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Economics - Tax Evasion | 10th Social Science : Economics : Chapter 4 : Government and Taxes

Chapter: 10th Social Science : Economics : Chapter 4 : Government and Taxes

Tax Evasion

Tax evasion is the illegal evasion of taxes by individuals, corporations and trusts.

Tax Evasion

Tax evasion is the illegal evasion of taxes by individuals, corporations and trusts. Tax evasion activities included

Underreporting income

Inflating deductions or expenses

Hiding money

Hiding interest in offshore accounts

 

Tax evasion penalties

1. If a person wilfully commits the act of tax evasion, he may face felony charges. Tax evasion penalties include imprisonment of up to five years and high amount as fines.

2. The defendant may also be ordered to pay for the costs of prosecution.

3. Tax evasion penalties can be harsh, depending on the severity of the crime.

Tags : Economics , 10th Social Science : Economics : Chapter 4 : Government and Taxes
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10th Social Science : Economics : Chapter 4 : Government and Taxes : Tax Evasion | Economics


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