tax avoidance vs tax evasion examples
Alternatively if the entity who pays taxes to the tax collecting authority. An indirect tax such as sales tax per unit tax value added tax VAT or goods and services tax GST excise consumption tax tariff is a tax that is levied upon goods and services before they reach the customer who ultimately pays the indirect tax as a part of market price of the good or service purchased.
Tax Evasion vs Tax Avoidance vs Tax Planning As we know tax evasion is an illegal and unethical practice of an individual or firm to escape from paying fair taxes to the government.
. The Scourge of Tax Havens. Foremny D Von Hagen J. The Hidden Wealth of Nations.
Tax Evasion refers to the adoption of illegal methods for reducing liability of payment of taxes such as manipulation of business accounts understating of incomes or overstating of expenses etc whereas Tax Avoidance is the legal way to reduce the tax liability by following the methods that are allowed in the income tax laws of the country such as taking permissible deductions etc. 6 Gabriel Zucman 2016. International Tax Avoidance and Evasion PDF.
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On the contrary tax planning is a systematic and legal process of using an entitys permissible exemptions deductions and other lawful provisions to curtail its tax burden. University of Chicago Press.
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