black economy


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black economy

that portion of the income of a nation that remains illegally undeclared either as a result of payment in kind or as a means of tax avoidance

black economy

see INFORMAL ECONOMY.
References in periodicals archive ?
Constructions chiefs estimate the black economy is taking EUR1billion out of the industry.
Lord Grabiner did not put a value on the black economy - which covers any form of undeclared economic activity - but unofficial estimates have suggested that it could be worth between pounds 50 billion to pounds 80 billion a year.
It's also hoped the plan will disrupt the black economy.
Sending in the Revenue to grab a few extra euro from small businesses will lead to bankruptcies and a return to the black economy.
THE full-scale of Britain's black economy was revealed last night with up to two million people working for cash-in-hand payments.
Those involved in the black economy of counterfeiting may be selling fakes today, but tomorrow it could be drugs.
The aim is to maximise the powers to claw back cash made from criminal activity in both organised and volume crime and remove it from the black economy.
Unfortunately, the black economy is here to stay, and no amount of legislation will prevent it.
They draw pounds 37,000 which they allegedly supplement by working in the black economy.
A confidential phone line will open in May to advise benefit claimants on how they can move from the black economy, stop fraudulently claiming benefits or tax perks, how to get work, register as a business or become self-employed.
THANKS to those who got in touch jafter last week's piece about the tell-tale signs that we're back in the Yosser Hughes days when the black economy ruled.
HOME Secretary David Blunkett yesterday outlined a tough package of measures to crack down on illegal immigrants and on employers who hire labour on the black economy.