Tax Avoidance

Lawful agreements or re-arrangements of business intended to avoid tax liability.

Tax Clearance Certificates

Confirm that an individual departing from the country has fulfilled all his income tax obligations. The certificates are issued by an Income Tax Department and are shown to customs and emigration authorities upon departure from the given country.

Tax Exempt Company

A company designed for individuals or corporate entities who are foreign to the jurisdiction in which it is registered, providing maximum of privacy and anonymity as well as comprehensive freedom from local taxation. It should only pay a fixed annual fee (tax-exempt fee), which makes the company free from further tax liabilities in the jurisdiction of incorporation. The company must also pay annual filing fees and domiciliary fees, for maintaining the status of registered company.

Tax Evasion

Illegal or fraudulent arrangements made with the intention of tax evasion.

Tax Incentives

The expression is used when tax benefits are part of an economic development programme. Most measures under this term fall into the following categories: tax exemption, reduction of tax rate, tax deferment, deduction from the taxable base.

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