The soft drinks and bottled water industry contributes RON 3.74 billion annually to the Romanian economy and nearly RON 1 billion to the state budget in direct taxes and duties, but it is among the sectors most severely affected by the fiscal shocks of recent years. These data are revealed in the latest study conducted by the Academy of Economic Studies (ASE) for the National Association for Soft Drinks (ANBR). Successive VAT increases and the introduction of excise duty on sugar in soft drinks