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€25bn black market is 'killing' businesses

BLACK-market operators in Ireland are "killing" tax-compliant small businesses, it has been claimed.

Rogue traders, cash-only merchants and racketeers should face tougher sanctions, the Irish Small and Medium Enterprises Association (Isme) said.

The black market will be worth €25bn this year, said chief executive Mark Fielding, right. The construction and maintenance sectors are where a large amount of the grey economic activity is taking place, he said. Mr Fielding said that international estimates suggest that in Ireland it amounts to 14pc of GDP. "Isme estimates would put the figure at nearer to 16pc, which would equate to €25bn this year, and the figure could be much higher."