Serbian Finance Minister Dusan Vujovic said Tuesday that the grey economy was one of the main topics of a meeting with an IMF mission earlier in the day.
The crucial step towards curbing it includes introducing European standards in corporate financial reporting, which could happen by the end of the year, he said at a joint press conference of the Ministry of Finance and the World Bank.
“The IMF said this morning that we have had a plan for fighting the grey economy for years, but very few results, and that this will be an activity that will be a crucial step in solving that problem. Our potential is enormous,” Vujovic said.
The Swiss government has donated EUR 3.4 million for a project aimed at introducing international standards in corporate reporting, and the agreement on the donation was signed by Vujovic and World Bank officials.
“The objective is to improve the culture of reporting,” Vujovic said, adding that entrepreneurs often run double books, do not pay taxes or obtain the materials needed for their businesses illegally.
Introducing the standards would put an end to such practices, Vujovic said, adding that translations of the standards should be complete in a few months, making it possible to implement them by the end of the year.
Source; SerbGov
