Evasion

Tax Glossary Definition

Evasion

Evasion refers to the unlawful and deliberate act of avoiding tax payment through concealment, misrepresentation, or omission of income, assets, or financial transactions. It constitutes a form of tax fraud and violates statutory tax provisions. Individuals or entities engaged in evasion seek to reduce or eliminate their tax liability through deceptive means, which can result in severe penalties, interest charges, and legal prosecution upon detection.

Example: A business that underreports its revenue or fails to disclose overseas assets to reduce its taxable income is engaging in tax evasion.

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