WB says rewards necessary to achieve improvements
World Bank officials praised Hungary’s government for steps it has taken to crack down on the shadow economy at a conference in Budapest on Thursday, but they said rewards as well as sanctions are necessary to make further improvements.
The World Bank presented a study, on how to reduce the number of shadow economy jobs at the conference, which was organized together with the Ministry of Justice. Gordon Betcherman, the World Bank’s project director for the study, said the government has taken big steps to squeeze the shadow economy -- the study mentions stricter tax and employment audits as well as bigger fines -- but positive incentives are necessary too, not just sanctions. The study estimated Hungary’s shadow economy generates 15-25% of GDP. (MTI-Econews)
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.