDOHVXSUDQD LRQDOH

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

&KHOWXLHOLOHSXEOLFHSRWILVWUXFWXUDWHúLGXS 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 úL FKHOWXLHOLOH UHVSHFWLYH VXQW GHILQLWH vQWU XQ SODQ GH YHQLWXUL úL FKHOWXLHOL
-
H[WUDEXJHWDUHúLVXQWVXSXVHFRQWUROXOXLILQDQFLDUSULYLQGOHJDOLWDWHDFRQVWLWXLULLXWLOL] 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 în veGHUHFRQ LQXWXOORU

'LQDFHVWFRQ LQXWUH]XOW HYLGHQWGHRVHELUHDvQWUHFKHOWXLHOLOHSXEOLFHúLFKHOWXLHOLOHEXJHWDUH
 6IHUD FKHOWXLHOLORU SXEOLFH R LQFOXGH SH FHD D FKHOWXLHOLORU EXJHWDUH DGLF  DFHVWHD GLQ XUP 

VXQW SDUWH D FHORU GLQWkL úL OH LQFOXGH numai pe cele efectuate din bugetul de stat, din bugetele
ORFDOH  LQWHUPHGLDUH úL GLQ EXJHWXO DVLJXU ULORU VRFLDOH GH VWDW &KHOWXLHOLOH SXEOLFH OH LQFOXG SH

DFHVWHD úL 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]  úL SH ED]D DOWRU VXUVH ILQDQFLDUH GHFkW FUHGLWHOH EXJHWDUH $FHDVWD vQVHDPQ  F 

HIHFWXDUHD FKHOWXLHOLORU EXJHWDUH VH SRDWH IDFH VWULFW vQ OLPLWD úL 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  úL F  HIHFWXDUHD FKHOWXLHOLORU EXJHWDUH HVWH GHWHUPLQDW  QX QXPDL

GH FRQVWLWXLUHD  H[LVWHQ D UHVXUVHORU GH ILQDQ DUH FL úL 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 úL GLQ

FHULQ HOHSURFHVXOXLGHHODERUDUHDEXJHWHORUSURJUDPHORUSODQXULORUILQDQFLDUHúLGHGHILQLUHD

indicatorilor bugetari.
&ODVLILFD LD FKHOWXLHOLORU SXEOLFH VH SRDWH IDFH SH ED]D FULWHULLORU GH FRQ LQXW GHMD

PHQ LRQDWH GDU úL SH ED]D XQRUD RSHUD LRQDOH UH]XOWDWH GLQ SUDFWLFD ILQDQFLDU  vQ SULPXO UkQG

EXJHWDU úLGLQSUDFWLFDVWDWLVWLF DGLIHULWHORUVWDWHÌQSUH]HQWVXQWX]XDOHGHDVHPHQHDFULWHULL

UH]XOWDWHGLQSUDFWLFDúLFHULQ 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  úL FDUH SHUPLWH

identifLFDUHDFRPRG DRUGRQDWRULORUGHFUHGLWHDEHQHILFLDULORUúLDOHJ 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]HQWkQGFRQVXPXULGHILQLWLYHúLFDUHDQXOWUHEXLHVFUHvQQRLWH

b. cheltuieli de capital QXPLWH úL GH LQYHVWL LL FDUH DX vQ YHGHUH GH]YROWDUHD úL

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 úRPHUL HWF în 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 RUDú FRPXQ  vQ YHGHUHD

FRPSOHW ULLUHVXUVHORUORUILQDQFLDUH vQFDUHFD] DXFDUDFWHUPL[WúL VRFLDO

úLHFRQRPLF
 ♦ DOWRU SHUVRDQHMXULGLFHLQVWLWX LLvQWUHSULQGHULúDVXEIRUP  GHVXEYHQ LL

GHFRVWXULGHH[SRUWGHUHVWUXFWXUDUHGHUHGUHVDUHILQDQFLDU HWFvQFDUH

caz au caracter economic.

3. &ODVLILFD LD IXQF LRQDO care are în vedere structura de activitate: domenii, ramuri,
VHFWRDUH ]RQH UHJLXQL $FHDVW  FODVLILFD LH HVWH IDYRUDELO  UHDOL] ULL RELHFWLYHORU GH SROLWLF 

HFRQRPLF  úL ILQDQFLDU  D VWDWXOXL GHRDUHFH SHUPLWH LGHQWLILFDUHD DFWLYLW LL VDX VSD LL JHRJUDILFH

care sunt cele mai recomandabile pentru stimulare / descurajare prin pârghiile fiscale, vamale,
ale cheltuielilor guvernamentale.
4. &ODVLILFD LD ILQDQFLDU  DUH vQ YHGHUH PRPHQWXO vQ FDUH HVWH HIHFWXDW  FKHOWXLDOD úi
modul în 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, vizând rambursarea unor împrumuturi publice sau regularizarea unor avansuri.
c. cheltuieli virtuale UHSUH]HQWkQG FKHOWXLHOL FDUH VH SRW GHFODQúD QXPDL FRQGL LRQDW GH
SURGXFHUHDXQXLHYHQLPHQWULVF'HH[HPSOXJDUDQ LLGHVWDWVWDWXOYDVXSRUWDFKHOWXLHOLQXPDL

vQP VXUDvQFDUHFHOJDUDQWDWQXvQGHSOLQHúWHDQXPLWHFODX]HFRQGL LLSHFDUHúLOH 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 úL DGPLQLVWUD LD FHORU WUHL SXWHUL vQ VWDW
OHJLVODWLYH[HFXWLYMXULVGLF LRQDO

♦ DS UDUH

♦ HGXFD LH

♦ V Q WDWHLQFOXVLYFHUFHWDUHIXQGDPHQWDO 

♦ VHFXULWDWHVRFLDO úLEXQ VWDUHDVLVWHQ DVLJXU ULSURWHF LHWRDWHGHQDWXU 

VRFLDO 

♦ DF LXQLHFRQRPLFH
♦ ORFXLQ HúLVHUYLFLLFRPXQDOH
♦ UHFUHD LHFXOWXU UHOLJLH
♦ alte cheltuieli.
b. HFRQRPLF LGHQWLILFkQGFKHOWXLHOLOHGXS L mplicarea produsului intern brut:
♦ consum final;
♦ IRUPDUHD EUXW  GH FDSLWDO LQYHVWL LL vQ FDSLWDO IL[ FUHúWHUHD VWRFXULORU

PDWHULDOHDFKL]L LLGHWHUHQXULDFWLYHQHFRUSRUDOHWUDQVIHUXULGHFDSLWDO

7.1. Structura cheltuielilor bugetare în România

ÎnSUDFWLFDEXJHWDU D5RPkQLHLVWUXFWXUDFKHOWXLHOLORUEXJHWDUHFDSDUWHDFHORUSXEOLFH

D FXQRVFXW PRGLILF UL SURQXQ DWH úL DOHUWH PDL DOHV GXS   5HIRUPDUHD HFRQRPLHL úL D

VWDWXOXL D QHFHVLWDW úL R UHIRUP  D EXJHWXOXL vQ WRDWH FRPSRQHQWHOH SURFHVXO ui bugetar. Se
UHJ VHVFvQDFHDVWDUHIRUPDILVFDO HOHPHQWHDOHUHIRUPHLDGPLQLVWUDWLYHúLLQVWLWX LRQDOHDVSHFWH

DOH UHIRUPHL OHJLVODWLYH HWF ÌQ SODQXO VWUXFWXULLFKHOWXLHOLORU EXJHWDUH EXJHWXO GH VWDW DúDFXP D

fost aprobat pentru anul 1999 include ODFKHOWXLHOLRVWUXFWXU SHWUHLFULWHULL

&ODVLILFD LDHFRQRPLF JUXSHD] FKHOWXLHOLOHvQFDSLWROH VXEFDSLWROHDUWLFROHúLDOLQLDWH

FHHDFHSHUPLWHGHILQLUHDFRQWXULORUGLQFRQWDELOLWDWHDSXEOLF vQP VXU V UHIOHFWHILGHODORFDUHD

IRQGXULORU úL H[HFX LD EXJHWDU  6WUXFWXUD FKHOWXLHOLORU EXJHWDUH FRQIRUP DFHVWHL FODVLILFD LL VH

SUH]LQW DVWIHO

I. Cheltuieli curente, din care:

1. Cheltuieli de personal;
&KHOWXLHOLPDWHULDOHúLVHUYLFLL

6XEYHQ LL

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

E QHFRQVROLGDELOH EXUVH DORFD LL SHQVLL DMXWRDUH LQGHPQL]D LL FRQWULEX LL FRWL]D LL

VXEYHQ LL XQHOH GREkQ]L EDQFDUH úD SHQWUX VWXGHQ L úL HOHYL FRSLL ,295 DOWH persoane
GHIDYRUL]DWHKDQGLFDSDWHRUJDQLVPHLQWHUQD LRQDOHHWF

6. Dobânzi aferente datoriei publice;

7. Rezerve.
II. Cheltuieli de capital.
III. Împrumuturi acordate.
,95DPEXUV ULGHFUHGLWHúLSO LGHGREkQ]LúLFRPLVLRDQHGLQFDUH

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 L SXEOLFH 3UHúHGLQ La,
DXWRULW LOH OHJLVODWLYH FHOH MXGHF WRUHúWL FHOH H[HFXWLYH úL DOWH RUJDQH DOH DXWRULW LORU

publice.
II. $S UDUH RUGLQH SXEOLF  úL VLJXUDQ  QD LRQDO  vQ FDUH VHLQFOXGDUPDWD SROL LD SURWHF LD

úLSD]DFRQWUDLQFHQGLLORUMDQGDUPHULDLQVWLWX LLOHVLJXUDQ HLQD LRQDOHúD

III. Cheltuieli social-FXOWXUDOH vQ FDUH VH LQFOXG VHFWRDUHOH ÌQY PkQW 6 Q WDWH úL

$VLVWHQ DVRFLDO 

IV. 6HUYLFLLúLGH]YROWDUHSXEOLF ORFXLQ HPHGLXúLDSH

V. $F LXQL HFRQRPLFH FDUH LQFOXGH PDULOH VHFWRDUH GLQ HFRQRPLH LQGXVWULH DJULFXOWXU  úL

VLOYLFXOWXU WUDQVSRUWXULúLFRPXQLFD LLDOWHVHFWRDUHHFRQRPLFH

VI. $OWHDF LXQLvQFDUHVHLQFOXGFHUFHWDUHDúWLLQ LILF úLDOWHDF LXQL

VII. Transferuri.
VIII. Împrumuturi acordate.
IX. 3O LGHGREkQ]LúLDOWHFKHOWXLHOLSULYLQGGDWRULDSXEOLF 

X. FoQGXULGHUH]HUY 

&ODVLILFD LD DGPLQLVWUDWLY  VDX LQVWLWX LRQDO  JUXSHD]  FKHOWXLHOLOH SH LQVWLWX LL SXEOLFH

FHQWUDOHDXWRQRPHFXPVXQWPLQLVWHUHOHDJHQ LLOHJXYHUQDPHQWDOHúD7RDWHDFHVWHDDXVWDWXWGH

RUGRQDWRU GH FUHGLWH SULQFLSDO FDUH SULPHúWH UHVXUVH úL OH GHIDOF  SHQWUX QHYRL SURSULL úL SHQWUX

LQVWLWX LLOH FDUH OH VXQW VXERUGRQDWH RUGRQDWRUL GH FUHGLWH VHFXQGDUL FDUH vQ SODQ EXJHWDU DX

DWULEX LL VLPLODUH YLV -a-YLV GH XQLW LOH FDUH OH VXQW VXERUGRQDWH - DGLF  RUGRQDWRULL GH FUHGLWH

WHU LDUL ).
ÌQ EXJHW FKHOWXLHOLOH DSDU vQWkL SH WRWDO FRQIRUP FODVLILFD LHL HFRQRPLFH ÌQ FRQWLQXDUH

DSDU FKHOWXLHOLOH GHIDOFDWH SH S U L FRQIRUP FODVLILFD LHL IXQF LRQDOH SUH]HQWDWH GLVWLQFW SH

VHFWRDUH úL vQ FDGUXO ORU GHWDOLDW SH FDSLWROH VXEFDSLWROH DUWLFROH úL DOLQLDWH SUHY ]XWH vQ

FODVLILFD LD HFRQRPLF  ÌQ ILQDO DSDU FKHOWXLHOLOH GHIDOFDWH FRQIRUP FODVLILFD LHL DGPLQLVWUDWLYH

DGLF  SH ILHFDUH PLQLVWHU úL vQ FDGUXO ILHF UXLD GHWDOLDW SH VHFWRDUH FRQIRUP FODVLILFD LHL

IXQF LRQDOHúLSHFDSLWROHVXEFDSLWROHDUWLFROHúLDOLQLDWHSUHY ]XWHvQFODVLILFD LDHFRQRPLF 

Astfel, de exemplu, la partea III-D VHFWRUXO ÌQY 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 úL VHUYLFLL úL DOWHOH GDF  HVWH FD]XO úL 'H FDSLWDO

3UDFWLFFHOHODOWHFDSLWROHvPSUXPXWXULúLUDPEXUV 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 úL FKHOWXLHOLOH QHWLSLFH GH F WUH DOWH PLQLVWHUH

cum sunt: MinisWHUXO$S U ULL0LQLVWHUXOGH,QWHUQH0LQLVWHUXO7UDQVSRUWXULORUúD

8. $QDOL]DVWUXFWXUDO úLGLQDPLF DFKHOWXLHOLORUSXEOLFH

$FHVW JHQ GH DQDOL]  VH SUDFWLF  vQ PRG FXUHQW SHQWUX D GHSLVWD WHQGLQ HOH úL RULHQW ULOH

SULYLQG HYROX LD FKHOWXLHOLORU SXEOLFH úL vQ SDUWLFXODU D FHORU EXJHWDUH SUHFXP úL SHQWUX

HIHFWXDUHD XQRU FRPSDUD LL LQWHUQD LRQDOH 3ULQFLSDOHOH JUXSH GH LQGLFDWRUL XWLOL]D L vQ DFHVW VFRS

sunt:
1. P ULPHDFXDQWXPXOYROXPXOFKHOWXLHOLORUvQH[SUHVLHQRPLQDO úLUHDO 

2. structura cheltuielilor, ca pondere a componentelor în total;

3. LQGLFLLGHFUHúWHUHDFKHOWXLHOLORU
4. ponderea cheltuielilor în produsul intern brut;
5. cuantumul per capita.
 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
VXFFHVLXQH WHPSRUDO  SHQWUX FDUH VH HIHFWXHD]  DQDOL]D úL t indicele prin care ideQWLILF P XQ DQ
RDUHFDUHvQUHVSHFWLYDVHULHGLQDPLF W «7)LH Cn cuantumul cheltuielilor în expresie

QRPLQDO  úL Cr FXDQWXPXO ORU vQ H[SUHVLH UHDO  2ULFDUH GLQ DFHúWL GRL LQGLFDWRUL VXQW LQGH[DELOL

WHPSRUDOFXLQGLFHOHWúLDYHPvQSOXVF 

Cn0 = Cr0 (80)

6H GHILQHúWH LQGLFHOH GH SUH XUL DO DQXOXL W vQ UDSRUW FX FHO GH UHIHULQ  ,*3t/0 numit
GHIODWRU&XDQWXPXOFKHOWXLHOLORUvQH[SUHVLHUHDO vQDQXOWHVWH

Crt = Cnt / IGPt/0 (81.1)

3HQWUX LQIRUPD LLOH VWDWLVWLFH SULYLQG EXJHWXO úL 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 úL vQWU R PRQHG  VWU LQ  DFFHSWDW  vQ FDGUXO DFHVWRU FRQYHQ LL GH
-
UHJXO 86'LDUPDLUHFHQW(852ÌQDFHVWFD]VHXWLOL]HD] FXUVXOPHGLXGHVFKLPEDODQXOXLOD

FDUHVHUHIHU LQIRUPD LLOHvQFDX] 

Cm = Cn / cs (81.2)

unde: Cm FKHOWXLDODH[SULPDW vQPRQHGDVWU LQ FRQYHQLW 

cs = cursul de schimb exprimat în lei / unitatea sWU LQ  FRQYHQLW  OHL  86' VDX OHL 

EURO).

 ,QGLFDWRUXO GH VWUXFWXU  HVWH ponderea, exprimând procentual cota ce revine unui
DQXPHJHQGHFKHOWXLDO GLQFKHOWXLHOLOHWRWDOH

Cn i
αi = (82)
TCn

în care: i = indice pentru identificarHDWLSXOXLGHFKHOWXLDO L «Q

Cni FKHOWXLDODGHWLSLvQH[SUHVLHQRPLQDO 

TCn WRWDOFKHOWXLHOLvQH[SUHVLHQRPLQDO 
$FHVWHSRQGHULSRWILFDOFXODWHvQGLQDPLF SHRUL]RQWXOGHDQDOL] W «7$GHVHD

GHIODWRUXOHVWH DFHODúL SH ntru toate categoriile de cheltuieli. De aceea, ponderea acestora în total
QX HVWH GLIHULW  LQGLIHUHQW GH H[SUHVLD vQ FDUH FXDQWLILF P FKHOWXLHOLOH UHDO  VDX QRPLQDO ÌQ
DQDOL]HOHPDLULJXURDVHVHXWLOL]HD] GHIODWRULGLIHUL LSHQWUXGLIHULWHFDWHJRULLG e cheltuieli, caz în
FDUH SRQGHULOH DSDU GLIHULWH SHQWUX H[SUHVLD QRPLQDO  úL FHD UHDO  D FKHOWXLDOLORU $VWIHO SHQWUX

FKHOWXLHOLOHGHSHUVRQDOVDXSHQWUXDFKL]L LLGHEXQXULGHFRQVXPVHSRDWHXWLOL]DGHIODWRUXOSHQWUX

EXQXUL úL VHUYLFLL GH FRQVXP SHQWUX FKHOWXLHOLOH GH UHSDUD LL úL GH FDSLWDO VH SRDWH XWLOL]D

deflatorul pentru bunuri de capital.

