What is tax planning, tax evasion, tax avoidance, tax haven?
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Answer:
Tax planning is taking advantage of provisions in law for reducing tax liability. This is lawful. Tax evasion is straightway fraudulent way of not paying the tax due by concealment or accounting malpractice. Tax avoidance is reducing liability by seeking loopholes and misinterpreting law. Tax havens are certain regions where tax is free or lower. People use these havens for reducing tax liability.
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Other answers
Tax planning is taking advantage of provisions in law for reducing tax liability. This is lawful. Tax evasion is straightway fraudulent way of not paying the tax due by concealment or accounting malpractice. Tax avoidance is reducing liability by seeking loopholes and misinterpreting law. Tax havens are certain regions where tax is free or lower. People use these havens for reducing tax liability.
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