The wave of tax increases in 2025 is strongly impacting small and medium-sized enterprises (SMEs) in Romania. According to a recent survey conducted by Monasi Cursuri și Consultanță among members of the Grupul Micilor Antreprenori din România (a community of over 60,000 entrepreneurs), 60% of small business owners say they are “very affected” by the new tax burden. Many report that they plan to cut spending, postpone investments, and freeze hiring. Only 4% said their activity has not been