This is an important step towards a cashless society, especially in view of the fact that the key aims of setting up a national card payment system were to accelerate the development of cashless payments, reduce the volume of cash in money supply and suppress the grey economy
Business owners highlight three main factors that encourage the grey economy
- corruption, high taxes and the business owners' determination to get rich quickly.
According to the OECD, two-thirds of the world's workers will be employed in the Grey Economy
5 million per used car, this activity has generated grey economy
of over Rs80 billion in 2015 alone," he added.
Baqir the major institutional framework that resulted in the considerable improvement in the fight against the grey economy
Summary: Bringing the roughly 39 million unbanked Egyptians into the system will take a fusion of technology and innovative outreach to the grey economy
, says Hisham Ezz Al-Arab, Chairman and Managing Director of Commercial International Bank of Egypt (CIB)
Kalfin told the Bulgarian National Radio that Sofia would take part in an initiative aimed at fighting the grey economy
across the EU by sealing partnerships among labor inspectorates of member states.
The European Bank for Reconstruction and Development has released its latest report on the conditions of running business in Eastern Europe and Central Asia, noting that the biggest obstacle in the work of Macedonian companies is the disloyal competition of the grey economy
that operates by avoiding paying contribution and taxes.
The minister identified the key challenges faced by Pakistan as: presence of perception-gaps, which hinders uniform definition of the core values and critical issues of national importance: scale of non-formalized and grey economy
which causes severe haemorrhaging to the national economy.
17) In developed market economies, the main motivation for grey economy
activity is likely to be the avoidance of profit and income taxes, but in transition economies, other motives may predominate.
The grey economy
and the lack of young and skilled people are the gravest problem of the Macedonian craftsmen.
Moonlighting in the grey economy
Many, like 45-year-old textile worker Jadranka Milosavljevic, moonlight in so-called grey economy
sector, with no health or social benefits.