3HQWUXDQDOL]DHYROX LHLFKHOWXLHOLORUVXQWXWLOL]D LLQGLFLLGHFUHúWHUHFDOFXOD LILHGXS 

H[SUHVLDQRPLQDO ILHGXS FHDUHDO 

Cn t
ICn t/t − j = ∗ 100 j = 1, 2, …, t (83.1)
Cn t − j
Crt
ICrt/t − j = ∗ 100 j = 1, 2, …, t (83.2)
Crt − j
unde: ICn t / t − j LQGLFHOHGHFUHúWHUHDFKHOWXLHOLORUvQH[SUHVLHQRPLQDO vQDQXOWID GHDQXOW -j;
Icrt/t-j VLPLODUvQH[SUHVLHUHDO 

Între cei doi inGLFL SRDWH IL FDOFXODW XQ UDSRUW GH GHYDQVDUH D F UXL P ULPH HVWH HJDO  FX

FHDDLQGLFHOXLJHQHUDODOSUH XULORUvQDQXOWID GHDQXOW-j:

ICn t/t − j IGPt/0

= = IGPt/t − j (83.3)
ICrt/t − j IGPt/t − j

5DSRUWXO GH GHYDQVDUH SRDWH IL FDOFXODW úL  vQWUH R FKHOWXLDO  RDUHFDUH i úL WR talul
FKHOWXLHOLORU VDX vQWUH R FKHOWXLDO  ILH HD RDUHFDUH VDX WRWDO  úL SURGXVXO LQWHUQ EUXW 5DSRUWXO

DUDW GHFkWHRULFUHúWHPDLUHSHGHXQLQGLFDWRUFHODIODWODQXP U WRUXOUDSRUWXOXLGHGHYDQVDUH

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

FRQVLGHUDWHILHWúLW -j:
ICni, t/t − j i, t
kd(Cn i /TCn) = = (83.4)
ITCn t/t − j i, t − j
ICni, t/t − j
kd(Cn i /PIB) = (83.5)
IPIBt/t − j

unde: kd(Cni/•)  FRHILFLHQWXO UDSRUWXO GH GHYDQVDUH DO FUHúWHULL FKHOWXLHOLORU GH WLS L vQ

expresie noPLQDO ID  GH FUHúWHUHD FKHOWXLHOLORU WRWDOH vQH[SUHVLH QRPLQDO 

7&QUHVSHFWLYID GHSURGXVXOLQWHUQEUXW3,%vQWUHFHOHGRX PRPHQWH

GHWLPSWúLW -j;
ICni,t/t-j = indicele de FUHúWHUHDOFKHOWXLHOLORUGHWLSLvQH[SUHVLHQRPLQDO vQWUHDQLLWúLW -j;
ITCnt/t-j VLPLODUSHQWUXFKHOWXLHOLOHWRWDOHvQH[SUHVLHQRPLQDO 

IPIBt/t-j = similar pentru produsul intern brut.

ÌQWUHLQGLFDWRULLSHQWUXFDUHDXIRVWGHILQL LFRHILFLHQ LLGHGHYDQVDUHVHSRDWHLQWURGXFHúL

R UHOD LH GH WLS elasticitate H[SULPkQG QXP UXO GH SURFHQWH FX FDUH FUHúWH XQ LQGLFDWRU FHO D

F UXL YDULD LH VH DIO  OD QXP U WRUXO UDSRUWXOXL GH HODVWLFLWDWH OD FUHúWHUHD FX XQ SURFHQW D

FHOXLODOW LQGLFDWRU FHO D F UXL YDULD LH VH DIO  OD QXPLWRUXO UDSRUWXOXL GH HODVWLFLWDWH vQWUH GRX 

PRPHQWHFRQVLGHUDWHILHWúLW -j:
ICn i, t / t − j − 1 γ i, t / t − j
E(Cn i / TCn ) = = (83.6)
ITCn t / t − j − 1 α i, t − j
 ICn i, t / t − j − 1
E(Cni / PIB) = (83.7)
IPIBt / t − j − 1

unde: E (Cni/•)  HODVWLFLWDWHD FKHOWXLHOLORU GH WLS L vQ H[SUHVLH QRPLQDO  ID  GH FKHOWXLHOLOH

WRWDOH vQ H[SUHVLH QRPLQDO  7&Q UHVSHFWLY ID  GH SURGXVXO LQWHUQ EUXW

3,%vQWUHFHLGRLDQLWúLW -j;

γ i,t/t-j  SRQGHUHD YDULD LHL FKHOWXLHOLORU GH WLS L vQ H[SUHVLH QRPLQDO  vQ YDULD LD

FKHOWXLHOLORUWRWDOHvQH[SUHVLHQRPLQDO vQWUHFHLGRLDQLWúLW MDGLF - :

Cn i, t − Cn i, t − j
γ 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 vQVXúL WRWDOXO FKHOWXLHOLORU VDX GHILFLWXO 

excedentul bugetar:
Cn i
βi = i = 1, 2, …, n, n+1, n+2 (84)
PIB

XQGH FRPSRQHQWD Q D LQGLFHOXL L VHPQLILF  WRWDOXO FKHOWXLHOLORU FRPSRQHQWD Q VHPQLILF 

GHILFLWXOH[FHGHQWXO EXJHWXOXL $FHVW LQGLFDWRU SRDWH IL úL 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SRDWHILFDOFXODWúLvQIRUPD

βi, t
kd(Cn i / PIB) = i= 1, 2, …, n, n+1, n+2 (83.5.1)
βi , t − j

GXS FXPHODVWLFLWDWHDPHQ LRQDW vQUHOD LDSRDWHILFDOFXODW úLvQIRUPD

i, t/t − j
E(Cn i /PIB) = i = 1, 2, …, n, n+1, n+2 (83.7.1)
L t−j

unde L t/t − j  SRQGHUHD YDULD LHL FKHOWXLHOLORU GH WLS , vQ H[SUHVLH QRPLQDO  vQ YDULD LD

SURGXVXOXLLQWHUQEUXWvQH[SUHVLHQRPLQDO vQWUHFHLGRLWúLW MDGLF  -

Cn i, t − Cn i, t − j
L t/t − j = (83.7.2)
PIBt − PIBt − j

iar L t − j HVWHSRQGHUHDGHMDPHQ LRQDW vQFDOFXODW SHQWUXDQXOW -j.

&XDQWXPXOFKHOWXLHOLORUSHUFDSLWDH[SULP volumul de cheltuieli de un anumit tip i sau

totale ce revin în medie pentru un locuitor:

−
C= C./L (85)
−
unde: C = cheltuieli per capital;
C .  FXDQWXPXO FKHOWXLHOLORU vQ H[SUHVLH QRPLQDO  &Q VDX vQ H[SUHVLH UHDO  &U VDX

exprimate într-RPRQHG VWU LQ &P

 L QXP UXOGHORFXLWRULvQDQXOGHFDOFXO

−
3HQWUXLGHQWLILFDUHDWLSXOXLGHFKHOWXLDO VHSRWLQGH[D C úL&. 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 úL VHUYLFLL

publice (generaleDS UDUHVLJXUDQ QD LRQDO RUGLQHSXEOLF 

9.1. &KHOWXLHOLOHSXEOLFHSHQWUXDF LXQLVRFLDO -culturale

ÌQHSRFDFRQWHPSRUDQ GXS HIHFWXDUHDDFHVWRUFKHOWXLHOLVHED]HD] SHFRQFHS LD

VWDWXOXLEXQ VW ULLZHOIDUHVWDWHDOHF UXLSULQFLSLLVXQW

ƒ garantarea unui venit minim, independent de forma de proprietate;

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

KDQGLFDSD LRUIDQLúRPHULúD

ƒ 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  úL FLYLOL]D LH GHMD
DWLQVúD

5HDOL]DUHD DFHVWHL FRQFHS LL JHQHUHD]  FKHOWXLHOL VRFLDO -culturale, reprezentând 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
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anumit statut social etc.

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respectivele firme;
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EXQXULGHIDFWXU VRFLDO FXOWXUDO 
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GH]YROWDW DQDOL]D HFRQRPLF  OD FRPSRUWDPHQWXO úL UHOD LLOH XPDQH GXS  FDUH DO L PDUL HFRQRPLúWL

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Vminj YDORDUHDPLQLP D,6'8j (ISDU1 = 25 ani, ISDU3 = 100 USD);

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2 ∗ R 2.1 + R 2.2
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absolvirii, ambele independent de statutul lor etnic, rasial, religios, familial etc;
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bugetare.
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1500 USD / an ∗ student (la nivelul anului 1996), iar în România se tinde spre asigurarea unui
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• YHQLWXUL ILVFDOH DGLF  SUHOHY UL FX FDUDFWHU REOLJDWRULX VWDELOLWH SULQ OHJH úL FDUHDX GH

DFHHDRIOH[LELOLWDWHUHGXV QXVHSRWPRGLILFDFRQGL LLOHORUGHFkWSULQOHJH

• UHVXUVH GH WUH]RUHULH DGLF  vPSUXPXWXUL SH WHUPHQ VFXUW VXE IRUPD FHUWLILFDWHORU GH

GHSR]LW ERQXULORU GH WH]DXU úD HIHFWXDWH GH 0LQLVWHUXO )LQDQ HORU SHQWUX DFRSHULUHD

GHILFLWHORUWHPSRUDUHJROXULGHFDV DOHEXJHWHORUGLQVLVWHPXOEXJHWXOXLGHVWDW

 • vPSUXPXWXUL SXEOLFH SH WHUPHQ PHGLX VDX OXQJ VXE IRUPD REOLJD LXQLORU GH VWDW VDX D

XQRUFUHGLWHSUHOXDWHGHODRUJDQLVPHILQDQFLDUHLQWHUQD LRQDOHVWDWHE QFLVDXFRQVRU LL

bancare;
• HPLVLXQHD PRQHWDU  I U  DFRSHULUH FX VFRSXO GH D ILQDQ D GHILFLWXO EXJHWDU úL FDUH

JHQHUHD] LQIOD LD

b) ULWPLFLWDWHDvQFDV ULL :
• YHQLWXUL RUGLQDUH VDX FXUHQWH FDUH VXQW RE LQXWH GH VWDW vQ PRG RELúQXLW YHQLWXUL

fiscale, venituri din sectorul public etc.);

• YHQLWXULH[WUDRUGLQDUHODFDUHVHUHFXUJHvQVLWXD LLGHRVHELWHvPSUXPXWXULWUDQVIHUXUL

ajutoare etc.);
c) SURYHQLHQ D

• YHQLWXULLQWHUQHSURYHQLWHGLQHFRQRPLDQD LRQDO 

• YHQLWXULH[WHUQHSURYHQLWHGLQVWU LQ WDWH

d) QLYHOXOGHUHIHULQ :
• venituri ale bugetului de stat;
• YHQLWXULDOHDVLJXU ULORUVRFLDOHGHVWDW

• YHQLWXULFXGHVWLQD LHVSHFLDO SHQWUXDFRSHULUHDFKHOWXLHOLORUGLQIRQGXULVSHFLDOH

• venituri ale bugetelor locale.

Veniturile fiscale, ca cele ce reSUH]LQW FHDPDLvQVHPQDW SDUWHDYHQLWXULORUSXEOLFHVXQW

FODVLILFDWHODUkQGXOORUGXS PDLPXOWH criterii.

LFDUDFWHULVWLFLOHGHIRQGúLIRUP 

• LPSR]LWHGLUHFWHVWDELOLWHSHQWUXILHFDUHFRQWULEXDELOvQSDUWHQRPLQDODúH]DWHSHYHQLW

úLVDXSHDY ere;
• LPSR]LWH LQGLUHFWH VWDELOLWH SH FRQVXPXO GH EXQXUL úL VHUYLFLL QHSHUVRQDOL]DWH DúH]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 decât cele fiscale, de exemplu: suprataxele pentru limitarea consumului
de tutun, impozitele pentru fondurile speciale;
• LYIUHFYHQ DvQFDV ULL

• LPSR]LWHSHUPDQHQWHVDXRUGLQDUHFDUHDXFDUDFWHUSHUHQúLVHvQFDVHD] SHULRGLF

• LPSR]LWH LQFLGHQWDOH VDX H[WUDRUGLQDUH FDUH VH LQVWLWXLH SHQWUX SHULRDGH GHWHUPLQDWH úL

DX GH UHJXO  XQ VFRS SUHFL]DW VWULFW FDUH RGDW  UHDOL]DW GHWHUPLQ  GHVILLQ DUHD

respectivului impozit;
YLQVWLWX LDDGPLQLVWUDWRDUH

• LPSR]LWHDOHDGPLQLVWUD LHLFHQWUDOHvQFDVDWHGLUHFWODEXJHWXOGHVWDWGLQFDUHWRWXúLVH

SRW VWDELOL QLYHOH VDX FXDQWXPXUL FH SRW IL UH LQXWH GH RUJDQHOH ORFDOH GH H[HPSOX

LPSR]LWXOSHVDODULLSHQWUXFDUHSULQOHJHDEXJHWXOXLVHVWDELOHúWHFHMXGH HúLvQFHFRW 

vúL 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

ƒ LPSR]LWH UHDOH DúH]DWH SH RELHFWH úL FDUH QX LQ VHDPD GH VLWXD LD SHUVRDQ  D

contribuabilului, cum sunt: impozitul funciar , impozitul pe FO GLUL LPSR]LWXO SH
 DFWLYLW LLQGXVWULDOHúLFRPHUFLDOHúLSURIHVLLOLEHUHLPSR]LWXOSHFDSLWDOXOPRELOLDUVDX

E QHVF

ƒ LPSR]LWH SHUVRQDOH DúH]DWH SH YHQLW VDX SH DYHUH úL FDUH LQ VHDPD GH VLWXD LD

SHUVRQDO DFRQWULEXDELOXOXL

Impozitele indirecte,ODUkQGXOORUVHFODVLILF GXS IRUPDORUvQ

ƒ taxe de consum;
ƒ venituri din monopoluri fiscale;
ƒ taxe vamale;
ƒ WD[HGHWLPEUXúLGHvQUHJLVWUDUH

11. ,PSXQHUHDILVFDO úLSULQFLSLLOHHL

&DUDFWHULVWLFLOHUROXOúLGLPHQVLXQHDLPSXQHULLILVFDOH

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 în vederea acoperirii cheltuielilor publice. Persoanele fizice sau juridice în
FDX] VXQWvQSULQFLSDOFHW HQLURPkQLVDXDJHQ LHFRQRPLFLFXGRPLFLOLXOvQ5RPkQLDGDUSRWIL

úLFHW HQLVWU LQLVDXDJHQ LHFRQRPLFLVWU LQLFDUHGHVI úRDU DFWLYLWDWHvQ5RPkQLDvQP VXUDvQ

care ei dobândesc 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 úL DUD GH RULJLQH D UHVSHFWLYXOXL FRQWULEXDELO SULYLQG

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

YHQLWXULILVFDOHDOHVWDWXOXLvQSULQFLSDOVXEIRUPDLPSR]LWHORUúLWD[HORU

,PSXQHUHDILVFDO DUHXUP WRDUHOH caracteristici:

a) este obligatorievQ VHQVXO F HVWH HIHFWDO OHJLLFDUH SUHFL]HD]  OD FLQH VHUHIHU  vQ OHJ WXU 

FX FH VH VWDELOHúWH 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 úL QHUDPEXUVDELO FHHD FH vQVHDPQ  F  GDF  SODWD LPSR]LWXOXL  WD[HL D

IRVWI FXW FRQIRUPOHJLLFRQWULEXDELOXOQXRSRDWHUHFODPDVDXUHGREkQGLvQQLFLXQIHO

c) este I U  FRQWUDSUHVWD LH FHHD FH vQVHDPQ  F  vQ VFKLPEXO SO LL LPS ozitului / taxei nu se
SRDWHSUHWLQGHXQVHUYLFLXLPHGLDWGLUHFWúLHFKLYDOHQWÌQOHJ WXU FXDFHDVWDQXSRDWHILvQV 

H[FOXV SUHWHQ LDSHFDUHXQFRQWULEXDELORSRDWHDYHDvQPRGFXWRWXOvQGUHSW LWID DGHVWDW

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

FHW HDQvQGHSOLQLUHDGHF WUHVWDWDIXQF LLORUVDOHYH]LúLFDS,G

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

ILQDQFLDUHFRQRPLFúLVRFLDO

Rolul financiarDOLPSR]LWHORUVHH[SULP vQIDSWXOF HOHUHSUH]LQW SULQFLSDOXOPLMORFGH

formare a veniturilor statului, contribuind în mod frecvent cu peste 90% din totalul acestora.
Rolul economic DO LPSR]LWHORU VH FRQFUHWL]HD]  vQ IDSWXO F  SULQ WLSRORJLD úL
GLPHQVLXQHDORUFDúLSULQvQOHVQLULOHúLvQ VSULULOHILVFDOHVWDWXOSRDWHvQFXUDMDVDXQXDFWLYLWDWHD

HFRQRPLF YH]LúLFDS,EFDS,

Rolul social DO LPSR]LWHORU VH FRQFUHWL]HD]  vQ SRVLELOLWDWHD SHFDUH R GREkQGHúWH VWDWXO
de redLVWULEXLUHDSURGXVXOXLVRFLDOYH]LúLFDSIXQF LDGHUHGLVWULEXLUHDILQDQ HORUSXEOLFH
'LPHQVLXQHDúLDPSORDUHDLPSXQHULLILVFDOHVXQWGLIHUHQ LDWHVSD LDOJHRJUDILFSH ULúL

