Source: Shadow economy accounts for 22% of Russian GDP

MOSCOW, Dec 16 (PRIME) – Russia’s shadow economy amounts to about 22% of the gross domestic product (GDP), a high-ranking government official told PRIME on condition of anonymity on Friday.

“The volume of Russia’s shadow economy is about 22% of the GDP which is comparable with the situation in some European countries like Italy,” the source said.

He said that only technological advances can help struggle against this, “In a few years, with the introduction of electronic detailed invoices for taxation, the notion of ghost companies which intermediate in illegal transactions including capital withdrawals from Russia, will cease to exist.”

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