tax evasion

What is tax evasion?

• the legal utilization of the tax regime to one's own advantage, in order to reduce the amount of tax that is payable by person and it is very much within the law

• Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; here is not even a patriotic duty to increase ones taxes

• the general term for efforts made a person not to pay taxes by illegal means

• same as tax mitigation

What is tax avoidance?

• Creation of a separate legal entity to which ones property is donated.

• Giving false information on any matter affecting liability to tax.

• The general term for efforts made a person not to pay taxes by illegal means

• The legal utilization of the tax regime to ones own advantage, in order to reduce the amount of tax that is payable by person and it is very much within the law.

Who has the burden of proof when it comes to cases of tax fraud?

• The police

• individuals hurt by tax fraud

• The IRS and the department of justice

• The president

Income that is not taxable ?

• Tax deduction

• Tax exemptions

• Tax credit

An amount subtracted from a persons income before calculating the amount of taxes owed.

• Tax deduction

• Tax credit

• Tax exemption

An amount subtracted after calculating the amounts of taxes owed.

• Tax deduction

• Tax credit

• Tax exemption

It refers to the fraudulent act of minimizing taxes?

• Tax evasion

• Tax avoidance

• Tax minimization

• Multiple taxation

Which of the following is an attempt of UK to minimize tax avoidance

• DOTAS(Disclosure of tax avoidance schemes) 2004

• Bribery act 2010

• Foreign corrupt practices act 1977

• Foreign account tax compliance act 2010

Who has the jurisdiction to levy taxes in UK?

• Court

• Parliament

• HMRC

• Royal family

Churches are exempt from paying government taxes?

• True

• False