WHPSRUDOúLVXQWPDUFDWHGHDQXPLWHOLPLWHGHWHUPLQDWHGH

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

LPSR]DELO QLYHOXOPHGLXDOLPSXQHULLHWF

ƒ factori externi sistemului de impunere (nivelul per capital) al produsului intern brut,
suportabilitatea impunerii, amploarea angaj ULL VWDWXOXL vQ VROX LRQDUHD SUREOHPHORU
economico-VRFLDOHQDWXUDUHJLPXOXLSROLWLFúD
 3URJUHVLYLWDWHD FRWHORU GH LPSXQHUH HVWH GH PXOWH RUL HVHQ LDO  SHQWUX R UHSDUWL]DUH FkW

PDLHFKLWDELO DSRYHULLILVFDOHÌQDFHVWVHQVHVWHUHFRPDQGDELOFDLPSXQHUHDV QXVH IDF vQ

FRW  XQLF  FL V  ILH SUHY ]XWH FRWH GLIHUHQ LDWH FDUH V  LQ  VHDPD úL GH SXWHUHD HFRQRPLF  D

FRQWULEXDELOXOXL YHQLWXULOH  DYHUHD VD GDU úL GH VLWXD LD VD VRFLDO  vQWUH LQH R IDPLOLH

QXPHURDV HVWHVLQJXUXOvQWUH LQ WRUIDFH parte dintr-RFDWHJRULHGHIDYRUL]DW úD'LIHUHQ LHUHD

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

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

impozituluL SH SURILW vQ 5RPkQLD FDUH vQ  HUD DúH]DW úL 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  úL  - 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 DúD FXP DP

PDLVSXVGHLQHFKLWDWHILVFDO 

Suportabilitatea impuQHULL H[SULP  JUDGXO VDX QLYHOXO ILVFDOLW LL úL VH GHWHUPLQ  SH ED]D

indicatorului UDWDILVFDOLW LL:

VF
rf = (91)
PIB
unde: VF = veniturile fiscale ale statului;
PIB = produsul intern brut.
$FHVWLQGLFDWRUHVWHGHIDFWXU PDFURHFRQRPLF  úLFDUDFWHUL]HD] PHGLDSRYHULLILVFDOH

într-R DU  ÌQ YHQLWXULOH ILVFDOH VH SRW VDX QX LQFOXGH FRQWULEX LLOH SHQWUX VHFXULWDWHD VRFLDO 

DYkQG vQ YHGHUH F  DFHVWHD VXQW DIHFWDWH DX R GHVWLQD LH VSHFLDO  úL 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  úL  5DWD ILVFDOLW LL LQFOX]kQG

FRQWULEX LLOH SHQWUX VHFXULWDWH VRFLDO  VH VLWXHD]  SHQWUX PDUHD PDMRULWDWH D ULORU HXURSHQH

PHPEUH2&'(vQMXUGHLDUSHQWUX ULGH]YROWDWHQHHXURSHQHODFLUFD68$-DSRQLD

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

jur de 34%.
La nivel de contribuabil, ratDILVFDOLW LLWUHEXLHV VHFDOFXOH]H LQkQGVHDPDGHYHQLWXULOH

DFHVWXLDúLGHVXPDGLIHULWHORULPSR]LWHSHFDUHDFHVWDOHVXSRUW 

V ∗ c1 + a ∗ V ∗ c 2 + AI
rf = (92)
V

unde: V = veniturile contribuabilului;

c1 = cota medie de impunere a venitului;
a SRQGHUHDFRQVXPXOXLGHEXQXULúLVHUYLFLLvQWRWDOYHQLW

c2 = cota medie de impunere a consumului;

AI DOWHLPSR]LWHSHLPRELOHSHWHUHQXULSHDXWRWXULVPHLPSR]LWHúLWD[HORFDOHHWF
ÌQ FH SULYHúWH LPSDFWXO LPSR]LWHORU SH FRQVXP DFHVWa este în raport direct cu ponderea

FRQVXPXOXL vQ WRWDO YHQLW úL GLQ DFHVW PRWLY HVWH FX DWkW PDL PDUH FX FkW YHQLWXO HVWH PDL PLF

vQWUXFkW FUHúWHUHD FRQVXPXOXL SH P VXUD FUHúWHULL YHQLWXOXL HVWH GH UHJXO  PDL PLF  GHFkW D

venitului. Pentru cazul salariulXL PHGLX SH HFRQRPLH 5RPkQLD  úL D XQHL UDWH D

FRQVXPXOXLGHFFDLPSR]LWXOSHVDODULXFRQWULEXLHODUDWDILVFDOLW LLFXFFDLDUWD[DSH

YDORDUHDDG XJDW FXFFDFHHDFHDGXFHJUDGXOGHILVFDOLWDWHODPLQLP

Nivelul mediu al impXQHULL DUH UHOHYDQ   QX QXPDL SHQWUX FRQWULEXDELO FL úL SHQWUX

EXJHW3HQWUXFRQWULEXDELOXQQLYHOULGLFDWDOLPSXQHULLvQVHDPQ RSRYDU ILVFDO PDLPDUHR

GLPLQXDUH D SXWHULL GH FXPS UDUH D YHQLWXULORU VDOH GDU úL 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 úL HIHFWXO GH GHVFXUDMDUH D DF LXQLL

economice, determinând alte efecte negative asupra veniturilor bugetare. Din punct de vedere al
EXJHWXOXL LQVXILFLHQ D YHQLWXULORU VDX FUHúWHUHD ORU QHVDWLVI F WRDUH GHWHUPLQ  WHQGLQ D GH
FUHúWHUH D QLYHOXOXL GH LPSXQHUH ILH SULQ FUHúWHUHD FRWHORU GH LPSXQHUH OD LPSR]LWHOH GHMD

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

JHQHUD LPSOLFLW XQ FHUF YLFLRV ÌQ JHQHUDO vQJUHXQDUHD ILVFDOLW LL DWUDJH GXS  VLQH IUkQDUHD

VDX FKLDU vQJKH DUHD DFWLYLW LL HFRQRPLFH FX HIHFWH QHIDYRUDELOH úL vQ FH SULYHúWH VWDUHD

economLHL vQ DQVDPEOX úL vQ FH SULYHúWH vQ SDUWLFXODU VWDUHD EXJHWXOXL úL 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 FUHúWHUHD DS V ULL

ILVFDOH D JHQHUDW WHQVLXQL HFRQRPLFH úL VRFLDOH GXS  FXP vQOHVQLULOH úL VFXWLULOH ILVFDOH DX

GHWHUPLQDW vQYLRUDUHD DFWLYLW LL HFRQRPLFH ÌQ ]LOHOH QRDVWUH SDUDGLVXULOH ILVFDOH VXQW XQ

exemplu viu al înfloririi economice de caUHVHEXFXU  ULOHFDUHSURPRYHD] RDVWIHOGHSROLWLF 

vQSRILGDUHVWULF LLORUXQHRULSUHVLXQLORUSHFDUH 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 úL D RIHUWHL

JOREDOHLQWURGXVHFDIXQF LLGHSUH 

C = C(p) C'<0 (93.1)

O = O(p) O’>0 (93.2)
C=O (93.3)

unde: C FHUHUHDJOREDO 

p QLYHOXOSUH X rilor;
O RIHUWDJOREDO 

C(•) IXQF LDGHFHUHUH

O (• IXQF LDGHRIHUW 

3H ED]D HFXD LHL GH HFKLOLEUX  VH IRUPHD]  R HFXD LH D F UHL YDULDELO  HVWH SUH XO úL

FDUH DFFHSW  FHO SX LQ R VROX LH GDWRULW  FDUDFWHULVWLFLORU FHORU GRX  IXQF LL FR mponente. Fie p*
VROX LDDOF UHLVHQVHFRQRPLFHVWHGHSUH GHHFKLOLEUX3HED]DOXLVHSRWGHWHUPLQDQLYHOHOHGH

HFKLOLEUXDOHFHUHULLúLRIHUWHLUHVSHFWLY
C(p*)úLO(p*) sau C*úLO*.
În 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  úL FXPS UDW  'DF  vQ HOHVXO DFFL]HL VH FRQVLGHU  VWULFWR

sensu, atunci definirea ei pe unitatea deSURGXVGHVI FXW VHIDFHSULQvQV úLOHJHDFDUHLQWURGXFH

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

GHWHUPLQDUHDHLSHXQLWDWHDGHSURGXVGHVI FXW QXHVWHGLILFLO vQWUXFkWDJHQWXOHFRQRPLFúWLHúL

careHVWHFXDQWXPXOLPSR]LWXOXLvQFDX] úLFDUHHVWHYROXPXOV XGHDFWLYLWDWHDFFL]DSHXQLWDWHD

GHSURGXVGHVI FXW YDILUDSRUWXOGLQWUHFHLGRLLQGLFDWRULPHQ LRQD LDQWHULRU

7HQGLQ D RIHUWDQWXOXL UHIHULWRU OD LPSR]LWHOH SH FDUH OH SO WHúWH 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
-
OXFUXHVWHSRVLELOSULQFUHúWHUHDSUH XOXLGHYkQ]DUHGDUHVWHOLPLWDWGHFHOSX LQGRX FRQGL LL

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

RIHUWDQ LGDF DFHúWLDQXSUDFWLF DFHODúLVLVWHPVDXvOSUDFWLF OLPLWDW

ƒ P ULPHDSUH XOXLSRDWHPLFúRUDFHUHUHDUHGXFkQGX LRIHUWDQWXOXLvQFDV ULOHGLQFDUHYDWUHEXL

-
V VXSRUWHXQYROXPWRWDOGHLPS ozite similar sau diminuat într-RP VXU PDLPLF LPSR]LWXO

SHDYHUHGHSLOG QXVHPRGLILF vQUDSRUWFXYHQLWXULOH

ÌQ 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 LLVDOHQXYDFUHúWHFHHD

FHvQVHDPQ S VWUDUHDODDFHODúLQLYHO CTDFKHOWXLHOLORURFD]LRQDWHGHDFWLYLWDWHDVDYDFUHúWe, în

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) (94.1)

GLQ FDUH VH RE LQH P ULPHD YHQLWXOXL PRGLILFDW  PDMRUDW respectiv ulterior introducerii noului
impozit:
VM = (V - c ∗ CT) / (1 - c) (94.2)
XQGHDYHPUHVWULF LDF ∈ (0, 1).
90HVWHRIXQF LHFUHVF WRDUHvQFFXDOWHFXYLQWHFXFkWFRWDGHLPSXQHUHHVWHPDLPDUH

cXDWkWFUHúWHUHDYHQLWXOXLSULQSUH úLLQFOXVLYDSUH XOXLXQLWDUGHYkQ]DUHHVWHPDLPDUH

V − CT
VM’c = >0 (94.3)
(1 − c) 2
sau
lim VM = V úL lim VM = +∞ (94.4)
c →0 c →1
DGLF  VM ∈ (V,+∞) .
ÌQFD]XORS LXQLLGHPDMRUDUHDSUH XOXLRIHUWDQWXOYDOXFUDFXGRX FDWHJRULLGHSUH XUL

ƒ XQ SUH  GH SLD  ILH pp, în care este inclus cuantumul unitar al impozitului T úL FDUH YD IL
SUH XOODFDUHFXPS U WRUXODFKL]L LRQHD] SURGXVXO

ƒ XQSUH GHJHVWLXQHILH pg, în 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 úL RE LQH SURILWXO VFRQWDW vQ VHQVXO GH SURILW RELúQXLW FDUH vL

PRWLYHD] HIRUWXOGHLQL LHUHúLGHVI úXUDUHDUHVSHFWLYHLDFWLYLW L

MoGHOXO /DIIHU FXSULQGH XUP WRDUHOH UHOD LL VLPLODUH FHORU FH GHVFULX HFKLOLEUXO JOREDO

FHUHUHRIHUW - (93.3):

ƒ IXQF LDFHUHULLGHILQLW SULQSUH XOGHSLD 

C = C (pp) C' < 0 (96.1)

ƒ IXQF LDRIHUWHLGHILQLW SULQSUH XOGHJHVWLXQH

O=O (pg) O' > 0 (96.2)

ƒ UHOD LDvQWUHFHOHGRX SUH XULFRQIRUP

ƒ HFXD LDHFKLOLEUXOXLJOREDOFRQIRUP

(FXD LDGHHFKLOLEUXVHVFULH LQkQGVHDPDúLGH

C(pg+T) = O(pg) (96.3)

GLQFDUHVHGHWHUPLQ SUH XOGHJHVWLXQHODHFKLOLEUXFDIXQF LHGHDFFL] 

pg* = pg(T) (96.4)

 3HED]DUHOD LLORUúLVHSRWGHWHUPLQDFHUHUHDúLRIHUWDGHHFKLOLEUXFDIXQF LL

GHDFFL] 

C* = C (T+pg (T) ) (96.5)

O* = O(pg (T) ) (96.6)

pentru care, în plus, avem

C* = O* (96.7)

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
GRUHúWHPD[LPH

max VB = max T ∗ C (T +pg (T) ) (96.8.1)

sau
max VB = max T ∗ O (pg (T) ) (96.8.2)

GLQFDUHUH]XOW F YHQLWXULOHEXJHWDUHVXQWIXQF LHGHDFFL] 

max VB = max VB (T) (96.8.3)

&RQGL LDGHPD[LPUHYLQHOD

VB'T = 0 (96.9.1)
VB''T < 0 (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 úLSS DOHYROXPXOXLFHUHULLúLRIHUWHL& úL2 

0RGHOXO SHUPLWH úL 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 

(pp * −p*) ∗ C *
a= (96.10.1)
T * ∗C *
(p * − pg*) ∗ O *
b= (96.10.2)
T * ∗O *

unde: a = incidHQ DDFFL]HLDVXSUDFXPS U WRUXOXL

E LQFLGHQ DDFFL]HLDVXSUDRIHUWDQWXOXL

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

/DIIHUID GHPRGHOXO - (93.3) în care nu apare acciza:

SS !S úLSJ S (96.11.1)

C*L& úL2 L <O* (96.11.2)

XQGHSHQWUXFHUHUHúLRIHUW 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 FXQRúWLQ 

DWkW D RUJDQHORU ILVFDOH FkW úL D FRQWULEXDELOLORU FDUH vQ SOXV SHQWUX DQXPLWH LPSR]LWH VXQW

vQFXQRúWLLQ D L úL vQ PRG H[SUHV SULQ DYL]H vQWRFPLWH úL H[SHGLDWH SULQ JULMD RUJDQHORU ILVFDOH

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

a) Subiectul impozitului HVWH SHUVRDQD IL]LF  VDX MXULGLF  SHQWUX FDUH OHJHD VWDELOHúWH

obOLJDWLYLWDWHD GH SODW  D LPSR]LWXOXL DGLF  FHHDFH VH QXPHúWHFXUHQW contribuabil. În anumite
FD]XULOHJHDVWDELOHúWHXQWHU vPSXWHUQLFLWúLREOLJDWV UH LQ LPSR]LWXOúLV -l verse la buget. De
SLOG vQFD]XOLPSR]LWXOXLSHVDODULXVDODULDWXOHVWHVXELHFWHOSO WHúWHLPSR]LWXOGLQVDODULXOV X

GDUUH LQHUHDúLYLUDUHDODEXJHWUHYLQHFHOXLFDUHDDQJDMDW

b) Suportatorul impozitului HVWH SHUVRDQD IL]LF  VDX MXULGLF  FH VXSRUW  HIHFWLY SODWD
LPSR]LWXOXL$FHDVW SHUVRDQ VHPDLQXPHúWH destinatar, GHRDUHFHLPSR]LWXOvQFDX] HVWHYLUDW
VSUH VLQH SHQWUX D IL VXSRUWDW 'H SLOG  vQ FD]XO WD[HL SH YDORDUHD DG XJDW  LPSR]LWXO HVWH

SHUFHSXW GDWRUDW FDOFXODW úL 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 WHúWH LPSR]LWXOFHHDFH vQ PRG RELúQXLW

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 vúL GLPLQXHD]  DYHUHD SULQ
YkQ]DUHDXQHLS U LDDFHVWHLDFXVFRSXOGHD úLDFKLWDLPSR]LWXODIHUHQW
-
e) Unitatea de impunere HVWH XQLWDWHD GH P VXU  FX FDUH VH GHWHUPLQ  GLPHQVLXQHD
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  úL 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 DúH] ULL
impozitului, pentru fiecare subiect în parte: identificarea obiectulXL VWDELOLUHD P ULPLL VDOH úL
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 WUDQúH

/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]LSHQDOHúLvQFD]XULH[WUHPHHYD]LXQHLQWHQ LRQDW VDXIUDXGXORDV SULYDUHDGHOLEHUWDWH

11.3. Principiile impunerii fiscale

,PSXQHUHDILVFDO HVWHXQFRPSOH[GHP VXULúLRSHUD LXQLHIHFWXDWHvQED]DOHJLLFDUHDX

ca scop stabilirea impozitului ce revine în sarcina unei persoane fizice sau juridice. Impunerea
ILVFDO  LQFOXGH R ODWXU  SROLWLF  SULQ FDUH VH VWDELOHúWH FLQH úL SHQWUX FH SO WHúWH LPSR]LWXO úL R

ODWXU  WHKQLF  DGLF  PHWRGHOH úL WHKQLFLOH SULQ FDUH VH P VRDU  RELHFWXO LPSXQHULL úL VH

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

HILFLHQ  úL HFKLWDWH 3H GH R SDUWH VWDWXO WUHEXLH V  DVLJXUH SULQ ILVFDOLWDWH colectarea fondurilor
SHQWUX UHDOL]DUHD SURJUDPHORU VRFLDOH HFRQRPLFH GH FRODERUDUH LQWHUQD LRQDO  úD 3H GH DOW 

SDUWHILVFDOLWDWHDWUHEXLHRUJDQL]DW DVWIHOvQFkWV QXDSHVHSHFHLGHIDYRUL]D LFHHDFHUHYLQHOD

realizarea unei redistribuiri a venLWXULORU 5HIHULWRU OD HILFLHQ  úL HFKLWDWH WHRULLOH HFRQRPLFR -
ILQDQFLDUH DFFHQWXHD]  XQHOH SH HILFLHQ  PRQHWDULVPXO OLEHUDOLVPXO úD LDU DOWHOH SH HFKLWDWH

(social -GHPRFUD LDGHPRFUD LDFUHúWLQ úD

,PSXQHUHD ILVFDO  VH UHDOL]HD]  vQ YLUWXWHD XQRU SULQFLSLL D F URU IRUPXODUH D IRVW

HIHFWXDW vQWLPSGHF WUHPDLPXO LHFRQRPLúWL

$GDP 6PLWK D IRUPXODW OD vQFHSXWXO VHF ;,; XUP WRDUHOH SULQFLSLL DOH LPSXQHULL MXVWD

LPSXQHUH HFKLWDWHD ILVFDO  FHUWLWXGLQHD LPSXQHULL FRPRGLWDWHD SHUFHSHULL LPSR]LWXOXL úL

randamentul impozitelor.
0DXULFH$OODLVODXUHDWDO3UHPLXOXL1REHODIRUPXODWvQDQLL
XUP WRDUHOHSULQFLSLLDOH

LPSXQHULLLQGLYLGXDOLWDWHD QHGLVFULPLQDUHDLPSHUVRQDOLWDWHDQHXWUDOLWDWHDOHJLWLPLWDWHDúLOLSVD

arbitrariului.
În WHRULD PRGHUQ  D ILQDQ HORU VXQW IRUPXODWH úL DFFHSWDWH SULQFLSLL GH HFKLWDWH ILVFDO 

SULQFLSLLGHSROLWLF ILQDQFLDU SULQFLSLLGHSROLWLF HFRQRPLF úLSULQFLSLLVRFLDO -politice, fiecare

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

acestora.

