Tax avoidance and tax evasion

Tax avoidance is the legal utilization of the tax regime to one's own advantage, 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 illegal means. According to the former British Chancellor of the Exchequer Denis Healey, the difference between tax avoidance and tax evasion is the thickness of a prison wall . The term tax mitigation is a synonym ... more
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