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Every country exhibits two kinds of economy, these are the formal and informal economy. However, the formal sector is the most important for every country. It's what determines the country’s position of development as well as growth. Formal economy is made up of all the sectors of the economy that can be taxed. The formal jobs which contribute towards the growth and development of the country and are taxed to make up this kind of the economy. They include companies, industries, big businesses and some medium-sized and small corporations. So long as they pay taxes, the business no ...