11.3.1. 3ULQFLSLLGHHFKLWDWHILVFDO

(FKLWDWHDILVFDO vQVHDPQ GUHSWDWHVRFLDO vQPDWHULHGHLPSXQHUHILVFDO 3HQWUXDFHDVWD

sunt formulate principiile:

ƒ LPSXQHUHDGLIHUHQ LDW DYHQLWXOXLúLDYHULL

ƒ minimul neimpozabil.

5HDOL]DUHDDFHVWRUSULQFLSLLSUHVXSXQHvQGHSOLQLUHDFXPXODWLY DXUP WRDUHORUFRQGL LL

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

QHFHVDUH DFHDVW  FRQGL LH HVWH DFWLY  QXPDL SHQWUX LPSR]LWHOH GLUHFWH QX ú 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 úL FX VLWXD LD SHUVRQDO  IDPLOLDO  VRFLDO 

YkUVW úD

c) corelarea sarcinilor fiscaOHvQFDGUXODFHOHLDúLFDWHJRULLGHFRQWULEXDELOL

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-à-YLVGHYHQLWXOV X

U = U (V) U' > 0 úL 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 DúH]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

DúH]DWHDVWIHOvQFkWSLHUGHULOHGHXWLOLWDWHFDX]DWHGHGLPLQXDUHDYHQLWXULORUSULQLPSXQHUHV ILH

egale:
U (VA) - U (VA - TA) = U (VB) - U (VB - TB) (98)
unde: VA = venitul contribuabilului A;
VB = venitul contribuabilului B;
TA = impozitul suportat de contribuabilul A;
TB = impozitul suportat de contribuabilul B.
ÌQ 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 úL DVXSUD FHORUODO L FRQWULEXDELOL &RQWULEXDELOXO $ HVWH vQ SULQFLSLX R SHUVRDQ  LSRWHWLF 

úL DQXPH FHDFDUHDYkQG XQ YHQLW 9$ úL R VLWXD LH SHUVRQDO  ELQH SUHFL]DW  SO WHúWH XQ LPSR]LW

7$ SUHVWDELOLW &RQWULEXDELOXO % HVWH R SHUVRDQ  UHDO  F UHLD XUPHD]  V  L VH VWDELOHDVF 

impozitul astfel încât pierderea saGHXWLOLWDWHSULQGLPLQXDUHD YHQLWXOXLV ILHLGHQWLF FX FHDD

SHUVRDQHL LSRWHWLFH $ ÌQ PRG VLPLODU VH SRDWH DFFHSWD vQ OHJ WXU  FX FRQWULEXDELOXO $ F  HVWH R

SHUVRDQ  FDUH D UHDOL]DW úL DQWHULRU YHQLWXUL úL D SO WLW LPSR]LW vQ FXDQWXP 7$ vQ WLPS FH

FRQWULEXDELOXO % HVWH XQ FRQWULEXDELO QRX FDUH QX D UHDOL]DW SkQ  DFXP YHQLWXUL úL QX D SO WLW

LPSR]LW'HDVHPHQHDS VWUkQGVDXQXLSRWH]DGHVSUHFDUDFWHUXOLSRWHWLFVDXUHDODOSHUVRDQHL$

VH SRDWH DFFHSWD GHVSUHFRQWULEXDELOXO % F  QX HVWH QRXFL F  GRDU DFXP vQWUXQHúWHFRQGL LL GH

YHQLWúLVLWXD LHSHUVRQDO FDUHvOFDOLILF vQDFHLDúLFDWHJRULHFX$

3HED]DUHOD LHLúLDFFHSWkQG 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 DFHLDúL FRW  D YHQLWXULORU FHORU GRL

FRQWULEXDELOL ,SRWH]D HVWH HFKLWDELO  vQ FD]XO FRQWULEXDELOLORU DIOD L vQWU R DFHLDúL FDWHJRULH
-
GHILQLW  GH SXWHUHD HFRQRPLF  úL VLWXD LD SHUVRQDO  &X WRDWH F  SURSRU LRQDOLWDWHD LPSXQHULL DU

S UHDvQSULQFLSLXHFKLWDELO WRWXúLQXHVWHDúDHFKLWDWHDILLQGvQDFHVWFD]UHODWLY GLVFXWDELO ÌQ

cazul în care venitul contribuabilului A este de câteva ori mai mare decât 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
= (100.3)
VA VB

cu alte cuvinteFRWDGHLPSR]LWDUHHVWHDFHLDúL

11.3.1.2. 6DFULILFLXOSURSRU LRQDOHJDO

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

XWLOLW LLYHQLWXOXLGLVSRQLELOvQXWLOLWDWHDYHQLWXOXLEUXWVHS VWUHD] DFHLDúL

 U(VA − TA ) U(VB − TB)
= (101)
U(VA) U(VB)

ÌQDFHVWFD]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 vQWUHYHQLWXOEUXWúLFHOGLVSRQLELOHVWHHJDO 

U’ (VA-TA) - U’(VA) = U’(VB-TB) - U’(VB) (103)

ÌQDFHVWFD]LPSR]LWXOSO WLWGHFRQWULEXDELOXO%HVWHGDWGHUHOD LD

TB = VB - [U]-1 ( ∫ (U’ (VA-TA) - U’ (VB) + U’ (VB) )dV) (104)

ÌQ 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 JUHúLW FD

XWLOLWDWHPDUJLQDO DYHQLWXOXLGLVSRQLELOÌQDFHDVW 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]DUHÌQFD]XOvQVSH QLPHQL

QX DU PDL GRUL V  GHSXQ  HIRUW VDX V -úL DVXPH ULVF vQ YHGHUHD RE LQHULL XQXL YHQLW PDL PDUH
GHRDUHFH SULQ LPSR]LWDUH YHQLWXO V X GLVSRQLELO DU IL GLPLQXDW OD QLYHOXO FHOXL FH QX-úL P UHúWH

efortul sau nu-úLDVXP ULVFSHQWUXFUHúWHUHDYHQLWXOXLV X

11.3.1.4. Tipuri de cote de impunere

ÌQ YLUWXWHD SULQFLSLXOXL HFKLW LL ILVFDOH VH SUDFWLF  GRX  PRGDOLW L SULQFLSDOH GH

LPSXQHUHvQVXPHIL[HúLvQFRWHSURFHQWXDOH

Impunerea în 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

DúH]DUHD XQRU LPSR]LWH LQGLUHFWH FD GH SLOG  DFFL]D vQ VXP  IL[  SHQWUX LJ UL úL DOFRRO VDX D

unor taxe (în special locale).

Impunerea în cote procentuale HVWH ODUJ XWLOL]DW  ILLQG vQ ]LOHOH QRDVWUH SULQFLSDOD

PRGDOLWDWH GH DúH]DUH D LPSR]LWXOXL GHRDUHFH SHUPLWH R EXQ  FRUHODUH D VDUFLQLL ILVFDOH DWkW FX

SXWHUHDHFRQRPLF DFRQWULEXDELOXOXLFkWúLFXVLWXD LDVDSHUVRQDO 6XQWvQX]WUHLYDULDQWH

ƒ vQFRWHSURSRU LRQDOH

ƒ în cote progresive cu alternativele:

• cote progresive simple,
•FRWHSURJUHVLYHFRPSXVHVDXFRWHSURJUHVLYHSHWUDQúH
ƒ în cote regresive.
,PSXQHUHD vQ FRWH SURSRU LRQDOH presupune stabilirea cuantumul impozitului (T) cu o

DFHLDúLFRW SURFHQWXDO WLQGLIHUHQWGHP ULPHDPDVHLLPSR]DELOH0

 T = t ∗M (105)

ÌQ FH SULYHúWH HFKLWDWHD DFHDVWD HVWH GLVFXWDELO  GDF  FHL LPSXúL GLVSXQ GH PDVH

impozabile în limLWHGHPDUHDPSOLWXGLQHYH]LúLFDS

Impunerea în cote progresive SUHVXSXQH YDULD LD FRWHL SURFHQWXDOH vQ VHQVXO vQ FDUH
YDULD]  úL YROXPXO PDWHULHL LPSR]DELOH &DUDFWHULVWLF DFHVWHL PRGDOLW L GH LPSXQHUH HVWH

partajarea materiei impozabile pe WUDQúH GHILQLWH vQWUH GRX  QLYHOH DOH YROXPXOXL DFHVWHLD 6 

SUHVXSXQHPF VXQWGHILQLWHnWUDQúHLGHQWLILFDELOSULQLQGLFHOHMM «QDVWIHO

WUDQúD j ∈ [Mj-1 +1;Mj] (106)

3HQWUX M   OLPLWD LQIHULRDU  D WUDQúHL 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] 

DFHODúLSHQWUXRULFHFD]vQFDUHPDWHULDLPSR]DELO GHS úHúWHYROXPXO0n-1 +1.

Impunerea în cote progresiYHSUHVXSXQHRFRW GHLPSXQHUHGLIHULW SHQWUXILHFDUHWUDQú 
respectiv tjFUHVF WRDUHRGDW FXPDVDPDWHULHLLPSR]DELOH&UHúWHUHDVHSRDWHIDFHFXpas (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)

ÌQFD]XOFUHúWHULLFXSDVYDULDELOvQWUHGRLSDúLVXFFHVLYLH[LVW UHOD LD

pj = kj ∗ pj-1 (107.3)

unde kj este un coeficient de multiplicare kj > 1 sau 0 < kj < 1, astfel încât avem întotdeauna tj > tj-1.
Alternativa cotelor progresive simple SUHVXSXQH F  GDF  XQ FRQWULEXDELO x dispune de o
PDWHULH LPSR]DELO  FXSULQV  vQ WUDQúD j, aceasta se impune în totalitate cu cota tj. În acest caz,

PDVDPDWHULHLLPSR]DELOH0[VHFODVLILF vQWU-XQDGLQWUDQúHSRWULYLWUHOD LHL

Mj-1 + 1 ≤ Mx ≤ Mj (108.1)

DSRLVHIL[HD] FRWDGHLPSXQHUH tjúLVHGHWHUPLQ LPSR]LWXOvQVDUFLQDFRQWULEXDELOXOXL[

Tx = tj ∗ Mx (108.2)

Alternativa cotelor SURJUHVLYH SH WUDQúH SUHVXSXQH F  GLQ PDWHULD LPSR]DELO  D

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

DGLF 0[HVWHODUkQGXOV XSDUWDMDW SHWUDQúHDOF URUYROXPHVWHHJDOFXDPSOLWXGLQHDDPLQWLW 

Mxj =Mj - Mj-1 j = 1, 2, …, n (109.1)

n
∑ Mx j = Mx (109.2)
j=1

Cuantumul impozitului datorat de contribuabil este:

n
Tx ∑ t j ∗ Mx j (109.3)
j=1
 ÌQ FD]XO vQ FDUH OHJHD SUHYHGH XQ PLQLP QHLPSR]DELO DWXQFL DFHVWD HVWH DúD FXP DP

ar WDWOLPLWDVXSHULRDU DWUDQúHLLDUFRWDGHLPSXQHUHSUHY ]XW HVWHW1 =0

Impunerea în cote regresiveQXDSDUHFDPRGDOLWDWHSUDFWLF GHDúH]DUHDLPSR]LWXOXLFL

GRDUFDRFRQVHFLQ DLPSR]LWHORULQGLUHFWH$FHVWHDVXQWDúH]DWHvQFRW SURFHQWXDO VDXIL[ SH

XQLWDWHDGHFRQVXPúLHVWHGHFLRVDUFLQ FRQVWDQW FHUHYLQHRULF UXLFRQVXPDWRUDOXQXLSURGXV

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

11.3.2. 3ULQFLSLLGHSROLWLF ILQDQFLDU

$FHVWHSULQFLSLLU VSXQGXQRUQHFHVLW LGHQDWXU ILQDQFLDU UHIHULWRDUHODVXPDFROHFWDW 

FD YHQLW OD EXJHW úL OD UHODWLYD VWDELOLWDWH D DFHVWRU VXPH vQ UDSRUW FX FRQMXQFWXUD HFRQRPLF  ÌQ

acest grup de principii se includ:

ƒ randamentul fiscal;
ƒ stabilitatea;
ƒ elasticitatea.

Randamentul fiscalHVWHPHQ LRQDWUHODWLYODILHFDUHLPSR]LWvQSDUWHGDUúLODDQVDPEOXO

VLVWHPXOXLGHLPSR]LWH&RQGL LLOHOXLVXQW

ƒ FDUDFWHUXOXQLYHUVDODOLPSR]LWXOXLFDUHSUHVXSXQHGRX LQWHUSUHW UL

• LPSR]LWXO V  ILH DúH]DW vQ OHJ WXU  FX úL SO WLW GH F WUH WRDWH SHUVRDQHOH IL]LFH VDX

MXULGLFH FDUH RE LQ DFHODúL WLS GH YHQLW DGLF  GLQ DFHLDúL VXUV  VDX FDUH DX DFHODúL JHQ GH

DYHUHVDXFDUHFXPS U GLQ DU DFHODúLWLSGHSURGXV

•• LPSR]LWXO V  VH FDOFXOH]H úL V  VH SO WHDVF  SHQWUX vQWUHDJD PDWHULH LPSR]DELO 

UHIHULWRDUHODRDQXPLW SHUVRDQ IL]LF VDXMXULGLF 

ƒ LQH[LVWHQ D SRVLELOLW LORU GH VXVWUDJHUH GH OD LPSXQHUH D PDWHULHL LPSR]DELOH SDU LDO VDX

total, tolerat sau ilicit);

ƒ DúH]DUHDúLUHFROWDUHDLPSR]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 úL QX D XQXL LPSR]LW XQLF $FHDVWD FUHHD]  R IOH[LELOLWDWH PDL

mare în constituirea YHQLWXULORU VWDWXOXL VL FRQIHU  WRWRGDW  FDUDFWHULVWLFD GH SkUJKLH D

LPSR]LWXOXL DGLF  SRVLELOLWDWHD QXDQ ULL DWLWXGLQLL VWDWXOXL ID  GH GLIHULWH FDWHJRULL GH YHQLWXUL

ID  GH GLYHUVH JHQXUL GH DYHUH ID  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 cât, în chiar cazurile limitate în care s-DvQFHUFDWVDXVHvQFHDUF GHILQLUHDXQXLVLQJXULPSR]LW

referitor la un anumit gen de materie LPSR]DELO  GLILFXOW LOH GH DúH]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 în vedere statul. Teoria financiaU QXGHILQHúWH
vQPRGH[SUHVDVWIHOGHSULQFLSLLFLGRDUJHQXULGHRELHFWLYHDF URUUHDOL]DUHSRDWHILLQIOXHQ DW 

SULQ LPSR]LWH SURFXUDUHD YHQLWXULORU QHFHVDUH HIHFWX ULL FKHOWXLHOLORU DYXWH vQ YHGHUH GH VWDW

folosirea impozitelor, în 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

XQRURELHFWLYHVRFLDOHúLSROLWLFHSHFDUHVWDWXOOHDUHvQYHGHUH1LFLvQDFHVWFD]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 úL 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. $úH]DUHDLPSR]LWHORU

$úH]DUHD LPSR]LWXOXL HVWH XQ FRPSOH[ GH RSHUD LXQL SULYLQG VWDELOLUHD RELHFWXOXL

LPSR]DELOGHWHUPLQDUHDFXDQWXPXOXLLPSR]LWXOXLúLSHUFHSHUHDLPSR]LWXOXL

Stabilirea obiectului impozabil are în vedere constatarea materiei impozabile (care este
vQ VDUFLQD RUJDQXOXL ILVFDO úL HYDOXDUHD DFHVWHLD HIHFWXDW  GH RUJDQXO ILVFDO vQVXúL VDX vQ

FRQOXFUDUHFXFKLDUFRQWULEXDELOXOVDXFXRWHU SHUVRDQ 

Evaluarea se poate face indirect sau direct.

