Serbia: “Radical Measures” Needed to Tackle Grey Economy

People ♦ Published: April 14, 2014; 16:14 ♦ (Vindobona)

Experts call for higher penalties to make tax evasion and gray economy less profitable and establish financial discipline.

Textiles are one of the most profitable goods in the gray economy. / Picture: ©

According to Aleksandar Vucic, future Prime Minister of Serbia and leader of the Serbian Progressive Party (SNS), economic reforms are the key priorities. Serbian Economy Minister Lazar Krstic pointed out that state losses amount to € 850m and € 1bn annually because of tax evasion and gray economy. Experts estimate the gray economy to account for around 31 percent of the country’s…