Gray economy is most present in construction

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The results of the research on the perception of the economy about the gray economy, which was carried out as part of the National Initiative for Cashless Payments, show that for 83 percent of companies in Serbia, the business results for 2021 were positive. The research “Attitudes of the economy on the gray economy and cashless payment” within the framework of this project was conducted in the period from May to June this year, on a sample of 1,040 business entities that are registered in the Agency for Business Registers, reports Beta.

The results show that for businessmen the main reasons for the existence of the gray economy are the high tax burden on wages and parafiscals (more than three-quarters of the answers) and that it is necessary to implement program measures for the tax relief of wages, especially the lowest, establishing a register of non-tax levies, as well as measures to encourage entrepreneurship and reducing illegal work, strengthening the capacity of inspections and others. The research showed that 49 percent of businessmen accept only cash, which accounts for three quarters of their turnover, and the main reasons for such a situation are customers’ lack of interest in paying cashless and high costs. At the same time, 86 percent of those who accept cards, instant and online payments report that it has had a positive impact on their business. Businessmen believe that the gray economy is most present in construction and that it is growing in craft services, while it is declining in catering and trade. They estimate that every tenth company in their industry is not registered, but the percentage of those who are ready to register them has dropped from 60 to 54 percent.

Businessmen also claim that they pay full contributions for 88 percent of workers and admit that they give them up to 12 percent of their salary. The secretary of the Coordinating Body for Suppressing the Gray Economy, Ana Jović, said that the views of the economy are more important than the views of the citizens, because measures and activities in the program are defined with their help, as well as that the gray economy is present in every state, Politika writes.