(YDOXDUHDLQGLUHFW se poate efectua:
ƒ pe ED]D VHPQHORU H[WHULRDUH DOH RELHFWXOXL LPSR]DELO X]XDO  SHQWUX LPSR]LWHOH GH WLS UHDO

RSHUDWLY  VLPSO  úL SX LQ FRVWLVLWRDUH GDU DSUR[LPDWLY  úL JHQHUDWRDUH GH DEX]XUL 'H

H[HPSOXHYDOXDUHDXQXLLPRELOGXS QXP UXOúLGHVWLQD LDvQF SHULORU

ƒ forfetaUDGLF DWULEXLUHDXQHLYDORULvQvQ HOHJHUHFXFRQWULEXDELOXO

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

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

organul fiscal.
ƒ (YDOXDUHDGLUHFW se poate efectua:
ƒ SH ED]D GHFODUD LHL XQHL WHU H SHUVRDQH DOH F UHL FDOLWDWH úL REOLJD LH VXQW VWDELOLWH SULQ OHJH

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

DQJDMDWXOXLV XúL de a-LRSULúLY UVDLPSR]LWXOSHDFHVWYHQLW

ƒ SH ED]DGHFODUD LHLFRQWULEXDELOXOXLF UXLDLVH VWDELOHúWHSULQOHJHREOLJD LDGHGHFODUD LHFD

úLIRUPDvQFDUHWUHEXLHI FXW úLWHUPHQXOSkQ ODFDUHWUHEXLHGHSXV 

Determinarea cuantumului impozabil arHvQYHGHUHFDOFXOXOVXPHLGHSODW ÌQFD]XOvQ

FDUHFDOFXOXOVHIDFHDúDFXPV-DDU WDWvQFDSPHWRGDGHFDOXOVH]LFHD impozitului de

cotitateFHDPDLX]XDO vQ]LOHOHQRDVWUH
7HRULD ILQDQFLDU  PHQ LRQHD]  úL PHWRGD LPSR]LWXOXL GH UHSDUWL ie, în care autoritatea

VWDWDO VWDELOHúWHYROXPXOQHFHVDUDOYHQLWXULORUúLvOUHSDUWL]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 -

DUDúWHSWDH[LVWHQ DXQHLILQDQ ULEXJHWDUH

12. Impozitele directe

Impozitele directe VXQW R FDWHJRULH GH LPSR]LWH FODVLILFDWH GXS  FULWHULXO WU V WXULORU GH

IRQG úL 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  ú i de
VLWXD LDSHUVRQDO DFRQWULEXDELOXOXLVXQWDGXVHODFXQRúWLQ DSO WLWRUXOXLDQWLFLSDWSO LLDWkWvQFH

SULYHúWHVXPDGHSODW FkWúLWHUPHQHOH VFDGHQ

- 

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

personale.
 Impozitele reale VXQW DúH]DWH SH RELHFWXO DFWLYLW LL úL QX PDL VXQW FDUDFWHULVWLFH HSRFLL

FRQWHPSRUDQHYH]LúLFDS$úH]DUHDORUQHFHVLW LQWURGXFHUHDXQHLLQVWLWX LLVSHFLILFHFDUHV 

GHVFULHRELHFWXODFWLYLW LLúLV
-l înregistreze pe peUVRDQH2DVWIHOGHLQVWLWX LHV-a creat în timp
QXPDL vQ OHJ WXU  FX S PkQWXO úL DFWLYLW 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 QXPHúWH cadastru.

$FHDVW  LQVWLWX LH DUH FD RELHFW GHVFULHUHD EXQXULORU IXQFLDUH PHQ LRQDUHD YHQLWXULORU SH FDUH

DFHVWHDOHSURGXFúLHYLGHQ DORUSHSURSULHWDUL$FHDVW LQVWLWX LHFXDFHODúLRELHFWGDUFXIXQF LL

PRGLILFDWHVHS VWUHD] úLD]L

Impozitele personaleVXQWDúH]DWHSHYHQLWúLSHDYHUHúLFRQVWLWXLHIRUPDGHLPSXQHUHFHD
PDLU VSkQGLW vQ]LOHOHQRDVWUH

12.1. Impozitele pe venit

,PSR]LWHOHSHYHQLWVXQWDúH]DWHSHGLIHULWHOHWLSXULGHYHQLWXULXQHOHILLQGvQV H[RQHUDWH

pensii, ajutoare sociale, burse, dobânzi úDFXGLIHUHQ LHULSH ULúLvQWLPS

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

SHUVRDQHORUIL]LFHúLLPSR]LWHSHYHQLWXULOHSHUVRQDOHORUMXULGLFH

12.1.1. Impozitul pe veniturile persoanelor fizice

SuELHFWXO DFHVWXL LPSR]LW VXQW SHUVRDQHOH IL]LFH FDUH vúL DX GRPLFLOLXO VDX UH]LGHQ D vQ
VWDWXO EHQHILFLDU DO UHVSHFWLYXOXL LPSR]LW SUHFXP úL SHUVRDQH QHUH]LGHQWH FX XQHOH H[FHS LL úL

FDUH UHDOL]HD]  YHQLWXUL vQ UHVSHFWLYXO VWDW /HJHD VFXWHúWH GH UHJXO  de la plata acestui impozit
XQHOH FDWHJRULL GH EHQHILFLDUL GH YHQLW FXP VXQW VXYHUDQLL úL IDPLOLLOH UHJDOH GLSORPD LL VWU LQL

DFUHGLWD L FX FRQGL LD UHFLSURFLW LL SHUVRDQHOH FDUH UHDOL]HD]  YHQLWXUL VXE PLQLPXO LPSR]DELO

úLXQHRULPLOLWDULL

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 

úLFDH[SUHVLHFDQWLWDWLY PDVDDFHVWHLD&KHOWXLHOLOHGHGXFWLELOHVXQWGHUHJXO 

ƒ FKHOWXLHOLSHQWUXGHVI úXUDUHDDFWLYLW LL

ƒ GREkQ]LOHSO WLWHSHQWUXFUHGLWHOHXWLOL]DWH

ƒ Y UV PLQWHOHODIRQGXOGHDPRUWL]DUHúLODFHOGHUH]HUY 

ƒ FRWL]D LLOHSHQWUXDVLJXU ULVRFLDOH

ƒ primele de asigurare;
ƒ unele cheltuieli social-culturale;
ƒ SLHUGHULGLQDFWLYLWDWHDDQLORUSUHFHGHQ L

ƒ SLHUGHULGLQFDODPLW LQDWXUDOH

ÌQ FRQGL LLOH LQWURGXFHULL vQ DUD QRDVWU  D LPSR]LWXOXL SH YHQLWXO JOREDO v ncepând cu 1
LDQXDULH  GLQ YHQLWXO EUXW DO SHUVRDQHORU IL]LFH VH PDL SRW GHGXFH WD[HOH SHQWUX DVLJXU UL

VRFLDOHGHV Q WDWHúLSHQWUXúRPDMRVXP SHQWUXFKHOWXLHOLSURIHVLRQDOHVXPHSHQWUXFRQVXPXO

SHUVRQDOúLSHQWUXFHODOPHPEULORUGHIDPLOLHDIOD LvQvQWUH LQHUHDFRQWULEXDELOXOXL

$úH]DUHD LPSR]LWXOXL VH IDFH FX VDX I U  OXDUHD vQ FRQVLGHUDUH D VLWXD LHL SHUVRQDOH D

FRQWULEXDELOXOXLVWDUHFLYLO QXP UGHSHUVRDQHvQvQWUH LQHUHH[LVWHQ DYUHXQXLKDQGLFDSúD

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 WUDQúH VDX vQ FRWH

progresive simple. Minimul impozabil pentru salarii este stabilit în România, de la 01.01.2000 la
OHLOXQDUúLVHSUDFWLF XQVLVWHPSURJUHVLYSHWUDQúHFXFRWDPDUJLQDO  GHLPSXQHUHGH
SHQWUXSDUWHDGLQYHQLWXOVDODULDOFHGHS úHúWHOHLDQXDO

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

ƒ SHUVRDQHMXULGLFH UH]XOWDWH GLQ DVRFLHUHD GH SHUVRDQHIL]LFH QXPLWH úL VRFLHW L GH SHUVRDQH ,
caracterizate prin fapWXO F  HVWH GLILFLO GH I FXW GLVWLQF LH vQWUH DYHUHD DVRFLDWXOXL úL DYHUHD

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

veniturilor persoanelor fizice;

ƒ persoane juridice rezultate din asocierea de capitaluri, numitH úL VRFLHW L GH FDSLWDO ,
FDUDFWHUL]DWH SULQ IDSWXO F  VH SRDWH GLVWLQJH QHW vQWUH DYHUHD SDUWLFLSDQ LORU úL 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]  ÌQ FD]XO

VRFLHW LORUGHFDSLWDOSRWILLGHQWLILFDWHWUHLQLYHOXULGHYHQLW

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

3UDFWLFDILVFDO FXQRDúWHSDWUXPRGDOLW LGHLPSXQHUHDVRFLHW LORUGHFDSLWDOPRGDOLW L

FDUH LQVHDPDGHH[LVWHQ DFHORUWUHLQLYHOXULGHYHQLWPHQ LRQDWHPDLVXV

i) VHLPSXQHVHSDUDWúLDúLE

ii) se impune numai b);

iii) se impune numai c);
iv) VHLPSXQHVHSDUDWúLEúLF

)LHFDUH GLQ DFHVWH PRGDOLW L U VSXQGH XQRU DQXPLWH RELHFWLYH GH SROLWLF  HFRQRPLF  D

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

de venit.
În România pâQ  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 úL XQHOH cheltuieli
QHGHGXFWLELOH FKHOWXLHOL SHVWH FRWD OHJDO  GH FKHOWXLHOL GH SURWRFRO VDX VSRQVRUL]DUH úD úL GLQ

FDUH VH VF GHDX XQHOH FKHOWXLHOL GHGXFWLELOH FKHOWXLHOL ILQDQFLDUH FRQVWLWXLUHD XQRU IRQGXUL GH

UH]HUY  úL DPRUWL]DUH SLHUGHUL GLQ DQLL SUHFHGHQ L VDX GLQ FDODPLW L QDWXUDOH úD $FHDVW  FRW 

se modifica în câteva cazuri:

ƒ GDF SURILWXOSURYHQHDvQSURSRU LHGHPLQLPGLQDFWLYLW LDJULFROH

ƒ GDF SURILWXOSURYHQHDGLQMRFXULGHQRURFEDUXULúLFOXEXULGHQRDSWH

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

GHVI úXUDWHODXQVHGLXSHUPDQHQWGLQ5RPkQLD

ƒ  SHQWUX SURILWXO UHDOL]DW GH %DQFD 1D LRQDO  GXS  GHGXFHUHD FKHOWXLHOLORU SHUPLVH GH

OHJHúLFRQVWLWXLUHDIRQGXOXLGHUH]HUY 

De la 1 ianuarie 2000, cota de impunere a profitului s-D UHGXV OD  úL V-a introdus
SUHYHGHUHDQHLPSR]LW ULLSURILWXOXLUHLQYHVWLW

12.2. Impozitele pe avere

,PSR]LWHOH SHDYHUH VXQW DúH]DWH vQ OHJ WXU  FX SURSULHWDWHD GH LQXW  GH SHUVRDQHOHIL]LFH

sau jXULGLFH 'XS  RELHFWXO SURSULX-zis al impunerii, impozite pe avere sunt: impozite pe averea
propriu-]LV  LPSR]LWH SH FLUFXOD LD DYHULL úL LPSR]LWH SH VSRUXO GH DYHUH 3ODWD LPSR]LWXOXL VH
face, în quasitotalitatea cazurilor, din veniturile proprietarului úLQXGLQVXEVWDQ DDYHULLSHQWUXD
vQFXUDMDHFRQRPLVLUHDFXVFRSXODFXPXO ULL

12.2.1. Impozitele pe averea propriu-]LV

6XELHFWXO DFHVWRU LPSR]LWH vO UHSUH]LQW  SURSULHWDUXO DYHULL DYHUHD SRDWH OXD IRUPD

bunurilor imobile (teren, imobile etc.) sau a tuturor bunurilor din patrimoniu, imobile sau mobile,
(activul net).
2ELHFWXO LPSR]LWXOXL vO UHSUH]LQW  DYHUHD vQ IRUPD PDL VXV PHQ LRQDW  3RWULYLW DFHVWHL

IRUPHGHDYHUHVHvQWkOQHVFGRX FDWHJRULLGHLPSR]LWH

a) impozitul pe proprietatea imobiliaU  DúH]DW DVXSUD WHUHQXULORU FO GLULORU úL DOWRU

EXQXUL LPRELOLDUH PDVD PDWHULHL LPSR]DELOH VH GHWHUPLQ  ILH SULQ YDORDUHD GH DFKL]L LH ILH SULQ

YDORDUHD GHFODUDW  ILH FD UH]XOWDW DO FDSLWDOL] ULL YHQLWXOXL RE LQXW SH VHDPD UHVSHFWLYXOXL EXQ

cotele de LPSXQHUH VXQW vQ JHQHUDO VF ]XWH LPSR]LWXO HVWH UHODWLY QHHODVWLF úL DUH vQ JHQHUDO

UDQGDPHQWXOVF ]XW

b) impozitul pe activul net DúH]DW DVXSUD WXWXURU FDWHJRULLORU GH EXQXUL GLQ SDWULPRQLXO
FRQWULEXDELOXOXLGLQDF URUYDORDUHVHVFDGGDWRULLOHFHOHJUHYHD] FDVXELHFWDODFHVWXLLPSR]LW

SRW IL DWkW SHUVRDQHOH IL]LFH FkW úL FHOH MXULGLFH VDX QXPDL XQD GLQ FHOH GRX  FDWHJRULL vQ PDVD

LPSR]DELO  VXQW LQFOXVHGH UHJXO  SDWULPRQLXOIXQFLDU úL RULFH FDWHJRULH GH EXQXUL FH VHUYHúWH OD

GHVI úXUDUHDDFWLYLW LLVXELHFWXOXLSURSULHWDU

,PSR]LWHOHSHFLUFXOD LDDYHULL

6XELHFWXO DFHVWRU LPSR]LWH HVWH GH UHJXO  EHQHILFLDUXOXL WUDQVIHUXOXL GH DYHUH WUDQVIHU

FDUH FRQVWLWXLH RELHFWXO LPSR]LWXOXL 'XS  WLSXO GH WUDQVIHU VXQW X]XDOH SDWUX FDWHJRULL G e
impozite:
a) impozitul pe actele de vânzare-FXPS UDUH SULYLQG EXQXULOH LPRELOH úL FDUH HVWH

SHUFHSXW FX RFD]LD QRWLILF ULLDFWXOXL SUHY ]XW  vQ PRG H[SUHV SULQ OHJH úL I U  GH FDUH DFWXO QX

HVWH UHFXQRVFXW GH DXWRULW LOH SXEOLFH FRWHOH GH LPSXQHUH VXQW FUHVF WRDUH RGDW  FX YDORDUHD

YkQ] ULL

b) impozitul pe succesiuni care este perceput pentru actele succesorale, acceptate numai
vQWUHSHUVRDQHIL]LFHFRWHOHGHLPSXQHUHVXQWFUHVF WRDUHRGDW FXYDORDUHDPDVHLVXFFHVRUDOHúL

cu diluarea gradului de rudenie;

c) LPSR]LWXO SH GRQD LL care este perceput pentru transferurile de avere între vii; cotele
GH LPSXQHUH VXQW FUHVF WRDUH RGDW  FX YDORDUHD PDWHULHL GRQDWH úL GLOXDUHD JUDGXOXL GH UXGHQLH

vQWUH GRQDWRU úL GRQDWDU FHO FH SULPHúWH GRQD LD úL FX VFRSXO GRQD LHL vQ YHGHUHD PRU LL FX

HIHFWHGXS PRDUWHSHSDWXOPRU LLvQWUHYLL

12.2.3. Impozitul pe sporul de avere

6XELHFWXODFHVWXLLPSR]LWVXQWSURSULHWDULLFHDXGREkQGLWVSRUGHDYHUHLPRELOLDU XQHRUL

VLPRELOLDU VSRUFHFRQVWLWXLHRELHFWXOLPSR]LWXOXL,PSR]LWXOVHSHUFHSHvQPRPHQWXOYkQ] ULL

DYHULL VDX D XQHL S U LD HL úL VH FDOFXOHD] DVXSUD VSRUXOXL GH YDORDUHD DFHVWHLD vQWUH PRPHQWXO

DFKL]L LHLúLPRPHQWXOYkQ] ULL'LQDFHDVW YDORDUHVHGHGXFDFHOHFKHOWXLHOLHIHFWXDWHúLSURED te

de proprietar pentru ameliorarea / modernizarea averii sale.
5D LXQHD DFHVWXL LPSR]LW HVWH GLPLQXDUHD FkúWLJXOXL I U  HIRUW GREkQGLW GH SURSULHWDU FD

