distinction between tax avoidance and tax evasion from academic publications. Tax books have defined tax avoidance as “the lawful minimization of tax liability through sound financial planning techniques‚ while tax evasion is the “unlawful attempt to minimize tax liability through fraudulent techniques to circumvent or frustrate tax laws”. The consequences of either action are also clear. The former is not punishable by law while the latter is. However‚ the lines between evasion and avoidance have
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Tax Havens One of the major ways to evade taxes is through the use of tax havens. When most people think of a tax haven‚ a tropical island where corporations and the rich hide their money from the government is typically what comes to mind‚ but that isn’t always the case. There are many separate definitions and lists of what constitutes a tax haven‚ but perhaps the most widely accepted is the criteria put forth by the Organization for Economic Co-Operation and Development. The OECD focused on “factors
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Summarize the sources and objectives of modern income tax statutes. The primary source of US tax law is Congress. Power to initiate tax legislation is vested in the House of Representatives but all tax bills must pass both houses and be signed into law by the President. Many times the details of the legislation are not dictated by Congress‚ but left to the Treasury Department which adopts regulations (that have the force of law) to spell out the details as well as interpret the statutes and provide
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Chapter 6 Tax matters 1、 Why have tax? The Collins Concise English Dictionary (1992. P 1383) defines the word “tax” as: “a compulsory financial contribution imposed by a government to raise revenue‚ levied on income or property‚ on the prices of goods and services‚ etc. and to levy a tax on (persons‚ companies‚ etc.)” (Clinton Alley‚ 2008). there are several reasons can explain the existence of tax: The main function of taxation is the fiscal one. It is through fiscality that taxes play their
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| | Home | | Share on linkedin Share on facebook Share on twitter Share on email 156 INTRODUCTION The National Identity Management Commission (NIMC) was established by Act No. 23 of 2007 primarily to foster the orderly development of an identity sector in Nigeria through the development of a modern and universally acceptable identity management infrastructure in Nigeria. The Act empowers NIMC to establish‚ manage‚ regulate and enforce an effective and secure Identity Assurance System
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CASE STUDY Not just another outdoor company We opened the chapter with the story about an outdoor company‚ and we end it with a story about another outdoor company. The company we’re discussing this time‚ based in Portland‚ Oregon‚ was the brainchild of a small group of executives who left big times jpbs at Patagonia‚ Nike‚ and Adidas. These individuals shared a belief that ‘ in addition to generating a profit‚ companies have an equal responsibilities to create positive social and environmental
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THEFACTS GAMBLING IN AUSTRALIA * For most people‚ gambling is a form of entertainment that is enjoyed responsibly. * Many Australians gamble in some form at least once a year‚ whether it’s an occasional flutter at the races‚ buying a lottery ticket‚ playing the pokies or a night out at the casino. * In 2009‚ 70 per cent of Australians participated in some form of gambling. * Australians spent more than $19 billion on gambling in 2008-09; around $12 billion of which was spent playing
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disrupted. The downside of watching too much television is that it will make the children less creative and more passive where they refuse to leave the spot and would rather just ask someone near them to fetch necessities for them. Thus‚ engendering the effects on the body-activity to malfunction. The body monitors and handles the distribution of energy where it needs the most of it. When you just sit there and watch‚ your body will get confused and the energy distribution will go haywire as it doesn’t have
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Tax avoidance is the legal usage of the tax regime to one’s own advantage‚ to reduce the amount of tax that is payable by means that are within the law. Tax sheltering is very similar‚ and tax havens are jurisdictions which facilitate reduced taxes. The term tax mitigation is sometimes used; its original use was by tax advisers as an alternative to the pejorative term tax evasion. "Tax aggressive" strategies fall into the grey area between commonplace and well-accepted tax avoidance (such as purchasing
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Revolution fundamentally changed American society in many ways. It altered life for the colonists politically through the colonists’ different viewpoints of the war‚ the Articles of Confederation‚ the Constitution‚ and various challenges that arose. It also changed life economically through the Articles‚ and new approaches to the raising and handling of funds. Lastly‚ the Revolution changed life in the colonies socially with women being more involved in society. Along with the Revolutionary War came
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