tax evasion


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Tax evasion

Illegal by reducing tax burden by underreporting income, overstating deductions, or using illegal tax shelters.

Tax Evasion

An illegal act or practice of not paying one's true tax liability. One may do this directly simply by not paying taxes in a given year. More often, however, the term refers to a person or company hiding assets or income in certain vehicles deemed to be improper by the IRS. It is important to note that tax evasion is different from tax avoidance, which is the minimization of one's tax liability through legal means, though it is generally acknowledged that there is a fine line between the two. See also: Shell corporation, Tax haven.

tax evasion

The illegal avoidance of taxes. The intentional omission of a gain from the sale of stock in reporting income to the Internal Revenue Service is an example of tax evasion. Compare tax avoidance.

tax evasion

any efforts by taxpayers to evade TAX by various illegal means, such as not declaring all of their income to the tax authorities or falsely claiming reliefs to which they are not entitled. Compare TAX AVOIDANCE.

tax evasion

any efforts by taxpayers to evade TAX by various illegal means, such as not declaring all their income to the tax authorities or falsely claiming reliefs to which they are not entitled. Compare TAX AVOIDANCE. See MOONLIGHTER.

tax evasion

The use of fraud or other illegal means to hide income or reduce taxes.Contrast with tax avoidance.

References in periodicals archive ?
The number of criminal prosecutions for offshore tax evasion is still woefully inadequate," the report said.
This would also help to increase the number of routine anecdotes being circulated about people being caught and punished for tax evasion which would be a major deterrent for many.
htm) Boxing News: Manny Pacquiao Faces Tax Evasion Case, Court Freezes Bank Accounts and Other Assets
HMRC's Jennie Granger, director general of enforcement and compliance, said: "HMRC taskforces are deployed in sectors and areas where we've detected a high risk of tax evasion.
The Zurich-based bank, set up as a silk trader in 1750, has come under investigation despite a recent Swiss-US deal to allow some Swiss banks to pay fines to avoid or defer prosecution over tax evasion by their US customers, said a report in the Gulf Daily News (GDN), our sister publication.
The official MENA news agency reported that Amin was facing charges of tax evasion, and that the public prosecutor had decided to ban him from leaving the country.
The Honourable Gail Shea, Minister of National Revenue and Minister for the Atlantic Canada Opportunities Agency, today announced the launch of a strengthened Foreign Income Verification Statement (Form T1135), one of the Economic Action Plan 2013 measures to crack down on international tax evasion and aggressive tax avoidance.
Summary Governments globally have been taking initiatives to curb offshore tax evasion for many years.
Britain has made fighting tax evasion a priority - Information to be shared among five European states Tax havens such as Bermuda and the Cayman Islands will work more closely with Britain and other European countries to fight tax evasion, British finance minister George Osborne said on Thursday.
TWO recent developments have given us some hope that the UK authorities will begin to pursue a more robust and aggressive approach to combating tax avoidance and tax evasion.
of Munster, Germany) present eight papers selected from presentations originally given at a July 2009 international conference on "The Shadow Economy, Tax Evasion and Social Norms.
The statement was issued following incorrect media reports claiming that the telecom sector had agreed to make payments against alleged tax evasion as claimed by the NAB.

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