Informal economy is a real concern for companies in FYROM, says EBRD

Informal economy is a real concern for companies in FYROM, says EBRD

Skopje, April 10, 2015/Independent Balkan News Agency

By Naser Pajaziti

European Bank for Reconstruction and Development (EBRD), says in its report on the development of business in Eastern Europe that companies in FYR Macedonia are suffering as a result of a dishonest competition and informal economy.

Among the main criticism that EBRD expresses in this report prepared in collaboration with the World Bank are problems relating to accessing capital, transport infrastructure and problems with the distribution of power supply.

As it’s the case with one third of Eastern European countries, in FYROM too businesses see informal economy as a problem.

“Unregistered companies continue to evade payment of taxes, they declare low revenues or conceal the real number of employees in order to evade tax”, says EBRD report.

The second problem identified by the report relates to the difficulties in accessing funds and this also applies to companies in Croatia, Russia and Armenia. New companies in FYROM have also complained about the services offered by taxation administration. The report involves 28 countries of East and Southeast Europe. /ibna/