Tag: Black Economy

Individuals and groups engaging in business are doing their best to ensure they operate within the bounds of law. We always strive to work hard and lead a life with a decent conscience. Unfortunately, not all share in this virtue, as there are those who try to go around their social responsibilities through the black economy.

What is the black economy? In this section you will get to know more about this hateful activity and how it hurts those who are abiding by the law. Not only does it make things hard for other businesses, but for the country’s economy as a whole.

Black Economy in Australia: How it Hurts Businesses

The black economy, also known as shadow, cash, or underground economy, refers to people who evade their tax obligations. As such, they engage in illegal, dishonest undertakings such as understatement of takings, welfare fraud, off-the-book cash transactions, false declaration of income, and a lot more. Why do business entities engage in the black economy? Perhaps […]