Loophole

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Related to Loopholes: Tax Loopholes

Loophole

A technicality in some legislation or regulation that makes it possible to avoid certain consequences or circumvent a rule without breaking the law, such as in the use of a tax shelter.

Loophole

A deliberate or accidental provision in a law that allows an individual or corporation to which it would otherwise apply to be exempt from it. Most loopholes are deliberate and are placed there to ensure that the law is not draconian, to please a lobbyist, or for some other reason. For example, a country may pass a law requiring most companies to register with the government. However, it may contain a loophole allowing the exemption of companies that find registration too difficult or expensive. Occasionally, the government may close a loophole, which means that it takes away the exemption.
References in periodicals archive ?
'There are no loopholes, but he's providing the loopholes,' Panelo said.
To carry out the exploit, Qin inserted a few scripts in the banking system that allowed him to test the loophole without triggering the alert about any withdrawals.
"These candidates are taking advantage of that loophole (in the law).
Baldwin, D-Wis., and Levin, D-Mich., said in introducing their bill that Trump promised on the campaign trail to close the loophole, but his tax plan doesn't reflect that.
Though (https://americansfortaxfairness.org/files/ATF-Oct-2013-Poll-Toplines.pdf) polls show that closing the loophole is popular, the state initiatives face a powerful opposition: Records reviewed by International Business Times show that the financial industry - which has spent hundreds of millions of dollars on state politics - has in many cases lobbied on the measures.
President Reagan's advisers put these two ideas together and came up with a plan that would eliminate many loopholes and use the resulting new revenue to lower tax rates.
"But it could turn into a gaping new PS1bn tax loophole, allowing the super rich to dodge paying tax on company shares.
He said: "The news gives added impetus for the government to act decisively to close loopholes in the current licensing, levy and tax systems.
LOOPHOLES in bus operator licensing are endangering the safety of passengers, a report by MPs has said.
MPs are cashing in I CAN'T tell you how relieved I am to learn that our loyal MPs are merely exploiting various loopholes and not actually breaking the law when they relieve us of our hardearned taxpayers' money.
Two House members have introduced legislation aimed at closing "loopholes" in the Federal Advisory Committee Act (FACA).