black economy

A segment of a country's economy that consists of black-market activities.

American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

black economy

(Economics) 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

Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014

black economy

Economic activities which take place without the paying of taxes.

ThesaurusAntonymsRelated WordsSynonymsLegend:

Noun

black economy - a hidden sector of the economy where private cash transactions go unreported; "no one knows how large the black economy really is"

sector - a social group that forms part of the society or the economy; "the public sector"

economic system, economy - the system of production and distribution and consumption

Translations

black economy

n (Brit) → economia sommersa

Collins Italian Dictionary 1st Edition © HarperCollins Publishers 1995

Mentioned in

References in periodicals archive

The values need to be revised upwards if the FBR is sincere in curbing the black economy.

Property rates

In his message on social networking site twitter, Naeem ul Haq said that Pakistan's official GDP is around Rupees 44 trillion and estimates for the black economy vary from 20 to 50 trillion rupees.

Pakistan's official GDP is around Rupees 44 trillion: Naeem Ul Haq

Demonetisation just made counterfeiting more expensive and investment in black economy a bit more stressful.

Demonetisation has hit counterfeiters for six and struck a blow for graft war

He said that amnesty schemes never worked in the past and without plugging the loopholes black economy will continue to appear, and the future government will continue to bring more amnesty schemes.

Business forum calls for policy to take economy above $1tr

According to a press release issued by FBR smuggling has long been source of concern for the country and is one of major components of the black economy. The smuggling mafia has hit the genuine business practices across country.

FBR urges business community to avoid dealing in smuggled goods

This practice also encouraged black economy and attracted the conditionality of the Financial Action Task Force (FATF),' reasoned Ashraf.

Paapam urges Govt to adhere to SRO 52(1)/2019

Abdul Rauf Mukhtar hailing the scheme termed it as a right step in the right direction with the objective to bring the tax evaders under the tax net, enhancing the country's revenue base, documentation of economy, curtailing the size of ever increasing black economy and to bring dead assets in the mainstream of economy and make them functional.

FPCCI President welcomes Asset Declaration Scheme

The 'Asset Declaration Scheme' provides an opportunity to all Pakistani citizens to whiten black economy by paying 4 per cent on cast assets held within Pakistan and 6 percent if cash assets are kept abroad.

Sherry Rehman slams PTI over amnesty scheme ordinance

Macroeconomics of the Black Economy by Saumen Chattopadhyay, Orient Blackswan Pvt.

Macroeconomics of the Black Economy

His remarks come a day after President Ram Nath Kovind on Thursday justified the Prime Minister Narendra Modi-led central government's demonetisation move and said that it had "struck at the very root" of the country's parallel black economy. (ANI)

Demonetisation a mega scam, unemployment at highest since independence; Arvind Kejriwal

It is the power of money and funding of political parties by billionaires involved in black economy and vested interests of powerful individual belonging to state institutions, which has been the cause for protecting non-filers who are beneficiary of businesses that contribute minimum to state taxes but derive maximum benefits.

Tax and political funding