Visa Europe published study that compares relative share of gray economy, i.e. economy where companies and individuals evade the payment of taxes, to the GDP of various countries including the Czech Republic. As for the situation here the Czech Republic had according to the Visa estimates approximately 612 bn CZK being part of gray economy. Although the absolute number was 10 bn CZK more the relative count dropped from 15.5 % to 15.4 % not being an exception relatively to previous years when the percentage decreased gradually. In comparison to other European countries the Czech Republic fares better than most of the Eastern European or Baltic countries. For example Bulgaria has 31 % share of gray economy, Romania, Croatia, Lithuania and Estonia have 28 %, Poland 24 % and Hungary has 22 % share of the gray economy. Although Czech position in this particular survey is among better economies, there are countries either with the same score such as Slovakia or even significantly better like Austria or Switzerland with their rate being roughly one half of the Czech gray economy.
30th March 2020