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 ?
Minister O'Dwyer said "This new law will restrict the avenues for people participating in the black economy, whether by engaging in tax evasion or by deliberately underreporting their income.
Experts say that the black economy has deeply dived in the everyday life and work of citizens and it needs to be integrated in the official economy along with a long-term strategy and not with individual measures.
Worsening economic situation and raising the tax burden in Lithuania nowadays has significantly increased the black economy.
The consequences of black economy in India have been widespread as well as far-reaching.
He added that according to the government's estimations, the black economy in the country amounted to 25-30% of GDP.
In a press conference held on a report titled "Future of Daily Payments in Europe" in Istanbul's Swissotel, Ulman said that if the use of credit cards in Turkey increased by five percent, black economy in Turkey would shrink by 2.
More than 80 Chinese youngsters have escaped from an assessment centre near Heathrow airport and disappeared into the black economy.
Strange it's illegal to employ illegal immigrants, but black economy employers don't even get a wrist slap let alone loss of one year's tax relief, which is the correct reprisal and, I believe, the method used by the New Zealand Government.
However, at one address, although the rent was paid on the dot, the black economy was prospering.
While politicians wring their hands over the issue, there is continuing confusion over the exact number of illegal immigrants who have slipped through the net and carve an existence for themselves in the black economy, apparently free of any interference from the authorities.
This theatrical maneuver impressed political rivals sufficiently to allow Dayaks to gain control over several timber-rich districts, which had a thriving black economy.
Next year's planned ID cards would give illegal immigrants a chance to sort out residency and stop working for cash in the untaxed black economy.