tax avoidance

tax avoidance
legally reducing tax liability. Tax planning is the activity by which a taxpayer seeks to arrange his affairs so that his tax liability is minimised; avoidance of tax within the limits of tax law is perfectly legitimate; tax evasion is the illegal activity of seeking not to pay tax (e.g. by failing to declare income).

Collins dictionary of law. . 2001.


tax avoidance
n. The act of taking advantage of legal tax-planning opportunities and shelters in order to minimize one's income tax liability.
See also tax evasion, which is not legal.

Webster's New World Law Dictionary. . 2000.


tax avoidance
The process whereby an individual plans his or her finances so as to apply all exemptions and deductions provided by tax laws to reduce taxable income.

Dictionary from West's Encyclopedia of American Law. 2005.


tax avoidance
The process whereby an individual plans his or her finances so as to apply all exemptions and deductions provided by tax laws to reduce taxable income.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

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Look at other dictionaries:

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