UH]XOWDW DO XQRU FDX]H H[WHULRDUH FXP VXQW PRGLILFDUHD GHVWLQD LHL WHUHQXOXL ILH vQ PRG QDWXUDO

fie FDHIHFWDOXQRUDFWHDOHDGPLQLVWUD LHLSXEOLFDH[HFXWDUHDXQRUOXFU ULHGLWDUHFRQVWUXF LLGH

GUXPXULFDQDOL] ULHOHFWULILF ULLQIOD LDúD

'XEODLPSXQHUHMXULGLF LQWHUQD LRQDO

'XEODLPSXQHUHMXULGLF LQWHUQD LRQDO UHSUH]LQW VXSXQHUHDODLPSR]LWDDFHOHLDúLPDWHULL

LPSR]DELOHúLSHQWUXDFHODúLLQWHUYDOGHWLPSGHF WUHDXWRULW LOHILVFDOHGLQGRX  UL

 ÌQLQWHUHVXODFHOXLDúLVWDWRDQXPLW PDWHULHSRDWHILVXSXV PDLPXOWRULPSR]LWHFHHDFH

GHILQHúWHGXEODLPSXQHUHHFRQRPLF FXDOW QDWXU GHFkWFHDMXULGLF LQWHUQD LRQDO 

'XEOD LPSXQHUH MXULGLF  LQWHUQD LRQDO  DSDUH QXPDL vQ OHJ WXU  FX LPSR]LWHOH GLUHFWH

DGLF  vQ OHJ WXU  FX RE LQHUHD GH YHQLWXUL úL  VDX GH LQHUHD GH DYHUL vQWU XQ VWDW GH F WUH R
-
SHUVRDQ IL]LF VDXMXULGLF UH]LGHQWVWU LQvQVWDWXOUHVSHFWLY$FFHSWDUHDVDXQXDDFHVWHLGXEOH

LPSXQHULHVWHRFKHVWLXQHGHYRLQ UHFLSURF vQWUHFHOHGRX  ULFHDXQGHVHRE LQHYHQLWXOVH

GH LQHDYHUHDúLFHDGHRULJLQHDUH]LGHQWXOXL

Posibilitatea dublei impuneri juULGLFH LQWHUQD LRQDOH HVWH GDW  GH IDSWXO F  ILHFDUH VWDW

VWDELOHúWHvQPRGVXYHUDQFULWHULXOGXS FDUHLPSXQHúLDQXPH

♦ FULWHULXO UH]LGHQ HL SRWULYLW F UXLD LPSXQHUHD YHQLWXULORU VH IDFH vQ DUD F UHLD

DSDU LQHUH]LGHQWXOLQGLIHUHQWGH DUDvQFDUHVXQWHOHRE LQXWH

♦ FULWHULXO QD LRQDOLW LL SRWULYLW F UXLD UH]LGHQ LL XQXL VWDW LQGLIHUHQW GH IDSWXO F 

ORFXLHVFVDXQXvQDFHOVWDWVXQWVXSXúLLPSXQHULLILVFDOHGHF WUHDFHVWVWDWSHQWUX

YHQLWXULOHSHFDUHOHRE LQúLVDXSHQWUXDYHUHDSHFDUHRGH LQ în acest stat;

♦ criteriul originii veniturilor SRWULYLW F UXLD LPSXQHUHD ILVFDO  VH IDFH GH F WUH

VWDWXO vQ FDUH R SHUVRDQ  RE LQH YHQLWXUL VDX GH LQH DYHUH LQGLIHUHQW GH UH]LGHQ D

VDXGHQD LRQDOLWDWHDDFHVWHLSHUVRDQH

'XEOD LPSXQHUH MXULGLF  LQWHUQD LRQDO  VH SRDWH HYLWD SULQ FRQYHQ LL EL VDX PXOWLODWHUDOH

vQWUHVWDWHSHQWUXFDUHXQHOHRUJDQLVPHPRQGLDOHDXSURSXVPRGHOH2UJDQL]D LDSHQWUX&RRSHUDUH

úL'H]YROWDUH(FRQRPLF vQúLúL2UJDQL]D LD1D LXQLORU8QLWHvQ

Evitarea GXEOHLLPSXQHULMXULGLFHLQWHUQD LRQDOHVHSRDWHUHDOL]DSULQSDWUXSURFHGHH

a) exonerareaSRWULYLWF UHLDYHQLWXORE LQXWGHXQUH]LGHQWDO ULL$vQDIDUDDFHVWHLDúL
supus impunerii acolo unde l-DRE LQXWQXVHLQFOXGHvQYHQLWXOLPSR]DELODOUH]LGHntului calculat
vQ DUD$

b) VFXWLUHD SURJUHVLY  SRWULYLW F UHLD YHQLWXO RE LQXW GH XQ UH]LGHQW DO ULL $ vQ DIDUD

DFHVWHLD VH LQFOXGH vQ YHQLWXO LPSR]DELO DO UH]LGHQWXOXL FDOFXODW vQ DUD $ FX VFRSXO GH D VH

GHWHUPLQD FRWD GH LPSXQHUH $FHDVW  FRW  VH DSOLF  DSRL YHQLWXOXL LPSR]DELO RE LQXW vQ DUD $

Fie VAYHQLWXORE LQXWGHUH]LGHQWvQ DUD$ VB YHQLWXORE LQXWGHUH]LGHQWvQ DUD%úL c cursul

GH VFKLPE SUDFWLFDW RILFLDO vQ DUD $ SHQWUX PRQHGD ULL % úL t(V) FRWD GH LPSXQHUH vQ DUD $

pentru un YHQLWGHP ULPHV,PSR]LWXOGDWRUDWGHUH]LGHQWvQ DUD$HVWH

IA = [ t (VA + c ∗ VB)] ∗ VA (110)

c) FUHGLWDUHDREúQXLW SRWULYLWF UHLDLPSR]LWXOGDWRUDW ULL$GHXQUH]LGHQWDODFHVWHL

UL SHQWUX YHQLWXULOH RE LQXWH GH HO vQ DUD % VH VWDELOHúWH vQ DUD $ VF ]kQG LPSR]LWXO SO WLW vQ

DUD%GLQLPSR]LWXOFDOFXODWSHQWUXXQYHQLWHFKLYDOHQWvQ DUD$GDUQXPDLPXOWGHFkWDFHVWGLQ

XUP  LPSR]LW &DOFXOXO LPSR]LWXOXL GDWRUDW GH UH]LGHQW vQ DUD $ SHQWUX WRDWH YHQLWXULOH VDOH VH

VWDELOHúWHSRWULYLWXUP WRUXOXLDOJRULWP

IcA(VA + c ∗ VB) = [ t (VA + c ∗ VB)] ∗ (VA + c ∗ VB) (111.1)

IcA(c ∗ VB) = [ t (c ∗ VB)] ∗ (c ∗ VB) (111.2)

TIpB(VB) = {[ t B (VB)] ∗ VB}∗ c (111.3)

IdA(VA + c ∗ VB) = IcA(VA + c ∗ VB) − min(IcA(c ∗ VB), TIpB(VB)) (111.4)

unde: IcA(VA+c ∗ VB)  LPSR]LWXO FDOFXODW vQ DUD $ SHQWUX YHQLWXO WRWDO al rezidentului
RE LQXWvQDPEHOH UL

IcA(c ∗ VB)  LPSR]LWXO FDOFXODW vQ DUD $ SHQWUX YHQLWXO RE LQXW GH UH]LGHQW vQ DUD

%úLWUDQVIRUPDWvQPRQHGD DULL$
 TIpB(VB) WUDQVIRUPDWDvQPRQHGD ULL$DLPSR]LWXOXLSO WLWGHUH]LGHQWvQ DUD

%SHQWUXYHQLWXORE LQXWGHHODFROR

tB(VB) FRWDGHLPSXQHUHvQ DUD%DYHQLWXOXLRE LQXWDFRORGHF WUHUH]LGHQW

IdA(VA+c ∗ VB)  LPSR]LWXO GDWRUDW vQ DUD $ GH F WUH UH]LGHQW SHQWUX YHQLWXO V X WRWDO

RE LQXWvQDPEHOH UL

$FHVW FULWHULX SUHVXSXQH F  DUD $ vL RIHU  UH]LGHQWXOXL XQ FUHGLW ILVFDO GDU QX PDL PDUH

decât impozitul pe care l-DUILGDWRUDWHOvQ DUD$vQFD]XOF DUILRE LQXWDLFLXQYHQLWHFKLYDOHQW

FXFHORE LQXWvQ DUD%

d) creditarea inWHJUDO  SRWULYLW F UHLD LPSR]LWXO SO WLW vQ DUD % GH F WUH UH]LGHQWXO $

SHQWUXYHQLWXULOHRE LQXWHGHHOvQDFHD DU VHGHGXFHLQWHJUDOGLQLPSR]LWXOGDWRUDWGHHOvQ DUD

$3RWULYLWQRWD LLORUDQWHULRDUHLPSR]LWXOGDWRUDWvQ DUD$HVWH

IdA(VA + c ∗ VB) = IcA(VA + c ∗ VB) − TIpB(VB) (112)

$FHVW FULWHULX SUHVXSXQH F  DUD $ vL RIHU  UH]LGHQWXOXL XQ FUHGLW ILVFDO GH P ULPHD

impozitului pe care acesta l-DSO WLWvQ DUD%SHQWUXYHQLWXULOHRE LQXWHGHHODFROR

13. Impozitele indirecte

,PSR]LWHOH LQGLUHFWH VXQW DúH]DWH DVXSUD YkQ] ULORU GH P UIXUL úL SUHVW ULORU GH VHUYLFLL 

FHHD FH FRQIHU  DFHVWRUD FDUDFWHUXO GH LPSR]LW SH FKHOWXLHOL VDX GH LPSR]LW SHFRQVXP $FHDVW 

XOWLP IRUPXODUHGHFXUJHGLQIDSWXOF VXSRUWDWRUXOLPSR]LWHORULQGLUHFWHHVWHFRQVXPDWRUXOILQDO

7R L FHLODO L DJHQ L HFRQRPLFL LQFOXVLY LQYHVWLWRULL FDUH IRORVHVF XQ EXQ VDX XQ VHUYLFLX LQFOXG

FKHOWXLHOLOH GHDFKL]L LH D DFHVWRUD vQ FRVWXO SURGXVXOXLVHUYLFLXOXL SH FDUHHL vOIDEULF  úL vO RIHU 

VSUHYkQ]DUHSHSLD (LWUDQVIHU LPSR]LWXOLQGLUHFWLQFOXVvQSUH XOGHDFKL]L LHDVXSUDSUH XOXL

GHYkQ]DUHDSURSULXOXLSURGXVVHUYLFLXDVWIHOvQFkWQXPDLVXSRUW DFHVWLPSR]LW

,PSR]LWHOH LQGLUHFWH ILLQG LQFOXVH vQ SUH XO GH DFKL]L LH D XQXL EXQVHUYLFLX QX SRW IL

DúH]DWH vQ JHQHUDO LQkQG VHDPD GH VLWXD LD SHUVRQDO  D FRQWULEXDELOXOXL GH IDFWR DGLF  D

FXPS U WRUXOXLFRQVXPDWRUXOXL 'DF  UDSRUW P DFHVW OXFUX OD YHQLWXULOH FRQVXPDWRULORU H[WUHP

GH YDULDWH UH]XOW  F  LPSR]LWHOH LQGLUHFWH DX FDUDFWHU UHJUHVLY úL U VSXQG vQ PLF  P VXU 

FHULQ HORUSULQFLSLLORUGHHFKLWDWHILVFDO 'LQWU RH[SHULHQ

- GHSHVWHGHDQLvQSUDFWLFDILVFDO 

D XQXLD GLQ FHOH PDL U VSkQGLWH LPSR]LWHOH LQGLUHFWH DP QXPLW WD[D SH YDORDUHD DG XJDW  DX

UH]XOWDW XQHOH SRVLELOLW L GH D OXD vQ FRQVLGHUDUH HOHPHQWH GH HFKLWDWH ILVFDO  PDL DOHV SULQ

GLYHUVLILFDUHD FRWHL GH WD[DUH SHQWUX SURGXVHOH GH VWULFW  QHFHVLWDWH 'HRDUHFH DFHVWHD DX R

SRQGHUHPDUHvQFKHOWXLHOLOHGHFRQVXPDOHFDWHJRULLORUVRFLDOHFXYHQLWPLFVHUHGXFHLPSOLFLWúL

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

QLYHOH  SHQWUX H[SRUWXULOH HIHFWXDWH GH DJHQ LL HFRQRPLFLFX VHGLXO vQ5RPkQLD  FRWD

UHGXV  SHQWUX FDUQH SHúWH úL SURGXVH GLQ SHúWH SkLQH I LQ  PHGLFDPHQWH GH X] XPDQ úL

YHWHULQDU XQLIRUPH úFRODUH SHQWUX FRSLLL GLQ vQY PkQWXO SUHJLPQD]LDO úL DOWH FkWHYD úL 

FRWDQRUPDO 3HQWUXFRPSDUD LHPHQ LRQ PF 8QLXQHD(XURSHDQ UHFRPDQG  ULORr membre

RFRW UHGXV vQWUHúLúLRFRW VWDQGDUGQRUPDO GH -20%. Începând cu 1 ianuarie 2000
WD[DSHYDORDUHDDG XJDW DIRVWXQLIRUPL]DW vQ DUDQRDVWU ODQLYHOXOGH

(FRQRPLúWLL GH IDFWXU  OLEHUDO  FD GH SLOG  0LOWRQ )ULHGPDQ ODXUHD t al premiului Nobel
SHQWUX HFRQRPLH UHFRPDQG  XWLOL]DUHD LPSR]LWHORU LQGLUHFWH úL HOLPLQDUHD  GLPLQXDUHD IRUWH D

FHORU GLUHFWH GHRDUHFH vQ DFHVW IHO VH IRUPHD]  SHQWUX RIHUW   FHUHUH SUH XUL GH SLD  FH UHIOHFW 

DQVDPEOXO PHGLXOXL GH WUDQ]DF LL I U  D PDL IL QHFHVDU  FRUHFWDUHD UH]XOWDWHORU ILQDQFLDUH ILQDOH

DOH RSHUD LXQLORU HFRQRPLFH FX LPSDFWXO SH FDUH vO DUH LPSR]LWDUHD YHQLWXULORU úL D DYHULL 'H

DVHPHQHD SHQWUX F  HYD]LXQHD ILVFDO  vQ FD]XO DFHVWRU LPSR]LWH HVWH PXOW PDL JUHX GH UHDOL]DW

astfeO vQFkW VSRUHúWH UDQGDPHQWXO ILVFDO $FHDVW  RSLQLH WHRUHWLF  QX HVWH UHIOHFWDW  vQ SUDFWLFD

ILVFDO DPXOWRU ULGH]YROWDWHVDXPDLSX LQGH]YROWDWHvQFDUHvQXOWLPLLFFDDQLSRQGHUHD

impozitelor indirecte în total venituri fiscale s-DPHQ LQXWFXPLFLRVFLOD LLUHODWLYFRQVWDQW 

 3RWULYLWRSLQLHLOXL,XOLDQ9 F UHOPHPEUXDO$FDGHPLHL5RPkQHSUHIHULQ DDXWRULW LORU

ILVFDOHSHQWUXLPSR]LWHLQGLUHFWHPDQLIHVWDW GHDOWIHOúLvQ5RPkQLDHVWHUH]XOWDWXODFHHDFHFX

un singur cuvânt, putem nXPLFRPRGLWDWH5HSXWDWXOQRVWUXHFRQRPLVWIRUPXOHD] vQDFHVWVHQV

XUP WRDUHOH FDUDFWHULVWLFL DOH LPSR]LWHORU LQGLUHFWH LQWHUYDO VFXUW vQWUH PRPHQWXO GHFL]LHL GH

LQVWLWXLUH úL PRPHQWXO FkQG GHYLQ RSHUD LRQDOH FKHOWXLHOL PRGLFH GH DúH]DUH SHUFHSHUH úL

XUP ULUH YRDOHD]  LPDJLQHD LQL LDWRUXOXL úL FKLDU D EHQHILFLDUXOXL UHVSHFWLY VWDWXO SH VHDPD

comerciantului.
,PSR]LWHOHLQGLUHFWHDXvQSULQFLSDOWUHLIRUPHWD[HOHGHFRQVXPWD[HOHYDPDOHúLWD[HOH

JHQHUDOHÌQDIDUDDFHVWRUDvQXQHOH ULH[LVW úL monopoluri fiscaleDGLF RFRQFHQWUDUHWRWDO 

VDXSDU LDO DDFWLYLW LORUGHSURGXF LHúLFRPHU FXULGLFDWDúLVDXFXDP QXQWXOUHIHULWDRUHOD

DQXPLWH SURGXVH FXP VXQW WXWXQXO VDUHD DOFRROXO F U LOH GH MRF úD 'DF  PRQRSROXO ILVFDO

YL]HD] úLSURGXF LDúLFRPHU XOvQDQVDPEOXOOXLDWXQFLVH]LFH deplinGDF YL]HD] SURGXF LD

úLXQDGLQIRUPHOHGHFRPHU ILHFXULGLFDWDILHFXDP QXQWXOVH]LFHSDU LDO .

13.1 Taxele de consum

7D[HOH GH FRQVXP VXQW LPSR]LWH LQGLUHFWH DO F URU VXELHFW HVWH SURGXF WRUXO úLVDX

FRPHUFLDQWXO DO F URU RELHFW HVWH SURGXVXOVHUYLFLXO FH VH FRQVXP  VDX vQFDV ULOH UHDOL]DWH SULQ

vânzarea lor, iar suportatorul este consumatorul final.

