The report provides an in-depth analysis of Romania’s tobacco industry and assesses the economic and social implications of fiscal regulations on consumption, public health, and budget revenues. It compares the potential effects of adopting the proposed EU Tobacco Directive with the continuation of the current taxation model based on the excise tax schedule outlined in Romania’s Fiscal Code. Through this research, Aspen Institute Romania aims to support evidence-based policymaking grounded in scientific methods and empirical data.