tax evasion


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Tax evasion

Illegal by reducing tax burden by underreporting income, overstating deductions, or using illegal tax shelters.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

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.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

tax evasion

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

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Lastly, the government must focus on more effective and stringent measures for decreasing tax evasion in Pakistan.
Moreover, six cases were detected which only exists on paper involved in a tax evasion of Rs45m.
Tackling tax evasion should be the concern of the president and not accusing doctors of engaging in it as if this was unheard of in any other profession.
Rappler and Ressa have been charged with tax evasion in the Court of Tax Appeals (CTA) and the Pasig City Regional Trial Court (RTC).
Tax evasion implies that any arrangement of activities overpowers the basic intention of the law.
There is no official estimate yet on the size of tax evasion in Lebanon, although officials admit that many sectors do not pay taxes to the government.
The lack of research on tax evasion by businesses is unfortunate, especially given the fact that in most countries the bulk of taxes is paid by firms and firms account for the bulk of tax evasion too (McCaffery and Slemrod, 2004; Crocker and Slemrod, 2005; Chang and Lai, 2004, Nur-tegin, 2008).
As quoted in the Jordan Times, Finance Minister Omar Malhas said that the bill mainly focuses on three aspects: improving tax collection, curbing tax evasion and boosting tax revenues, which are expected to increase by JOD 300 million annually.
The rules became stricter particularly after the financial crisis, but there is room for fighting tax evasion.During the past four years, Slovakia has collected by Pound 2.
TAX avoidance is back in the news and I've been a bit concerned about the way commentators are using terms such as "tax avoidance" and "tax evasion" randomly.

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