ÌQUDSRUWFXRELHFWXOORUWD[HOHGHFRQVXPVXQWGHGRX FDWHJRULL

a) taxe de consum pe produs QXPLWH úL accize DúH]DWH GH UHJXO  DVXSUD

EXQXULORUVHUYLFLLORU FX FHO PDL PDUH FRQVXP úL SHQWUX FDUH LQHU LD GH FRQVXP HVWH PDUH DGLF 

EXQXULVHUYLFLLDF URUFHUHUHHVWH vQJHQHUDOLQHODVWLF vQUDSRUWFXSUH XOLDUXQHRULFKLDUúLFX

YHQLWXO $úH]DUHD ORU SRDWH IL I FXW  vQ VXP  IL[  SH XQLWDWHD GH SURGXVVHUYLFLX VDX vQ FRW 

SURFHQWXDO  DVXSUD SUH XOXL GH YkQ]DUH D DFHVWRUD ,QWURGXFHUHD ORU DUH úL UD LXQL ILVFDOH GDU

DGHVHDúLGHDOW QDWXU ILLQGPRWLYDWHúLGHLQWHQ LDUHDOL] ULLXQRURELHFWLYHYDOXWDUHVRFLDOHGH

V Q WDWHúD'HH[HPSOXDFFL]HOHPDULDVXSUD LJ ULORUVWU LQHVXQWDúH]DWHúLSHQWUXDGHVFXUDMD

LPSRUWXO GLPLQXDUHD SO LORU H[WHUQH vQ YDOXW  GDU úL SHQWUX D GHVFXUDMD IXPDWXO RELFHL

SHULFXORVV Q W LL

b) WD[HOHJHQHUDOHSHYkQ] ULDúH]DWHSHFLIUDGHDIDFHUL

'XS YHULJDODFDUHVHvQFDVHD] HOHSRWIL

ƒ FXPXODWLY  VDX PXOWLID]LF  DWXQFL FkQG VH SUDFWLF  OD ILHFDUH YkQ] WRU QH LQkQG VHDPD F  D

PDLIRVWSO WLW vQDPRQWHSHFLUFXLWXOHFRQRPLF

ƒ unLF VDXPRQLID]LF DWXQFLFkQGVHSUDFWLF ODXQDGLQFHOHGRX YHULJLPDMRUHDOHFLUFXLWXOXL

HFRQRPLF OD SURGXF WRU QXPLW  WD[  GH SURGXF LH VDX OD FRPHUFLDQW QXPLW  LPSR]LW SH

FLUFXOD LH

'XS ED]DGHFDOFXOHOHSRWIL

ƒ SH FLIUD GH DIDFHUL EUXW atXQFL FkQG FRWD GH WD[DUH VH DSOLF  SH YDORDUHD YkQ] ULORU

LQGLIHUHQW GH IDSWXO F  DFHDVWD LQFOXGH úL WD[H SO WLWH GH DO L DJHQ L HFRQRPLFL vQ DPRQWH SH

circuitul economic;
ƒ SH FLIUD GH DIDFHUL QHW  DWXQFL FkQG FRWD GH WD[DUH VH DSOLF  YDORULL DG XJDWH DGLF  GLIHUHQ HL

vQWUH SUH XO GH YkQ]DUH D XQXL SURGXV  VHUYLFLX úL VXPD SUH XULORU GH DFKL]L LH D SURGXVHORU 

VHUYLFLLORU FH LQWU  SULQ SURFHVXO GH IDEULFD LH vQ VWUXFWXUD FHOXL YkQGXW $FHDVW  WD[  VH ]LFH

WD[ SHYDORDUHDDG XJDW úLHVWHSUDFWLFDW vQSUH]HQWvQSHVWHGH ULLQFOXVLY5RPkQLD

ÌQ SUDFWLFD ILVFDO  LQWHUQD LRQDO  FRWHOH DFHVWHL WD[H VH SRW vQWkOQL OD SDWUX QLYHOXUL FRWD ]HUR

SUDFWLFDW  GH RELFHL SHQWUX EXQXULOH H[SRUWDWH FRWD UHGXV  VXE QLYHOXO FHOHL QRUPDOH GH

UHJXO  SHQWUX SURGXVH GH VWULFW  QHFHVLWDWH FRWD QRUPDO  VDX VWDQGDUG úL FRWD PDMRUDW  SHVWH

QLYHOXOFHOHLQRUPDOHGHUHJXO SHQWUXSURGXVHGHQHFHVLWDWHDDGRXDúLGHOX[

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 úL DO F URU VXSRUWDWRU HVWH vQ SULQFLSDO FRQVXPDWRUXO ILQDO YH]L úL  PRGHOXO

/DIIHU &RQVXPDWRUXO ILQDO HVWH GRDU SDU LDO VXSRUWDWRU QXPDL vQ FD]XO XQRU SLH H SXWHUQLF

FRPSHWLWLYH úL 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 încât s-DUDMXQJHODDFHODúLUH]XOWDWDOLPSRVLELOLW LLGHD úLYL

- nde produsele.
$FHDVW  LQFLGHQ  D WD[HORU YDPDOH DVXSUD FRQVXPDWRUXOXL GLQ DUD LPSRUWDWRDUH  DUD GH

GHVWLQD LH D SURGXVHORU HVWH YL]LELO  úL GLUHFW  ([LVW  vQV  úL 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úLSDU LDOGHFRQWULEXDELOLL ULLGHRULJLQHDSURGXVHORUH[SRUWDWH$GHVHDUD LXQLOH

GH SROLWLF  HFRQRPLF  DPLQWLWH PDL VXV vúL J VHVF PRWLYD LD vQ vQFXUDMDUHD H[SRUWDWRULORU

DXWRKWRQL FDUH DUH HIHFWH vQ PHQ LQHUHD VDX H[WLQGHUHD XQRU DFWLYLW L HFRQRPLFH úL SULQ

FRQVHFLQ DVXSUDPHQ LQHULLVDXFUHHULLGHQRLORFXULGHPXQF GDUúLDYHQLWXULORUEXJHWDUHDOH

ULLH[SRUWDWRDUHSULQFUHúWHUHDED]HLGHLPSR]LWDUH

ÌQIXQF LHGHRELHFWXOORUWD[HOHYDPDOHSRWILGHH[SRUWGHWUDQ]LWGHP UIXULGHLPSRUW

Taxele vamale de exportVXQWDúH]DWHDVXSUDYDORULLH[SRUWXULORUúLVXQWSX 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]LWLYHvQFHSULYHúWHQXP UXOORFXULORUGHPXQF úLHYHQWXDODFUHúWHUHDvQFDV 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 DúH]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]RDVHúLFXWUDQVSRUWXOHQHUJLHLSHPDJLVWUDOHHOHFWULFHLQWHUQD LRQDOH

Taxele vamale de import VXQW DúH]DWH DVXSUD LPSRUWXOXL H[SULPDW YDORULF VDX IL]LF úL
VXQW JHQHUDOL]DWH vQ WRDWH ULOH 3HUFHSHUHD ORU VH IDFH vQ VDUFLQD LPSRUWDWRUXOXL úL 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 DFHODúL WLS GH UHJXO  PDL PDUH 6H RE LQH DVWIHO SURWHMDUHD

SURGXF WRULORU LQWHUQL ID  GH FHL H[WHUQL PDL FRPSHWLWLYL FD úL D UHVXUVHORU YDOXWDUH DOH ULL

LPSRUWDWRDUHGDUúLOLPLWDUHDSRVLELOLW LORUGHDOHJHUHDFRQVXPDWRULORULQWHUQL

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

ƒ UDSRUWXOFHUHUHRIHUW SHSLD LPSRUWDWRDUH

ƒ politica ecoQRPLF SURPRYDW GH DUDLPSRUWDWRDUH

$úH]DUHDWD[HORUYDPDOHGHLPSRUWVHIDFHvQWUHLPRGDOLW L

(i) ad-YDORUHPDGLF vQFRW SURFHQWXDO DVXSUDYDORULLLPSRUWXOXL

(ii) WD[HYDPDOHVSHFLILFHDGLF vQFRW IL[ SHXQLWDWHDIL]LF GHPDUI LPSRUWDW 

(iii) taxe vamaOH FRPSXVH DGLF  WD[DUHD vQ GRL SDúL 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]DWWDULIXOYDPDOúLFDRFRQVHFLQ DXQRUDFRUGXULELVDX

multilaterale între 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 ULOH PHPEUH DOH

OrgDQL]D LHL0RQGLDOHD&RPHU XOXL20&VDXvQWUHGRX  ULRDUHFDUHFHúL -au acordat reciproc

UHVSHFWLYDFODX] 6XQWSUDFWLFDWHGRX YDULDQWH

- OD QLYHO FRQVROLGDW DGLF  WD[HOH VXQW VWDELOLWH vQ FDGUXO XQRU QHJRFLHUL PXOWLODWHUDOH vQ FD]XO

20& úL 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 GRUHúWH V  PRGLILFH DVWIHO GH

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

b) taxe vamale autonome DSOLFDWH GH R DU  vQ UHOD LLOH HL FX SDUWHQHUL FX FDUH QX DUH

vQFKHLDWDFRUGGHFODX] úLFDUHGHUHJXO 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 úLLPHGLDW 'XS QDWXUDORUWD[HOHSRWIL

♦ MXGHF WRUHúWL SO WLWH LQVWDQ HORU MXGHF WRUHúWL SHQWUX DF LXQLOH GH MXGHFDW 

LQWURGXVHGHRULFHSHUVRDQ IL]LF VDXMXULGLF 

♦ de notariat SO WLWH QRWDULDWHORU SHQWUX VHUYLFLLOH VROLFLWDWH ORU OHJDOL] ULL

DXWHQWLILF ULHWF

♦ consulare SO WLWH FRQVXODWHORU SHQWUX VHUYLFLLOH VSHFLILFH ORU YL]H FHUWLILFDWH GH

oriJLQHúD
♦ GH DGPLQLVWUD LH SO WLWH SULP ULLORU SUHIHFWXULORU DOWRU LQVWLWX LL SXEOLFH SHQWUX

DXWRUL]D LLSHUPLVHOHJLWLPD LLHWF

♦ de timbruSO WLWHSULQDSOLFDUHDGHWLPEUHILVFDOHSHDFWHGRFXPHQWHDXWRUL]DWH
înregistrate, certificate, transpuVHHOLEHUDWHHWFGHXQHOHLQVWLWX LLSXEOLFH
♦ de înregistrareSO WLWHDXWRULW LORUSXEOLFHSHQWUXVHUYLFLLGHYkQ] ULGHLPRELOH
IX]LRQDUHDVDXGL]ROYDUHDXQRUILUPHFXPS U ULGHWLWOXULSULQEXUV úD

&X H[FHS LD FHORU GH WLPEUX WD[HOH VH SO WHVF vQ QXPHUDU úL SRW IL DúH]DWH DG -valorem
FRW SURFHQWXDO GLQYDORDUHDIDSWHORUFHIDFRELHFWXOVHUYLFLLORUSXEOLFHVROLFLWDWHIDSWHFHSRWIL

evaluate în bani) sau în sume fixe.

&UHGLWXOSXEOLFúLGDWRULDSXEOLF

&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 &UHGLWXOSRDWHILSHWHUPHQVFXUWPHGLXVDXOXQJúLHVWHSXUW WRUGHGREkQG 

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

SXEOLF úLH[LVWHQWHvQVDUFLQDDFHVWHLDODXQPRPHQWGDWVDXSHXQLQWHUYDOGHWLPSGHUHJXO XQ

DQ'XS DSDUWHQHQ DJHRJUDILF DFUHGLWRUXOXLGDWRULDSXEOLF SRDWHILLQWHUQ VDXH[WHUQ 

0HFDQLVPXOIRUP ULLúLFDUDFWHULVWLFLOHFUHGLWXOXLSXEOLF

$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 ÌQWUXFkW SUDFWLFD ILQDQFLDU  HVWH

GRPLQDW GHFUHGLWXOSUHOXDWGHVWDWQHYRPUHIHULvQFRQWLQXDUHODDFHVWFUHGLWFDIRUP WLSLF D

FUHGLWXOXLSXEOLFIRUP FDUHHVWHGHQXPLW  împrumut de stat.

ÌPSUXPXWXO 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 QHúWL DOH SRSXOD LHL úL 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]LLúLWHUPHQXOGHUDPEXUVDUH

ÌQ 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 FUHúWH GHRDUHFH VXUVD GH ILQDQ DUH R UHSUH]LQW 

GLVSRQLELOLW LOHE QHúWLDOHDFHVWRUDÌQFD]XOvQFDUHFUHGLWRUXOHVWH%DQFD&HQWUDO HVWHSRVLELO 

FUHúWHUHDPDVHLPRQHWDUHSHVHDPDHPLVLXQLLVXSOLPHQWDUHGHPRQHG 

&D XUPDUH D SUHOX ULL XQXL Fredit, statul emite înscrisuri cu statut de titluri financiare:
SROL H  ERQXUL GH WH]DXU FHUWLILFDWHERQXUL GH LPSR]LWH úL FHUWLILFDWH GH WUH]RUHULH în cazul

creditelor din nevoi de trezorerie sau REOLJD LXQL GH VWDW WLWOXUL GH UHQW  VDX WLWOXUL GH UHQW 
SHUSHWX în cazul creditelor de echilibrare a bugetului; primele trei sunt înscrisuri privind creditul
SH WHUPHQ VFXUW úL DWHVW  GH UHJXO  XQ FUHGLW SH SLD D LQWHUQ  XOWLPHOH VXQW vQVFULVXUL SULYLQG

FUHGLWH SH WHUPHQ OXQJ úL 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 

SRWSDUWLFLSDODFLUFXLWXORELúQXLWDOQXPHUDUXOXLvQDFHVWFD]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 FUHúWHUHD ILVFDOLW LL HVWH R GHFL]LH JXYHUQDPHQWDO  WRWDO

QHDJUHDW  QLFL GH SRSXOD LH QLFL GH vQWUHSULQ] WRUL úL 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 împrumut, cost format din cheltuielile de lansare (publicitate,

FRPLVLRDQH YkQ]DUHD VXE SDUL GREkQGD SULPD GH UDPEXUVDUH úD ÌQ 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]  FKHOWXLHOL

EXJHWDUHVXSOLPHQWDUHODGDWHOHGHVFDGHQ 'HRELFHLvQV DVWIHOGHFKHOWXLHOLQXVXQWGHQDWXUD

LQYHVWL LLORUDúDvQFkWUDPEXUVDUHDORUGHWHUPLQ FKHOWXLHOLFDUHVXQWDFRSHULWHGLQVXUVHOHILVFDOH

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

ƒ au caracWHU FRQWUDFWXDO VLPLODU RULF UXL vPSUXPXW DGLF  UHSUH]LQW  GLQ SXQFW GH YHGHUH

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

REOLJDWRULX DO LPSR]LWHORU FXUHQWH vQORFXLW FX DOWHUQDWLYD IDFXOWDWLYLW LL vQWUXF ât posibilii
FUHGLWRULSRWV QXDFFHSWHLQGLYLGXDOvQEORFVDXWR LFRQGL LLOHGHSUHOXDUHDvPSUXPXWXOXL

DúDFXPDXIRVWHOHDQXQ DWHGH0LQLVWHUXO )LQDQ HORU SUDFWLFDILQDQFLDU D vQUHJLVWUDWvQV úL

cazul de împrumuturi de stat obligatorii; pe de aOW  SDUWH VWDWXO ID  GH DO L GHELWRUL QX

DFRUG  JDUDQ LL PDWHULDOH DGLF  vPSUXPXWXULOH GH VWDW ID  GH FHOHODOWH FDWHJRULL GH
 vPSUXPXWXULQXDXFODX] GHLSRWHF JDMHWF

ƒ DXFDUDFWHUUDPEXUVDELOVLPLODURULF UXLvPSUXPXWGDUWRWDOQHVSHFLILFSHQ tru impozite; acest

FDUDFWHU VH S VWUHD]  LQFOXVLY vQ FD]XO vPSUXPXWXULORU ]LVH SHUSHWXH UHQWH YLDJHUH

GHRDUHFH UDPEXUVDUHD DFHVWRUD VH IDFH WRWXúL FKLDU GDF  GLVFUHW úL I U  R VFDGHQ  DQWHULRU

DQXQ DW 

ƒ DVLJXU  FRQWUDSUHVWD LH OXFUX WRWDO QHVSHFLILF LPSR]LWHORU DFHDVW  FRQWUDSUHVWD LH LD FHO PDL

IUHFYHQWIRUPDGREkQ]LLúLDSULPHLGHUHPEXUVDUHúLDHPLWHULLVXEYDORDUHDQRPLQDO XQHOH

GLQ DFHVWH DYDQWDMH PDWHULDOH SH FDUH VWDWXO OH DQXQ D FUHGLWRULORU OD ODQVDUHD vPSUXPXWXOXL

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

publice.

