Abstract
Black economy activities are widespread in nearly all economies but Italy appears to have a pronounced problem in this area. Small privately‐owned companies in Italy find it relatively easy to engage in black economy activities – mainly the practice of tax evasion, that is, fraudulent and illegal activities undertaken to reduce tax liability. Illustrates how the black economy works in a typical small Italian company. Also examines some of the main implications for government and companies: in particular, the effects of a new law to curb tax evasion by small companies.
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