What is the difference between Tax Avoidance, Planning, Mitigation and Evasion? The first three of these are legal and the last one isn't. With the recent conviction of Wesley Snipes, tax has been in the news quite a lot and over in the UK there has been some interesting stuff written about the country's largest retailer, Tesco and it's tax situation. The guardian newspaper responded today to a writ issued by Tesco, over an article in the guardian back in February. The article talks about how Tesco has been moving assets to different companies in a variety of jurisdictions.
Global corporations have complex legal structures and whenever any assest or liability moves to a different Legal Entity, that is Intercompany and there may be tax involved. The complex and ever changing laws in this area mean it is increasingly important that you have tight control on your intercompany and it is documented because auditors and tax authorities may need to take a close look.
Sunday, May 4, 2008
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The following is what Wikipedia says about Wesley Snipes:
Wesley Trent Snipes (born July 31, 1962) is an American actor, film producer, martial artist, and tax protester.
ROFL. Tax protester is there on his bio.
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