Evasion of tax refers to the illegal act of deliberately underreporting income, inflating deductions, or engaging in other fraudulent activities to reduce tax liability. Unlike tax avoidance, which involves legal methods to minimise taxes, tax evasion involves intentionally deceiving tax authorities to evade paying taxes owed. This can include actions such as hiding income, falsifying documents, or using offshore accounts to conceal assets. Tax evasion is considered a serious offence and can result in criminal prosecution, substantial fines, and imprisonment. Governments employ various measures, such as audits and investigations, to detect and penalise individuals or businesses engaged in tax evasion.
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This glossary post was last updated: 29th March 2024.
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