Shadow Economy
/ˈʃædoʊ ɪˌkɑːnəmi/
Definitions
- (n.) An economic sector involving goods or services not reported to government authorities to evade regulations, taxation, or social security contributions.
The government introduced measures to reduce the size of the shadow economy and increase tax revenues.
Forms
- shadow economy
- shadow economies
Related terms
See also
Commentary
The shadow economy is often intertwined with illegal activities but may also include legal goods and services hidden from government oversight to avoid taxes or regulation.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.