Unregistered economy shrinks, figures show

Unregistered economy shrinks, figures show

Unregistered economy shrinks, figures show

A new period has begun in fight against the gray economy, Minister Şimşek says.

Turkey’s unregistered economy is now down at 27.7 percent, Finance Minister Mehmet Şimşek said at a press meeting yesterday where he revealed the results of the Action Plan in the Fight against the Unregistered Economy.

The finance minister said the goal is to bring the rate of the unregistered economy down another 5 points in the next 10 years, according to Anatolia news agency.

The rate was at 32.4 percent in 2002, he said, adding that the rate dropped due to efforts during the last years.

“We will utilize our sources in the fight against the gray economy where it is intensive,” he said, noting that this fight cannot be achieved by chanting slogans and just talking about it.

“Fighting against the unregistered economy is as important as fighting against terror,” he said, adding that the government will put up a fight against the unregistered economy in the most efficient way. Lowering the share of the unregistered economy also bears importance in achieving 2023 targets, he said, referring to the 100th anniversary of the foundation of the republic. The government aims to make the Turkish economy one of the ten largest economies in the world by then.

A new period in the fight against the gray economy has started, said Şimşek according to daily Hürriyet, calling for support from every citizen. The Ministry of Finance will follow up the process of commerce beginning from vehicle manufacturing and imports to the final consumer online. In the construction industry the process of commerce from contractors to the suppliers is followed up online
Concurrent inspections have been initiated together with the Social Security Institution in all of the country’s 81 provinces, he said.

More than 390,000 obligants were inspected between May 7 and 21 with an army of 5,511 officials, bringing 12,680 new taxpayers into the system, he added.

“Such inspections will be conducted regularly and unannounced going forward. In some cases 5,000 to 7,000 officials will be in the field.”