Tax evasion is illegal methods to avoid paying government taxes. Tax avoidance uses legal strategies to reduce tax bill. Common methods include misreporting, concealing income, and falsifying financial statements
Cryptocurrency market value exceeds EUR 7 billion worldwide. Criminals increasingly use cryptocurrencies for money laundering and tax evasion. Anonymity prevents adequate monitoring of cryptocurrency transactions
Globalization has led to businesses seeking low-cost jurisdictions for tax advantages. Tax avoidance differs from evasion, which is illegal. GAARs aim to balance legal needs with effective tax planning
Tax avoidance uses legal methods to reduce total tax liability. Examples include maximizing retirement contributions and claiming deductions. Tax credits and working with professionals can help legally lower tax
UK GAAR came into effect in July 2013 to combat tax avoidance. ACCA supports government's approach to tax abuse prevention. GAAR aims to prevent tax planning but won't eliminate legitimate practices
GAAR was introduced in 2017 to combat tax evasion. Initially proposed in 2009, implemented from 2018-19. Created after Vodafone case where government lost USD 2 billion