The Hidden Economy Trends and Developments and the Role of the CSOs: The Experience of Bulgaria
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1 The Hidden Economy Trends and Developments and the Role of the CSOs: The Experience of Bulgaria Skopje, November 2014 Ruslan Stefanov Director Economic Program This project is funded by the European Union Instrument for Democracy and Human Rights
2 CSD Services and activities Research Public awareness Policy impact Economic Sociological Legal Conferences Round-tables Media training European Commission Bulgarian government Foreign governments
3 A Vicious Circle Hidden Economy Revenue Corruption (Administrative vs Political) Hidden Economy Persistence (Grey vs Black) Law Enforcement Break
4 Пирамида на политиките срещу сивата икономика Grey Economy Policy Pyramid развитие на култура за отчетност и почтеност developing a culture for accountability & integrity намаляване на разходите за легалния бизнес reducing costs for formal business укрепване на правоприлагането strengthening enforcement
5 Definition of Hidden Economy Informal economy Legal Unreported Official economy Legal Reported Undeclared (Grey) economy Legally registered economic activity Partially concealed and unreported economic activity Illegitimate (Black) economy Illegal Unreported
6 The Hidden Economy Loops core: criminal economy buffer: grey economy fringes: subsistence economy
7 Causes of Hidden Economy Tax and Social Security Burden Not only size matters Compliance costs (private and public) Regulation Goods quality requirements Price regulations and entry barriers Institutional Context
8 Effects The Economy and Government Policies Positive incomes are being spent into the official economy Yet the gray sector has a negative effect on the tax system Might have short term stabilizing function, but in the long-term, can have lasting negative consequences for the institutional legitimacy Government policies are becoming more ineffective underfunding of public goods Institutional Efficiency level of fair competition Inflow of dirty money into politics Aids corruption and the criminalization of the economy Hinders efficient resource allocation Business Efficiency Lack of enforcement of contractual obligations Increased regulatory burden on legitimate businesses
9 CSD Hidden Economy Index Size of the hidden economy Hidden employment Hidden turnover Hidden redistribution Subjective perceptions of businesses for the scope of the hidden economy in the country in general and in their respective sector Hiring workers without contract Underreported remuneration (envelope wages) Failure to issue tax receipts on sales Underreporting turnover Underreporting profit Illegal (undeclared) export / import Evasion / nonpayment of taxes, fees, customs, excise duties VAT fraud
10 5 4,5 4 3,5 3 2,5 2 1,5 Dynamics of The Hidden Economy Index, (Business) General Index of Hidden Economy Size of the Hidden Economy Hidden Labor Relations Hidden Turnover 1 0,5 Redistribution Source: Center for the Study of Democracy
11 VAT Fraud and Tax Evasion (Business) Dynamics of Sub-Index Redistribution ,5 4 3,5 3 2,5 2 1,5 1 Redistribution sub-index Evasion of taxes, fees, customs, and excise duties VAT fraud 0, Source: Center for the Study of Democracy
12 Assessment of the Report Capacities of Regulatory Agencies National Revenue Agency (NRA) Chief Labor Inspectorate (CLI) Bulgarian Food Safety Agency (BFSA) Executive Forest Agency (EFA) National Construction Control Department (NCCD) Bulgarian Drug Agency Regional Health Inspectorates Regional Inspectorates on the Environment
13 Report Capacities of the Regulatory Agencies Not all regulatory agencies have built up adequate basic public accountability mechanisms, such as publishing an annual activity report None of the agencies provide a comprehensive efficiency and impact analysis of its work NRA started reporting on some impact indicators Certain elements need to be present in order for visibility and quality control to be assured. Some of these elements include: details about staff, budget, type of governance; watchdog function the service of information center, including fraud signals by citizens; actions taken as a result of citizens signals and complaints; report on auditing revisions and results of specific regulatory actions.
14 Measures Proposed in 2008 and 2009 to Limit the Hidden Economy
15 Policy Actions on Hidden Economy Recommendations indicators across government regulatory agencies tackling corruption through the introduction of e-services in administration speeding-up VAT refunds and reducing control checks on law-abiding companies administrative reform to speed-up payments on European programs better legal framework on late payments and business-to-business private debt special focus on improving legislature in terms of filing for bankruptcy in a retroactive manner promoting free enterprise and competition through improving the enforcement of the anti-monopoly legislation.
16 Thank you for your attention This project is funded by the European Union Instrument for Democracy and Human Rights
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