Tax avoidance Vs Tax evasion / What is the difference?
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One is legal and often overlooked, while the other one can potentially land you in prison.
What is the difference between those two terms?
Tax evasion is misreporting and violating the rules, in simple words lying and/or hiding your money. People used to do this in the past, as it was much easier and often they wouldn't get caught. Those times are long gone, but this is what gave offshore the bad name.
Tax avoidance, on the other hand, is completely legal. It simply means the strategy of tax planning in order to reduce your taxes in the future. This is how Apple and Google managed to avoid paying taxes, completely legally. Some even call it aggressive tax planning.
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