VALUE ADDED TAX AS A SOURCE OF FINANCIAL RISK FOR ROMANIAN SMES: AN INTEGRATED CONCEPTUAL FRAMEWORK

TAXA PE VALOARE ADĂUGATĂ CA SURSĂ DE RISC FINANCIAR AL IMM-URILOR ROMÂNEŞTI: UN CADRU CONCEPTUAL INTEGRAT

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.