14.2. Elementele tehnice ale împrumutului de stat

ÌPSUXPXWXULOHGHVWDWSUH]LQW PDLPXOWHHOHPHQWHWHKQLFHGLQFDUHXQHOHGHLGHQWLILFDUH

altele de caracterizare valoriF úLWHPSRUDO DOWHOHSULYLQGUDPEXUVDUHDGLIHULWHDYDQWDMHúD

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

vPSUXPXWXOXLQXP UXOGHWLWOXULHPLVHvQVFULHUHDORUVHULLOHU PDVHSHSLD VHULLOHUHWUDVHSUL n

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

FKHOWXLHOLGHUDPEXUVDUHúD

$OWH HOHPHQWH LQWHUHVHD]  QX QXPDL SH HPLWHQW GDU vQ PDUH P VXU  SH HYHQWXDOLL

FUHGLWRULúLODDFHVWHDQHYRPUHIHULvQFRQWLQXDUH

ÎnscrisulDGLF DFWXOGRFXPHQWXOFHDWHVW F SRVHVRUXOV XHVWHFUHGLWRUSHQWUXHPLWHQW

ÌQVFULVXO VH SUH]LQW  FD R KkUWLH WLS ULW  ID  - verso DYkQG PHQ LRQDW  GHQXPLUHD vPSUXPXWXOXL

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

rol de securizare, pentru evitarea / îngreunarea comiterii de falsuri. Pe verso sunt, de obicei,
PHQ LRQDWHH[WUDVHGLQUHJXODPHQWXOHPLVLXQLLDYDQWDMHOHFRQIHULWHGHELWRULORUVFDGHQ DúD

ÌQVFULVXO DUH XQ FRUS FHO GHVFULV PDL VXV úL XQ FDUQHW GH FXSRDQH &XSRDQHOH

UHSUH]LQW PLFL SLHVH GHKkUWLHFDPGHP ULPHDXQRUP UFLSRúWDOHOHJDWHvQWUHHOHúLGHFRUS ul

înscrisului în maniera în care sunt prinse timbrele într-RFRDO ILODWHOLF 
Cuponul HVWH XQ vQVFULV FX HOHPHQWH GH VHFXUL]DUH SH FDUH HVWH PHQ LRQDW  VFDGHQ D OD

FDUH HVWH vQFDVDELO  GREkQGD DIHUHQW  WLWOXOXL UHVSHFWLY SHQWUX R SHULRDG  GHWHUPLQDW  'DF 

GREkQGDHVWHSO WLELO DQXDODWXQFLvQFDUQHWXOGHFXSRDQHYDH[LVWDFkWHXQFXSRQSHQWUXILHFDUH

DQ GLQ GXUDWD vPSUXPXWXOXL 'REkQGD DQXDO  SRDWH IL SO WLW  VHPHVWULDO VDX WULPHVWULDO vQ FDUH

FD] QXP UXO FXSRDQHORU HVWH FkWH GRX  UHVSHFWLY FkWH SD tru pentru fiecare an din durata
vPSUXPXWXOXL /D ILHFDUH VFDGHQ  GH GREkQG  SRVHVRUXO vO GHWDúHD]  GLQ ³FDUQHW´ vO SUH]LQW 

FDVLHULHL SO WLWRDUH úL vQFDVHD]  vQ VFKLPEXO V X GREkQGD DIHUHQW  $YkQG YDORDUH UHSUH]HQWDW 

prin dobânda de încasat, cuponulHVWHúLHOXQWLWOXGHYDORDUHúLSRDWHFLUFXODVHSDUDWGHWLWOXOGH

FDUHDIRVWDWDúDW

8Q vPSUXPXW SRDWH IL ODQVDW I U  VDX FX HPLWHUH GH vQVFULHUL ÌQ SULPXO FD] FHUFXO

creditorilor este foarte limitat, iar raportul de creditare este atestat prin creaQ H GH FRQW ÌQ DO
GRLOHD FD] FHUFXO FUHGLWRULORU HVWH IRDUWH ODUJ úL vQVFULVXO DUH UROXO XQXL FRQWUDFW GH FUHGLWDUH

SRVHVRUXO OXL HVWH FUHGLWRU LDU HPLWHQWXO PHQ LRQDW SH vQVFULV HVWH GHELWRU SHQWUX YDORDUHD

QRPLQDO DvQVFULVXOXL

Cele mai uzuale înscrisuri sunt prezentate în continuare.

Bonurile de tezaurSRWDYHDVDXQXSXWHUHFLUFXODWRULHÌQSULPXOFD]HOHFLUFXO FDúLEDQL

GH KkUWLH ÌQ 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 LXQLúLFDUHvúLUH LQRSDUWH

GLQ GREkQGD DIHUHQW  UHVSHFWLYHORU ERQXUL GH WH]DXU VXE IRUPD WD[HL GH ORPEDUG VLPLODU  WD[HL

de scont).
3ROL HOH GH WH]DXU VXQW VXSXVH GUHSWXOXL FDPELDO DGLF  SRW IL VFRQWDWH vQDLQWH GH WHUPHQ

DFHORU E QFL FHIDFDVWIHO GH RSHUD LXQL úLFDUH vúLUH LQ R SDUWH GLQ GREkQGD DIHUHQW  SROL HORU GH
tezaur sub forma taxei de scont.
Certificatele de trezorerieQXDXSXWHUHFLUFXODWRULHúLGHUHJXO QLFLSLD VHFXQGDU (OH

VXQWSUHVFKLPEDWHvQQXPHUDUODVFDGHQ SOXVGREkQGDDIHUHQW 

Certificatele sau bonurile de impozite VXQW vQVFULVXUL FX FDUH VWDWXO vúL SO WHúWHIXUQL]RULL
nu sunWSXUW WRDUHGHGREkQG úLSRWILXWLOL]DWHGHSRVHVRULSHQWUXSODWDLPSR]LWHORUF WUHVWDW
2EOLJD LXQLOH VXQW vQVFULVXUL FX SLD  VHFXQGDU  DGLF  QHJRFLDELOH OD EXUV  6LPLODU

WLWOXULOH FX UHQW  SHUSHWX  FDUH GH DOWIHO VXQW UHWUDVH GLQ FLUFXLWXO HFRQRPLF GH F WUH VWDW SULQ

DFKL]L LRQDUHDORUODEXUV ODSUH XOSLH HL

Denumirea împrumutului este un element de identificare ce permite individualizarea

WLWOXULORU SH SLH HOH ILQDQFLDUH SULPDU  úL 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.

9DORDUHD QRPLQDO  UHSUH]LQW  VXPD FDUH HVWH vQVFULV  SHWLWOXO DSDU LQ WRU XQHLHPLVLXQL

úLFDUHVH H[SULP vQ XQLW LPRQHWDUHQD LRQDOHvQFD]XO XQRUHPLVLXQLODQVDWHSHSLD DLQWHUQ 

sau într-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  XQ QXP U VWDQGDUG GH XQLW L

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

5RPkQLHLSHSLD DLQWHUQ vQDQLL 8-1999 s-DIRORVLWODvQFHSXWRFXSLXU XQLF GH

lei, apoi s-DXPDLLQWURGXVFXSLXULGHOHLúLGHOHL

9DORDUHD QRPLQDO  HVWH YDORDUHD GH UHIHULQ  OD FDUH VH FDOFXOHD]  GREkQGD DQXDO  FH vL

revine posesorului unui titlu, duS UHOD LD

D = dn ∗ VN (113)
unde: D GREkQGDDQXDO DIHUHQW XQXLWLWOX

dn UDWDQRPLQDO DGREkQ]LL

VN 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 SHQWUXUDPEXUVDUHDvPSUXPXWXOXL

'DF  QX H[LVW  QLFL R DOW  VSHFLILFD LH OD VFDGHQ  HPLWHQWXO U VFXPS U WLWOXULOH OD YDORDUHD ORU

QRPLQDO 'HDVHPHQHDHVWHYDORDUHDGHUHIHULQ SHQWUXFDOFXOXOFXUVXOXLEXUVLHU

9DORDUHD HIHFWLY sau YDORDUHD GH SLD este suma de bani cu care se poate procura de
SHSLD ODXQPRPHQWGDWXQWLWOXDSDU LQ tor unei emisiuni. În cazul în care momentul ales este

FKLDU FHO DO ODQV ULL SH SLD  YDORDUHD HIHFWLY  VH ]LFH valoare de emisiune sau SUH  GH

emisiune.
9DORDUHDGHSLD SUHFXPúLIRUPDHLSDUWLFXODU GHSUH GHHPLVLXQHSRWIL peste, la sau

sub valoDUHD QRPLQDO  ÌQ IXQF LH GH DFHVW UDSRUW GH RUGLQH vQWUH YDORDUHD QRPLQDO  úL SUH XO GH
HPLVLXQH HPLVLXQHD VH ]LFH ODQVDW  supra, al sau sub pari $FHVWH FDOLILFDWLYH VH S VWUHD]  úL vQ

OHJ WXU FXQLYHOXOvQUHJLVWUDWODXQPRPHQWGDWGHFXUV

Cursul esWH QXP UXO GH XQLW L PRQHWDUH FX FDUH VH SRDWH FXPS UD OD XQ PRPHQW GDW R

VXW GHXQLW LGLQYDORDUHDQRPLQDO DXQXLWLWOXDSDU LQ WRUXQHLHPLVLXQLDúDvQFkW

VP
c= ∗ 100 (114)
VN
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 VWDELOHúWH XQ FXUV VXE SDUL OD ODQVDUH úL DO SDUL OD UDPEXUVDUH VDX DO SDUL OD ODQVDUH úL

supra pari la rambursare.

 &XUVXOúLHYROX LDOXLHVWHRIXQF LHGHXQFRPSOH[GHIDFWRULFRQMXQFWXUDOLVDXQXLQWHUQL

úL H[WHUQL RELHFWLYL úL VXELHFWLYL HFRQRPLFL úL SROLWLFL úL VRFLDOL HWF )DFWRULL FX FHO PDL GLUHFW

LPSDFW VXQW UDSRUWXO FHUHUH  RIHUW  SH SLD  GH FDSLWDO UDWD GREkQ]LL SH SLD D PRQHWDU  úL

avantajele oferite de debitor (peste rata dobânzii).

&XUVXO REOLJD LXQLL VH VWDELOHúWH SHQWUX WLWOXO QXG DGLF  GLVWLQFW GH YDORDUHD OD ]L D

FXSRQXOXLGHODSUR[LPDVFDGHQ $FHVWSURFHGHXHVWHGHWHUPLQDWWRFPDLGHIDSWXOF úLFXSR 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úLDOXQJLPLLVFDGHQ HL]

t
vzc = D ∗ (115.1)
z
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 úLSUR[LPDVDXGH]LOH
VFDGHQ D VHPHVWULDO  GH OD  LXQLH GXS  FXP DQXO HVWH ELVHFW VDX QX  GH ]LOH VFDGHQ D

VHPHVWULDO GHODGHFHPEULHúLVDXGH]LOHVFDGHQ DDQXDO ODGHFHPEULH

$FHDVW  YDORDUH VH SRDWH H[SULPD SURFHQWXDO vQ UDSRUW FX YDORDUHD QRPLQDO  D

REOLJD LXQLL

vzc
vzc% = ∗ 100 (115.2)
VN
ÌQ 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 VDXOXQLvQWUHXQXúLFLQFLDQL
- termen mediu; peste cinci ani -WHUPHQOXQJVDXQHSUHFL]DW FD]XOWLWOXULORUFXUHQW SHUSHWX 
7HUPHQHOH PHGLL úL 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'LQSXQFWGHDOVXUVHLDFHVWXLDYHQLWXOSRDWHILLQWULQVHFúLFRQMXQFWXUDO

Venitul intrinsecHVWHFHOSHFDUHvOSURGXFHvPSUXPXWXOVXEIRUPDGREkQ]LLúLDSULPHLGH
rambursare, considerate la rândul lor, distinct, ca elemente tehnice al împrumutului.
În forma în care ne-DP UHIHULW PDL VXV UHOD LD  GREkQGD HVWH QRPLQDO  úL HVWH OHJDW 
GH VDX GHILQHúWH 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 FXW HO SHQWUX D

FXPS UD WLWOXO DGLF  OD YDORDUHD GH DFKL]L LH OD YDORDUHD GH SLD  D WLWOXOXL vQ PRPHQWXO

FXPS U ULLOXL$SDUHDVWIHOUDWDHIHFWLY DGREkQ]LL :

D
de = (116.1)
VP

GLQFDUHGDF  LQHPVHDPDGHUHOD LLOHúLRE LQHP

dn
de = (116.2)
c

ÌQOHJ WXU FX UDWDGREkQ]LLSURVHVRUXOSRDWHFDOFXODúL RUDW UHDO  DGREkQ]LL DGLF R

UDW DGREkQ]LLFRUHFWDW FXGHIODWRUXOLQGLFHOHSUH XULORU

 1 + de
dr = −1 (117.1)
Ip
sau
1 + de
dr = −1 (117.2)
1 + ri
unde: Ip LQGLFHOHSUH XULORU

ri UDWDLQIOD LHL

9HQLWXOVXEIRUPDGREkQ]LLSRDWHILGLVWULEXLWvQWUHLPRGDOLW L

ƒ SODWDvQQXPHUDUODVFDGHQ SHED]DGHWDú ULLGLQFDUQHWHDFXSRDQHO or aferente respectivei

VFDGHQ H

ƒ DWULEXLUHD GREkQ]LL GRDU XQRUD GLQ REOLJD LXQLOH HPLVH SULQ WUDJHUHD OD VRU L D VHULLORU

REOLJD LXQLORUFkúWLJ WRDUHvQDFHVWFD]GREkQGDDIHUHQW vPSUXPXWXOXLODGDWDXQHLVFDGHQ H

GHSODW DDFHVWHLDVHSDUWL LRQHD] vQWU XQQXP UGHFkúWLJXULREOLJD LXQLOHFkúWLJ WRDUHVXQW

-
UHWUDVHGLQFLUFXOD LHRGDW FXvQPkQDUHDFkúWLJXOXL

ƒ PL[WFkQGRSDUWHGLQGREkQG VHSO WHúWHvQQXPHUDULDURDOW SDUWHVXEIRUP GHFkúWLJXUL

Venitul conjunctural HVWH UH]XOWDWXO RE LQXW GH SRVHVRUXO XQXL WLWOX GLQ YDULD LD FXUVXOXL
DFHVWXLD vQWUH PRPHQWXO DFKL]L LHL úL 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

D + (cv − ca ) ∗ VN
pae = (118.1)
VP
VDX LQkQGVHDPDGHúL

dn + cv − ca
pae = (118.2)
ca

unde: cv FXUVXOWLWOXOXLvQPRPHQWXOYkQ] ULL

ca FXUVXOWLWOXOXLvQPRPHQWXODFKL]L LHL

2EVHUYD LH vQ FDOFXOXO SURGXVXOXL DQXDO HIHFWLY VH SUHVXSXQH F  SRVHVLD REOLJD LXQLL D

vQFHWDWvQFKLDU]LXDXUP WRDUHFHOHLGHVFDGHQ DQXDO ÌQFD]XODOWRU]LOHGHYkQ]DUHvQFDOFXOXO

GREkQ]LL'VH LQHVHDPDGHUHOD LLOH

Prima de rambursare HVWH SOXVXO GH YDORDUH RIHULW FUHGLWRUXOXL GH F WUH GHELWRU OD

PRPHQWXOUDPEXUV ULLvPSUXPXWXOXL úLFDUH GHUHJXO HVWHDQXQ DWvQF GLQSHULRDGDFDPSDQLHL

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

OHJ WXU FXFUHúWHUHDDWUDFWLYLW LLvPSUXPXWXOXL

pr = VR - VE cu VR > VE (119)

unde: pr SULPDGHU VFXPS UDUe;

VR YDORDUHDGHU VFXPS UDUH
VE = valoarea de emisiune.
Emitentul -VWDWFRQIHU úLalte avantaje plasatorilor în împrumuturile sale, cum sunt:
ƒ VFXWLUHDGHWD[HúLLPSR]LWHDYHQLWXULORUUHDOL]DWHGLQvPSUXPXWXULOHSXEOLFH

ƒ idem a tranzaF LLORUODEXUV FXHIHFWHDOHDFHVWRUvPSUXPXWXUL

ƒ SODWD LPSR]LWHORUFXWLWOXUL GHVWDWHYDOXDWHODYDORDUHDQRPLQDO úLQXPDLWkU]LXGHVFDGHQ D

ILQDO DvPSUXPXWXOXL

ƒ H[RQHUDUHDHIHFWHORUSXEOLFHGHODH[HFX LDILQDQFLDU VLOLW 

ƒ garantarea împotriva vDULD LLORUSXWHULLGHFXPS UDUHDPRQHGHLQD LRQDOHSULQVWDELOLUHDXQHL

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

împrumutului într-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 FRú YDOXWDU

UHSUH]HQWDWLYúLVWDELOLQGH[DUHDvPSUXPXWXOXLSHED]DXQXLLQGLFHGHSUH 

2SHUD LXQLVSHFLILFHvPSUXPXWXULORUGHVWDW

$FHVWHRSHUD LXQLVXQWOHJDWHGHSODVDUH de modificarea unora din elementele tehnice ale

vPSUXPXWXOXLXOWHULRUODQV ULLOXLúLGHUDPEXUVDUH

a) Plasarea vPSUXPXWXOXL SUHVXSXQH YkQ]DUHD WLWOXULORU úL 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 UHúWH F olectarea unei anumite valori, el va lansa un împrumut mai mare,
VXILFLHQWSHQWUXFDVXPDQHW FROHFWDW V ILHPLQLPXPODQLYHOXOFHOHLDYXWHvQYHGHUH

6XEVFULS LD SXEOLF  HVWH IRUPD GH SODVDUH RUJDQL]DW  úL JHVWLRQDW  GH 0LQLVWHUXO

)LQDQ HORU VDX GH F WUH R LQVWLWX LH SXEOLF  DXWRUL]DW  vQ DFHVW VHQV GH JXYHUQ VDX GH vQVXúL

0LQLVWHUXO )LQDQ HORU $FRSHULUHD FKHOWXLHOLORU RFD]LRQDWH GH YkQ]DUHD WLWOXULORU úL FROHFWDUHD

sumelor se face printr-XQ FRPLVLRQ DFRUGDW LQVWLWX LHL RUJDQL]DWRDUH D SODV ULL 3OD satorii de
FDSLWDO VXEVFULX OD LQVWLWX LD RUJDQL]DWRDUH UHVSHFWLY OD DJHQ LL FROHFWRUL 3ODWD YDORULL WLWOXULORU

VXEVFULVHúLLQWUDUHDvQSRVHVLDORUVHIDFHXOWHULRUFXXQGHFDODMvQWLPSQHFHVDUSHQWUXFRUHODUHD

volumului subscrierii cu volumul împrumuWXOXL ODQVDW ÌQ FD]XO vQ FDUH VXEVFULHUHD GHS úHúWH

YROXPXOvPSUXPXWXOXLVHFDOFXOHD] XQFRHILFLHQWGHY UV PkQW

VTE
cv = (120)
VS
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 în respectivul împrumut.

([LVW  úL 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 úLJHVWLRQDUHDSODV ULL

GHF WUHXQJUXSGHE QFL$FHDVWDVHSRDWHIDFH

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