The Issue of Tax Avoidance
For any economy to progress, the taxation system needs to be simple and straightforward, with clearly defined parameters and guidelines as payment of taxes is concerned. Many a times, individuals as well as companies take advantage of the loopholes in the taxation system, and cleverly exempt themselves from paying tax. Tax Sheltering and Tax Avoidance are becoming common with each passing day, owing to the fact that the complexities of the Taxation Rules and Regulations are also on the rise. In the same zone, anti-avoidance laws are also being enforced as a counter-measure by the government and taxation bodies, in their bid to create a fair taxation structure for all.
Tax Regulations to suit all Economic Classes
With regard to exemption for those earning less, there are several provisions that have been made and enforced by authorities who are in charge of framing tax regulations. There also has been a recent collective opinion that inheritance taxs should be scrapped. Time and again, taxation laws are re-framed or modified in order to suit the requirements of the current economy, as well as take into account the opinions of the people, and the economic stance of the ruling government. All said and done, it is always necessary that one avails the advice of a certified, reliable and well-experienced tax accountant in order to receive the best income tax advice. Read More...