Tax Evasion

Back Duty: Unpaid Tax Obligations from Previous Years
Back Duty refers to the amount of tax that should have been paid in previous years but was not assessed due to failure by the taxpayer to disclose full income details to tax authorities. It typically involves unpaid taxes on undisclosed or understated income.
Bearer Security: Anonymous Ownership in the Financial World
A comprehensive exploration of bearer securities, their history, importance, and modern implications. Learn about their anonymity, legal constraints, and why they have become uncommon in today's financial landscape.
Carousel Fraud: Understanding Missing Trader Intra-Community (MTIC) Fraud
A comprehensive overview of carousel fraud, a type of Missing Trader Intra-Community (MTIC) fraud, detailing its mechanisms, historical context, impact, and preventive measures.
FATCA: Foreign Account Tax Compliance Act
An in-depth examination of the Foreign Account Tax Compliance Act (FATCA), a U.S. legislation designed to prevent tax evasion by U.S. taxpayers holding accounts abroad. This article covers historical context, key events, implications, and more.
Hidden Economy: An Insight into Unseen Economic Activities
A comprehensive exploration of the hidden economy, including its definitions, types, historical context, significance, challenges, and examples. The hidden economy encompasses economic activities not reflected in official statistics due to various reasons, ranging from intentional concealment to illicit operations.
Missing Trader Fraud: An Overview
A comprehensive article exploring Missing Trader Fraud, its historical context, types, key events, importance, examples, related terms, and more.
Missing Trader Intra-Community Fraud: Understanding VAT Fraud
An in-depth look at Missing Trader Intra-Community Fraud (MTIC), a type of VAT fraud involving fake cross-border transactions within the EU. Explanation of mechanics, historical context, key legislation, and ways to prevent such fraud.
Offshore Accounts: Bank Accounts Held in a Foreign Country
Offshore accounts are bank accounts held in a country where the depositor does not reside, frequently utilized for tax benefits, asset protection, and privacy.
Round Tripping: Financial and Economic Misconduct
An exploration of the practice of round tripping, encompassing its definition, types, historical context, key events, implications, and more.
Tax Haven: Opportunities and Risks
An in-depth exploration of tax havens, countries that offer foreign residents opportunities to reduce tax payments by conducting business within their jurisdictions. This article discusses the historical context, types, key events, and implications of tax havens.
Tax Shelters: Legal Methods to Reduce Taxable Income
Tax shelters legally help individuals and businesses reduce taxable income by utilizing various strategies, though misuse can result in tax evasion charges.
VAT Fraud: Evasion of Value-Added Tax
A comprehensive look into VAT fraud, its types, historical context, key events, explanations, and implications.
Off-The-Books Payments: Informal Economic Transactions
Off-the-Books payments refer to transactions conducted without formal record-keeping, often used to avoid taxation and government oversight. These can include cash payments or barter transactions.
Shell Corporation: Overview and Uses
A shell corporation is an incorporated entity with no significant assets or operations, often used for various legal and sometimes fraudulent purposes.
Tax Evasion: An Overview of Illegally Avoiding Tax Obligations
Tax Evasion involves illegal practices to escape paying taxes. Learn about methods, legal implications, examples, historical context, and more.
Tax Shelter: Historical Definition and Modern Regulations
An in-depth look at the definition of tax shelters prior to October 23, 2004, according to the IRS, and the modern regulatory framework post-October 22, 2004.
Under-Reporting: The Improper Failure to Report an Adequate Amount of Income on a Tax Return
Under-reporting occurs when an individual or entity fails to report an accurate or adequate amount of income on a tax return. This practice can result in substantial legal penalties and is considered a form of tax evasion.
Underground Economy: A Hidden Aspect of Economic Activity
An in-depth look at the underground economy, its characteristics, implications, and examples of transactions that go largely undetected by taxing authorities.
Underreporting: Definition, Examples and Consequences
Underreporting refers to the deliberate act of reporting less income or revenue than was actually received, typically for the purpose of reducing taxable income. This practice can have significant legal and financial consequences.

Finance Dictionary Pro

Our mission is to empower you with the tools and knowledge you need to make informed decisions, understand intricate financial concepts, and stay ahead in an ever-evolving market.