May 23 (SeeNews) - Serbia's government has adopted a strategic plan for reducing the share of the grey sector that aims to move 9,000 companies to the formal economy by the end of 2020, it said.
The strategy will decrease the grey business volume by almost 200 million euro ($222.8 million) and will move 11,000 employees to the formal economy, the government said in a statement on Wednesday.
The government will aim to achieve a more efficient supervision, improve the work of the tax administration, introduce incentives for legal businesses and employment, reduce the administrative and parafiscal burden, and raise awareness on the fight against the grey economy.
The strategy was prepared in cooperation with the national alliance for local economic development (NALED) with the support of German development agency GIZ. It envisages the expansion of the electronic platform for inspections of businesses which was launched in January.
($ = 0.89769 euro)