INTRODUCTION TO TAXATION: Tax Planning and Tax Evasion | Taxes Explained (Part 2)

Описание: Topics in this videos covers the basic concept of tax, introduction and important definition and scope. The situs of taxation, sound tax system, tax evasion and Tax planning (tax avoidance).

📖 The term "situs of taxation" refers to the specific location, jurisdiction, or place where a taxable event or transaction is deemed to have occurred for the purpose of determining the applicable tax laws and regulations.

📖 Tax evasion refers to the illegal act of deliberately underreporting income, inflating expenses, hiding assets, or engaging in other deceptive practices to reduce one's tax liability. It involves intentionally misleading tax authorities in order to pay less tax than legally required. Tax evasion is considered a criminal offense in most jurisdictions and can lead to penalties, fines, and even imprisonment. It involves knowingly breaking the law to evade taxes.

📖 Tax avoidance, on the other hand, is the legal practice of arranging one's financial affairs in a way that takes advantage of tax laws to minimize tax liability while still staying within the boundaries of the law. Unlike tax evasion, tax avoidance involves using legitimate strategies, loopholes, or incentives provided by the tax code to legally reduce taxes.

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Taxation Lecture Philippines
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Time Stamps:
00:00​ Sound Tax System
01:35 Situs of Taxation
03:19 Tax Evasion
04:08 Tax Avoidance
04:51 Evasion vs. Avoidance

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Disclaimer:
This video is mainly for academic purposes and is not a substitute in doing due diligence. For highly technical tax issues, seek professional assistance or contact BIR for proper tax compliance.

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#taxation #taxsystem #basics #taxevasion #taxavoidance #fiscaladequacy #theoreticaljustice #administrativefeasibility

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Credits:
Pictures used for this video came from Official Facebook uploads of Government Offices.