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Value Added Tax As A Source Of Financial Risk For Romanian Smes: An Integrated Conceptual Framework

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  • Mărioara Viorica PANCIUC

    (Stefan cel Mare University of Suceava, Romania)

  • Elena HLACIUC

    (Stefan cel Mare University of Suceava, Romania)

Abstract

Value added tax is often conceptualized as a neutral fiscal instrument, but its operating mechanisms can generate significant financial effects on small and medium-sized enterprises, particularly on liquidity, cash flows, and profitability. This article aims to develop an integrated conceptual framework that explains how value added tax can be transformed from a tax obligation into a source of financial risk for SMEs. The methodology is based on a systematic analysis of the literature, combining narrative analysis with a bibliometric analysis based on publications indexed in the Web of Science database. The results indicate a predominantly macroeconomic orientation of the literature on VAT, while the microeconomic implications for the financial risk of firms are addressed in a fragmented manner. Based on this gap, the study identifies the main types of risk associated with VAT and integrates them into a conceptual matrix relevant to the financial management of SMEs.

Suggested Citation

  • Mărioara Viorica PANCIUC & Elena HLACIUC, 2025. "Value Added Tax As A Source Of Financial Risk For Romanian Smes: An Integrated Conceptual Framework," The USV Annals of Economics and Public Administration, Stefan cel Mare University of Suceava, Romania, Faculty of Economics and Public Administration, vol. 25(2(42)), pages 234-244, December.
    • Handle: RePEc:scm:usvaep:v:25:y:2025:i:2(42):p:234-244
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