| |
Tax Planning |
Tax Avoidance |
Tax Evasion |
| Taxpayer Goal |
To favourably reduce taxes payable within the object and spirit of the law. |
Deliberate planning of events and transactions to circumvent the law and avoid paying taxes. |
To avoid taxes by failing to disclose complete and accurate information. |
| Legality |
Legal |
Not illegal. Transactions can be ignored. |
Illegal. Criminal offence. Civil wrongdoing. |
| Penalty |
None. |
Arrears and interest plus taxes owing and possible penalties owing. |
Fine, possible imprisonment, arrears and interest plus taxes. |
No comments yet.