Tax evasion is the illegal act of deliberately not paying the taxes you owe to the government. It involves intentionally misrepresenting or hiding income, assets, or transactions to reduce the amount of taxes you're required to pay. This is different from tax avoidance, which involves using legal methods to minimize tax liability.
Tax avoidance is finding legal ways to pay fewer taxes by using the rules and options the government provides. It's about using smart strategies to minimize your tax bill without breaking the law. Unlike tax evasion, which is illegal, tax avoidance involves taking advantage of deductions, credits, and loopholes that are part of the tax system. It's all about paying the right amount of tax, but not more than you have to. #education #mcom #educationalvideo #commerce #newvideo #corporationtax #corporatetax #taxevasion #taxavoidance #difference #fine #types