Black market ‘needs action’

The Small Firms’ Association has said European intervention might be needed to tackle the ‘black’ economy, saying the problem is only increasing and is robbing as much as €6bn per annum from the exchequer.

The body wants the Government to introduce a series of measures, including an awareness campaign for consumers, highlighting the consequences of buying counterfeit goods or paying cash to illegitimate businesses; an evaluation of the factors influencing taxpayers’ attitudes to the ‘black’ economy; and a review of resource levels for the training of those engaged in tackling the issue.

Speaking ahead of an appearance tomorrow before the Joint Oireachtas Committee on Jobs, Enterprise, and Innovation, SFA chairman AJ Noonan said: “Because of reduced overheads, those who operate within the informal economy have huge competitive advantages and distort the operation of a competitive labour market.