| gen. |
black economy (BrE (NAmE the underground economy). business activity or work that is done without the knowledge of the government or other officials so that people avoid paying tax on the money they earn. OALD. Economic activity that is undisclosed, as to disclose it would render the earnings involved liable to taxation or even cause those engaged to be imprisoned (if they are claiming state benefits and have lied about their earnings). The black economy is thought to be significant in many countries, largely due to the benefits of evading tax. Earnings made in the black economy do not appear in national statistics. OB&M Alexander Demidov) |
