Are there really tax loopholes? Are there really ways to structure your business to gain maximum financial, tax, operational advantages?
Isn't it all ILLEGAL? Well, not really. Tax planning services are openly promoted and most importantly done by top accounting firms everywhere in the world.
You have to however note the differences between tax avoidance (legal) and tax evasion (illegal). Will tax planners get it right all the time? The simple answer is NO.
Like all good government bodies, they (IRAS or your local tax authorities) reserve the right to interprete your transactions in WHATEVER way they deem fit.
Rule of the thumb is NEVER under declare your income and NEVER over claim your expenses.
In the following blogs to come, I will explore some tax planning that you can use WITHOUT falling foul of the law.
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