California Proposes New Law To Deal With Underground Economy

California Senate Bill 1185 (SB 1185) is a new effort aimed at the underground economy in the State, estimated to be valued at between $60 billion and $140 billion each year. Underground transactions prevent the State from collecting tax revenue and also expose consumers and businesses to counterfeit or illegal goods.

The underground economy includes, among other things, “pirated movies and music, counterfeit pharmaceuticals and untaxed tobacco and alcohol”. [VICA]

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Published In: Administrative Agency Updates, Business Organization Updates, General Business Updates, Government Contracting Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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