The role of financial institutions in tax evasion prevention

Friday, July 24, 2020

One stop shop: Most of the countryu00e2u20acu2122s banks have offices in the Main Mall PIC: MORERI SEJAKGOMO

Tax evasion is an unlawful practice where an individual, organisation or business deliberately evades paying his or her accurate tax liability.

Persons caught evading tax are usually subjected to criminal charges and substantial consequences.

Tax evasion applies to both unlawful non-payment and underpayment of taxes. Entities that are not tax compliant and/or not registered for tax, could be doing so to evade tax.

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