EU shadow economy rate exceeds Azerbaijan’s indices
Baku, Fineko/abc.az. The level of shadow economy in separate countries of the European Union exceeds similar estimates for the developing economy of Azerbaijan.
Yesterday new Prime Minister of Italy, Mario Monti, claimed that currently 20% of Italy’s GDP accounts for the shadow economy.
"The new government will develop a package of measures on withdrawal of the economy from the shadow economy," Monti said.
In addition, the Monti governments program envisages reforming of social sector (first of all, in the matter of payment of benefits and subsidies), the labor market in Italy (unification of the system of labor contracts with support of trade unions), and a number of tax reforms (including the issue of property tax structure and tougher measures against evaders of taxes).
The State Statistics Committee of Azerbaijan reports that the informal economy is at the level of 18% of GDP. To overcome this situation, the Azerbaijani government initiated a program of certification of taxpayers and simplified to the maximum extent the registration of individual entrepreneurs and businesses.
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