It’s critical that you understand Taxation Terminology and principles as an Entrepreneur. We are committed to providing guidance as it pertains to Organisational and Personal Financial Matters.
Below are our view on Tax Evasion from the Accounting& Advisory Team at Robley Baynes Tax & Accounting Services.
Tax evasion is the wilful avoidance or underpayment of a tax. Both individuals and business entities can engage in tax evasion.
There are a number of ways to evade taxes, such as not reporting taxable income and overstating the amount of applicable tax deductions and tax credits.
Those found guilty of tax evasion can receive substantial fines and may also be charged with criminal offenses that can result in a person serving time in jail.
Tax evasion differs from tax avoidance, where a taxpayer is using legitimate methods to minimise taxes. For example, a person could give funds to a registered non-profit entity in order to deduct the amount of these funds from his or her taxable income.
At Robley Baynes we help you navigatethroughyour Tax Planning& Tax Management policy and procedures to reduce your overall Tax Implications.