11 Facts About Tax evasion

1.

Tax evasion is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others.

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2.

Tax evasion often entails the deliberate misrepresentation of the taxpayer's affairs to the tax authorities to reduce the taxpayer's tax liability, and it includes dishonest tax reporting, declaring less income, profits or gains than the amounts actually earned, overstating deductions, using bribes against authorities in countries with high corruption rates and hiding money in secret locations.

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3.

Tax evasion is an activity commonly associated with the informal economy.

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4.

One measure of the extent of tax evasion is the amount of unreported income, which is the difference between the amount of income that should be reported to the tax authorities and the actual amount reported.

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5.

Income tax evasion appears to be positively influenced by the tax rate, the unemployment rate, the level of income and dissatisfaction with government.

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Income tax United States
6.

The US Tax Reform Act of 1986 appears to have reduced tax evasion in the United States.

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7.

Tax evasion gap describes how much tax should have been raised in relation to much tax is actually raised.

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8.

Tax evasion gap is mainly growing due to two factors, the lack of enforcement on the one hand and the lack of compliance on the other hand.

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9.

Level of Tax evasion depends on a number of factors, including the amount of money a person or a corporation possesses.

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10.

The level of evasion depends on the efficiency of the tax administration.

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11.

Tax evasion farming is an historical means of collection of revenue.

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