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 ?
If the previous administration used tax evasion to impeach former Chief Justice Corona, the current administration is also using it to impeach Chief Justice Sereno, and allegedly deal with its 'political enemies' like Rappler and Dunkin' Donuts of the Prietos.
The official pointed to the possibility of creating regional teams of investigation on tax evasion whose activities will be limited, first, to the region of Greater Tunis.
Secondly, there must be a criminal facilitation of that tax evasion by an associated person of the relevant body; and
The concept of tax evasion is subject to multiple definitions, their content being based on the historic period one refers to.
However, tax evasion and avoidance concentrated among rich classes, which makes them super rich, is most likely to distort income inequality.
These political commitments to join the fight against tax evasion must be turned into practical reality, through implementation of the standards and actual exchange of information," OECD chief Angel Gurria said in a statement.
The bank said, 'Our tax advice policy and ethical standards are clear: we shall not encourage or facilitate tax schemes of our customers that are regarded as tax evasion.
Only one of the cases related to an individual on the "Falciani list" - leaked by a whistleblower at HSBC's private Swiss bank - which had identified about 3,600 UK individuals who were potentially engaged in tax evasion.
There is a need to carefully study the proposal to lift the bank secrecy on tax evasion cases especially those involving serious tax evasion offenses while at the same time ensure that safeguards are in place to protect the bank depositors from undue or unwarranted intrusion," he said.
Under a new regime designed to crack down on offshore evaders the chief secretary to the Treasury Danny Alexander unveiled plans to introduce a new strict liability criminal offence for offshore evasion; make it a criminal offernce for corporates to fail to prevent tax evasion or the facilitation of tax evasion; increase the financial penalties faced by evaders; introduce new civil penalties on those who enable evasion; and to publicly name and shame both evaders and those who enable evasion.
THE Conservatives' Westminster candidate for Berwick has pledged to raise concerns over tax evasion with George Osborne.
A NORTHUMBERLAND Conservative has pledged to raise concerns over tax evasion with George Osborne.

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