Transcript Корпоративное управление, реструктуриз

«The Informal Economy in the EU Accession Countries: Size, Scope, Trends and
Challenges to the Process of EU Enlargement»
Sofia, April 18-19, 2002
Comments on papers of Friedrich Schneider
and Tatiana Nenova
Andrei Yakovlev,
Institute for Industrial and Market Studies
at State University – Higher School of Economics
[email protected]
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1.
Approaches used for measurement
of shadow economy
The key problem for transition economies: assumption on
stability of basic indicators - like velocity of money
turnover or electricity consumption per unit GNP
Possible general solution: to start with direct approaches, to
collect qualitative information - and after transition
shocks to follow with indirect or model approaches
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2.
Costs and benefits of formal
and informal business activity
-A
The problem: not only individuals and small firms but also
corporations as participants of shadow activity…
Some new aspects of formal and informal economy in the
global world:
• business is not equal to enterprise - formal and informal
business groups (IBG)
• development of sophisticated forms of tax evasion based (very
often) on fictitious transactions
• creation of high developed infrastructure for semi-legal and
illegal business activity
• informal networks and close relations between IBG and public
officials in transition countries (state capture phenomena)
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The new industrial organization in modern Russia
Sales at understated
prices
Basic large
industrial
enterprise
Purchases at
overstated prices
Sales at regular
prices
Affiliated
intermediaries
Purchases at
regular prices
Customers
Suppliers
"Cashing"
Common
manager (owner)
(собственник)
Offshore
companies
Sham
companies
Legal payments
Illegal payments
Avenue of control
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2.
Costs and benefits of formal
and informal business activity
-B
What does it mean for informal economy development?
• It is much easier now to evade taxes and ‘re-allocate’ liquid
assets (using off-shore companies, transfer pricing etc)
• It can be difficult to implement even simple policy measures
against shadow business activity
What can be done in transition economies (additionally to
Nenova’s proposals)?
• To provide public consensus on economic policy
• To provide long-term economic policy
• To increase the quality of tax administration
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