tax evasion

tax evasion
Illegal by reducing tax burden by underreporting income, overstating deductions, or using illegal tax shelters . Bloomberg Financial Dictionary
————
An attempt to minimise the tax payable by illegal means, e.g., by reporting inaccurately. Financial Services Glossary

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tax evasion ˈtax eˌvasion noun [uncountable] TAX LAW
illegal ways of paying less tax:

• He pleaded guilty to charges of bank fraud and tax evasion.

— compare tax avoidance
— tax evader noun [countable] :

• Monaco was accused of being a paradise for tax evaders.

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tax evasion UK US noun [U] TAX, ACCOUNTING
illegal methods used by people or companies to reduce the tax they pay, or a particular situation where this happens: »

He was arrested in October on charges of tax evasion and fraud.

»

Tax evasion schemes were responsible for over £16m of frauds last year.

fight/crack down on/curb tax evasion »

Government plans to crack down on tax evasion have met with protests from businessmen.

»

tax evasion case/charges/trial

be accused of/charged with/found guilty of tax evasion »

Three executives were charged with tax evasion and harboring illegal aliens.

Compare TAX AVOIDANCE(Cf. ↑tax avoidance), TAX EVASION(Cf. ↑tax evasion)

Financial and business terms. 2012.

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Look at other dictionaries:

  • tax evasion — n: a willful and esp. criminal attempt to evade the imposition or payment of a tax convicted of tax evasion Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. tax evasion …   Law dictionary

  • tax evasion — ► NOUN ▪ the illegal non payment or underpayment of tax …   English terms dictionary

  • tax evasion — noun the deliberate failure to pay taxes (usually by making a false report) • Hypernyms: ↑evasion, ↑nonpayment * * * ˈtax evasion [tax evasion] noun uncountable …   Useful english dictionary

  • Tax Evasion — An illegal practice where a person, organization or corporation intentionally avoids paying his/her/its true tax liability. Those caught evading taxes are generally subject to criminal charges and substantial penalties. There is a difference… …   Investment dictionary

  • tax evasion — N UNCOUNT Tax evasion is the crime of not paying the full amount of tax that you should pay …   English dictionary

  • Tax avoidance and tax evasion — Tax avoidance is the legal utilization of the tax regime to one s own advantage, in order to reduce the amount of tax that is payable by means that are within the law. By contrast tax evasion is the general term for efforts to not pay taxes by… …   Wikipedia

  • tax evasion — tax e,vasion noun uncount the use of illegal methods to pay less tax or pay no tax at all ─ compare TAX AVOIDANCE …   Usage of the words and phrases in modern English

  • tax evasion — tax e.vasion n [U] the crime of paying too little tax →↑tax avoidance …   Dictionary of contemporary English

  • Tax evasion investigations — Under federal law, tax evasion, or tax fraud, is the purposeful illegal attempt of a taxpayer to evade payment of a tax imposed by the federal government. Conviction of tax evasion may result in fines and imprisonment. [26 U.S.C. § 7201.] The… …   Wikipedia

  • tax evasion — Minimizing tax liabilities illegally, usually by not disclosing that one is liable to tax or by giving false information to the authorities. Evasion is liable to severe penalties. Compare: tax avoidance …   Accounting dictionary

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