Taxes in our life

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What is the difference between ‘shadow economy’ and ‘grey economy’?

What is the difference between 'shadow economy' and 'grey economy'?

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The shadow economy refers to all work activity and business transaction that occur ‘below the radar’ – economic activity that is undeclared and for which taxes that should be paid are not.

Grey economy is formed by activities where taxes are paid, but not for all the income derived from those activities.

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