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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