Tax Evasion and its penalty

[Starmix]

As a business person, it is your responsibility to abide the law by paying your income tax. It is expected that once you operate a business, you are obligated to go to the Bureau of Internal Revenue to let them compute your total tax payable in accordance with what the businessman declares on the income tax return form. There are business owners who reduce their liabilities through the assistance of their company accountant reducing their income with the intention to evade the real value of tax. If caught, the penalty will be a fine of not less than five thousand pesos but not more than twenty thousand pesos and imprisonment of not less than six months but not more. Tax invasion is an illegal activity in which a person deliberately avoids paying a true tax liability. What about in your country, what is the penalty?

 

[Augusta]

You are right any business person should be paying business tax. but as you rightly stated they are business owners who reduce their liabilities through the assistance of their company accountant which is bad. in my country you can be sued as it is a criminal act.

 

[Starmix]

You are right any business person should be paying business tax. but as you rightly stated they are business owners who reduce their liabilities through the assistance of their company accountant which is bad. in my country you can be sued as it is a criminal act.

That is the reason why many landed in jail because of tax invasion. There is also a penalty for doing this crime. There are businessmen who don't declare their true tax payable.

 

[kit_hung]

Certain people in my country who are liable for taxes take the route of not filing their annual returns. I am not sure whether this action qualifies as a tax evasion crime.

To address this issue, the government should set in place robust measures for carrying out real-time monitoring of people's earnings. It is rather naïve for the govt. to expect a person to file returns that put them in the category of a tax payer.

 

[Augusta]

That is the reason why many landed in jail because of tax invasion. There is also a penalty for doing this crime. There are businessmen who don't declare their true tax payable.

This is humans for you they always want to game a system. but the forget that this is money used by the government to provide social amenities for everyone. it is bad to evade tax payment.

 

[Starmix]

This is humans for you they always want to game a system. but the forget that this is money used by the government to provide social amenities for everyone. it is bad to evade tax payment.

Businessmen should not forget that there's no one above the law and the law overrules and must be followed. In order to live and do business happily, they have to protect their families by avoiding imprisonment through paying taxes legally and religiously.

 

[Augusta]

Businessmen should not forget that there's no one above the law and the law overrules and must be followed. In order to live and do business happily, they have to protect their families by avoiding imprisonment through paying taxes legally and religiously.

That's right it is good to do the right things as instituted by the law and government. it is business responsibility to disclose their profits for tax assessment which will help the government gives them the right tax to pay.

 

[Starmix]

That's right it is good to do the right things as instituted by the law and government. it is business responsibility to disclose their profits for tax assessment which will help the government gives them the right tax to pay.

The proceeds from taxes go back to the country when there's a calamity and emergency. It's one way to support the programs of the government. Paying any form of tax is lawful thereby executed and whoever denies it faces sanction by law.

 

[Suba]

Not all business people or taxpayers obey tax regulations, many business people also try to carry out tax avoidance or at least reduce taxable profits. There are many ways that business people can use the help of accountants to reduce the amount of income tax they have to pay, one of which is by increasing the loan amount. Currently, tax office employees are also becoming more skilled, so they can easily detect fraudulent financial statements, so only stupid accountants are willing to manipulate financial statements.

 

[Augusta]

Yes a lot of business owners try to evade payment of tax which is wrong. it is always good for business owners to pay their taxes when due this will help the government to execute both large and medium projects

 

[magnus2022]

In my country, government is not serious about collecting taxes from the citizens. I don't know about companies because i don't own a company. Nigerian government have enough proceeds from oil than they don't bother about distributing the citizenry. While they are grabbing oil money, other sources of income was totally abandoned.

 

[Starmix]

In my country, government is not serious about collecting taxes from the citizens. I don't know about companies because i don't own a company. Nigerian government have enough proceeds from oil than they don't bother about distributing the citizenry. While they are grabbing oil money, other sources of income was totally abandoned.

That is so sad to hear from your government that does not care about the people who need attention. Taxes are very important for aa country for the collections can help people during calamities time, repair of roads and bridges, and constructions of school buildings and others.

 

[Jason]

I don't know much about taxes. In that case, I would use an accountant to get tax returns and pay taxes, especially if I made enough money where not paying them could be dangerous.

 

[Starmix]

There is also an exemption in paying a tax those whose earnings are below the poverty line need not pay a tax. Only those with small and big businesses and employed individuals private and public need to pay taxes and those having real property must pay real property taxes.

 

[kidi40]

That is the reason why many landed in jail because of tax invasion. There is also a penalty for doing this crime. There are businessmen who don't declare their true tax payable.

Some months back I read online about one man who was sentence to jail because of tax invasion, it was really disgusting I must say.

 

[Suba]

In my country, business people who evade taxes will be subject to criminal law starting with fines, prison sentences, revocation of business permits, therefore we have to be careful with tax calculations.

 

[Starmix]

Some months back I read online about one man who was sentence to jail because of tax invasion, it was really disgusting I must say.

It is the fault of the evaders ignoring the law, he gains so he must pay tax. It is so easy to do but why are there business operators big and small evade tax? They are making their lives miserable.