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Would you avoid paying tax?
Topic Started: Apr 13 2018, 01:49 PM (217 Views)
+ Pelador
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Tax avoidance, as opposed to tax evasion is entirely legal. You can put your earnings into a legitimate off shore bank account and some of them let you get away with paying as little as 2% of your taxes.

Question is, would you do it if you had the means?

I would. I'm not giving the Tories my hard earned money in taxes just so they can waste it on schemes that mostly benefit the rich and powerful.


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Dingo
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I would do tax planning but not tax avoidance. From a Canadian perspective:

"Tax avoidance and tax planning both involve tax reduction arrangements that may meet the specific wording of the relevant legislation. Effective tax planning occurs when the results of these arrangements are consistent with the intent of the law. When tax planning reduces taxes in a way that is inconsistent with the overall spirit of the law, the arrangements are referred to as tax avoidance. The Canada Revenue Agency's interpretation of the term "tax avoidance" includes all unacceptable and abusive tax planning. Aggressive tax planning refers to arrangements that "push the limits" of acceptable tax planning."

So tax avoidance is in the letter of the law but is would not call it "legal." You risk being reassessed and fined by ur tax authorities.

The worse thing u could do is tax evasion.
"Tax avoidance results when actions are taken to minimize tax, while within the letter of the law, those actions contravene the object and spirit of the law.

Tax evasion typically involves deliberately ignoring a specific part of the law. For example, those participating in tax evasion may under-report taxable receipts or claim expenses that are non-deductible or overstated. They might also attempt to evade taxes by wilfully refusing to comply with legislated reporting requirements.

Tax evasion, unlike tax avoidance, has criminal consequences. Tax evaders face prosecution in criminal court."
Edited by Dingo, Apr 13 2018, 10:48 PM.
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Rockman
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Dingo
Apr 13 2018, 03:39 PM
I would do tax planning but not tax avoidance. From a Canadian perspective:

"Tax avoidance and tax planning both involve tax reduction arrangements that may meet the specific wording of the relevant legislation. Effective tax planning occurs when the results of these arrangements are consistent with the intent of the law. When tax planning reduces taxes in a way that is inconsistent with the overall spirit of the law, the arrangements are referred to as tax avoidance. The Canada Revenue Agency's interpretation of the term "tax avoidance" includes all unacceptable and abusive tax planning. Aggressive tax planning refers to arrangements that "push the limits" of acceptable tax planning."

So tax avoidance violates the spirit of the law and is no way "legal." You risk being reassessed and fined by ur tax authorities.

The worse thing u could do is tax evasion.
"Tax avoidance results when actions are taken to minimize tax, while within the letter of the law, those actions contravene the object and spirit of the law.

Tax evasion typically involves deliberately ignoring a specific part of the law. For example, those participating in tax evasion may under-report taxable receipts or claim expenses that are non-deductible or overstated. They might also attempt to evade taxes by wilfully refusing to comply with legislated reporting requirements.

Tax evasion, unlike tax avoidance, has criminal consequences. Tax evaders face prosecution in criminal court."
Not to mention being hard-pressed to find any bank that would take you as a client "off-shore" with the pennies that you plan on using to avoid taxes. There is a reason why the ultra rich do it, and the average Pelador doesn't.

Besides, you can't say that your avoided 2% is going to the Tories bad habits. You don't know that for sure.
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We don't have such thing here, only tax evasion. But I would definitely like to choose where my taxes go to. I understand why I 'pay' for hospitals, or schools, for example. But not for churches. It is not a service that is absolutely necessary for a human community to function well, even discriminatory, because not every employee (or people with other taxable incomes) is of the same religion or is fine with sponsoring such institutions.
Edited by Bad User, Apr 14 2018, 04:40 AM.
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+ Steve
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Greetings. I will be your waifu this season.

Yeah absolutely none of my taxes would go to religion if I had the option. All that money should be going to hospitals, children shouldn't be dying so a pointless church barely anyone uses can get a few new pew's.

If religious people are dedicated then they should donate to keep their churches alive, everyone else shouldn't be paying for something that doesn't benefit them in any way.


I wonder how much the world would change if tax worked this way? If military spending is included also, suddenly a lot of countries would be neutered in that regard. I can't imagine many of you American's enjoy the trillions of dollars of military spending when you have to pay thousands for getting ill through no fault of your own.
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