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​What is Tax Evasion?

cosmo

cosmo

Offshore Agent
Mar 4, 2011
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Monaco
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#1
Depending on your country of residence, many are now overwhelmed with the ever increasing range of taxes that they are required to pay. If you are due to pay tax and you foolishly attempt to evade paying them, by not declaring income or other means, then this is tax evasion. We do not reccomend this to anyone, unless they are curious about what the inside of a prison looks like.


What is Tax Avoidance?


Alternatively Tax Avoidance is simply arranging your affairs in such a way to pay the least amount tax possible. This is why business owners employ accountants, to avoid paying as much tax as possible. Therefore Tax Avoidance, unlike Tax Evasion is a 100% legal practice as it works within the confines of the law.


Why Go Offshore


If you set up your business in an Offshore Jurisdiction within a legal offshore structure, you can avoid the high taxes that are levied upon businesses in many high tax jurisdictions.


Is it Moral to avoid Taxes?


Taxes are used to pay for hospitals, schools, essential services and the like. Did you realise though, that appoximately half the worlds money is in Offshore Banks? Who benefits from Offshore Banking? Well it used to be the preserve of the rich, politicians, famous people, etc Now though anyone can go offshore.Many simply cannot survive paying such high taxes. If you live in a high tax jurisdiction and are happy with paying high taxes, fine. If not the following quotation may have some bearing on your decision:


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#2
Everyone looks out for a small deduction in the amount of tax they pay. In most countries, philanthropic activities give you a tax-free amount. Total tax evasion is definitely not moral, we must give back to the country at least a small part as a tribute for using the place and the resources. But as you clearly point out, many people go for avoiding huge taxes, and it is 100% legal too! Best thing to do is to only do what is moral.
 
#3
Very good information, pucket!


I would like to add some more to "what is tax evasion" as far as IRS is concerned, and I'd like to stay close to its wording mentioned in the Statutory Language: I.R.C 7201 - Attempt to evade or defeat tax:


It says that there are two major kinds of tax evasion. When a person is trying to willfully defeat or evade the:


1. Assessment of a tax,


or,


2. Payment of a tax.


The first type of evasion of tax will occur when a person tries to transfer some of his assets because he/she doesn't want the I.R.S to find out his/her true tax liability, and the second type of evasion of tax occurs when he or she does the same -- transfer some of the assets because of the above reason -- after the tax liability has become due for payment.


It is commonly seen that the person doesn't show some of the income or/and shows false deductions in the tax returns statement, and thus it becomes tax evasion attempt on his or her part. It then becomes a case of evasion of assessment offense. The same kind of willful wrong information is shown when the time comes to pay the tax when the tax is not paid, and then the tax liability determined by the government agency.


The "person" in the above text can mean anyone of the following who have wlcaused the said tax evasion / violation act:


Individual,


Return preparers,


Guardian or executors.


Officer or employee of a Corporation,


Member or employee of a partnership firm,


or anyone in particular who has been chiefly involved in the tax violation action.


So it means that the tax payer is not the only one who will be held responsible for the said violation. But I humbly advice you, readers, to please read the official version of this I.R.C. 7201 and understand the violation types from that official information page itself.


HTH
 
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#5
So it means that the tax payer is not the only one who will be held responsible for the said violation. But I humbly advice you, readers, to please read the official version of this I.R.C. 7201 and understand the violation types from that official information page itself.


HTH
Click to expand...
Very valid piece of advice. It is always good to keep one's company safe than to risk everything just for the sake of evading tax.
 
#8
footi gupt said:
Tax avoidance...
Nice info there..
I also think if we open many bank accounts and distribute our income\profit into multiple accounts then with single account, we can save big amount of tax..
Click to expand...
How you wll achieve that? just because you have multible bank accounts it does not mean you don't have to pay tax or did I misunderstood you?
 
#10
auric said:
How you wll achieve that? just because you have multible bank accounts it does not mean you don't have to pay tax or did I misunderstood you?
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there are different slabs applicable in income tax,
If your profit is small or less then you dont have to pay tax on that. Similarly if you make 10's of accounts and divide profit into 10 accounts then offcourse you need to pay very less tax as compare to 1 account.
 
#14
There are many popular celebrities, athletes who avoid paying Taxes because they're too much! You get your hard earned money and some of it will just go to the government to spend on what? I can't believe some countries like Philippines implement high tax and not be a first world country like Singapore!
 
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