Consequences and Evidence of Tax Evasion and Avoidance
Journal Title: International Journal of Business and Management Invention - Year 2019, Vol 8, Issue 1
Abstract
Tax is a major source of government income and it contributes for the general advancement and success of an economy or a nation. The government, in-order to initiate welfare and development programmes which are meant to improve a company’s situation, raises revenue in terms of income tax, customs duty, VAT etc. Although, recently it was found that the country had been facing a massive problem with tax evasion. Tax evasion or tax avoidance happens when individuals intentionally fail to pay their tax obligation. This results in revenue loss which may affect the proper functioning of other sectors of the economy. This study explores the tax evasion concepts, covers the reasons and factors responsible and also examines the possible remedies to reduce the problem for the betterment of the economy. For this purpose, the data have been collected from secondary sources.
Authors and Affiliations
Meghna Manoj, Meera Gopal
Keywords
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