Tax Avoidance - The Acid test
Dr. Veerinder Singh | Richard Thornton
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In early April, a group of journalists leaked around 11.5 million confidential documents from law firm Mossack Fonseca, based in Panama in Central America. Known as the Panama Papers, this incident revealed the names of many wealthy individuals who in their efforts to minimise their taxes burden by opening offshore accounts. But where does tax avoidance slip into tax evasion? And since governments can make legitimate claims for taxation how do tax regulators detect avoidance? And conversely what is considered legitimate methods to minimise taxes?
This is a report by Keith Kam and Tan Yuen Yuen.
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Tags: tax avoidance, tax evasion, income tax, panama papers, Mossack Fonseca