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Tax planning is within the four corners of the law generally the legal utilization of the tax regime for one’s own advantage, to attempt to reduce the amount of tax is payable by means that are within the laws or tools that are made available whilst making a full disclosure of the material information to the tax authorities. Examples of tax planning involve using tax deductions, changing business structure through incorporation or establishment of “offshore company” in tax friendly jurisdiction.
However, tax evasion as an effort to evade the payment of taxes by illegal means. Tax evasion usually entails taxpayers deliberately misrepresenting or concealing the true state of their affairs to the tax authorities to reduce the tax liabilities, and include in particular dishonest tax reporting i.e. under declaring incomes, profits or gains or overstating deductions.