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Taxation does not take into account the principle of true and fair view of the patrimonial situation, for its purpose is to collect financial resources for the state budget and to act as an economic and financial lever to stimulate or, on the contrary, to inhibit certain economic activities/areas. Thus, taxation plays an important role in a country’s economic life because it can allocate financial resources to areas considered of primordial value. The taxation system of the European Union member states is currently not fully harmonized, although important steps have been made in this respect, a fact that creates problems both for tax administrations and companies. The companies will have the tendency to create new subsidiaries in those countries with a more favorable fiscal system.

Key Words: accounting-taxation relationship, continental model, Anglo-Saxon model, financial harmonization, financial result

JEL classification: M41, M48