Industrialists: the share of the grey economy is decreasing

The share of the grey economy in Bulgaria seems to be decreasing, General Secretary of the Bulgarian Industrial Capital Association (BICA) Milena Angelova, announced in Dobrich, cited by BNR. She explained that the share of the grey economy sector has decreased by 6% to almost 37%.

If in 2010 the basic "grey" practice was working without any contract at all, now working without an employment contract is not such a big problem, Angelova said. According to her, the problem now is that the contracts do not include the actual wage. "Contracts are either signed under the minimum wage or at a lower amount, but they always include an additional payment in an envelope. This is a new challenge," reckons the business association.

According to a survey, 64% of employers admit that working in the grey sector provides quick profits and 85% say that laws are not applied equally to all.

The most common "grey" practices are hiding profits, non-invoiced transactions, non-payment of income tax, additional payment by hand, contraband import and export.

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