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State whether the following statement is true or false. Tax related fraud is a criminal offence in South Africa. Therefore, it can be prosecuted through the application procedure
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- Tax evasion is defined as a willful attempt to defraud the government. What are some examples of an attempt to commit fraud? In many cases, there is a fine line between tax avoidance and tax evasion. In a situation where the distinction between the two is not clear, professional judgment must be used. Other tools can also be used. What tools can be used to distinguish between tax avoidance and tax evasion?As a general principle, are tax evasion and tax avoidance predicate offences for the purpose of a prosecution of money laundering? Explain and illustrateThe concept of reverse onus, as it relates to taxation in Canada, suggests: Select one: O a. We should refrain from exercising tax avoidance O b. We should engage in tax evasion O C. We may have to go through an appeal process, firstly with CRA (Canada Revenue Agency) and possibly through the courts, if we disagree with a reassessment O d. We are not required to comply with a reassessment from CRA because a court ruling will be required firstly
- a. Explain what is meant by general anti-avoidance rule. B). State what impact this could have on Jamaica's tax system if implemented.What is the purpose of the following control procedures (i.e., what threats is it designed to mitigate)? j. Check for paychecks with no National Insurance or Income Tax deductions.Access and examine section 17 of the Income Tax Act of Jamaica,then perform the following tasks:1. Distinguish between a fictitious transaction and an artificialtransaction2. Outline the anti-avoidance provisions as they relate to:•the transfer of property to a child, a trust, or a connected person•dealings in security
- If civil tax fraud pursuant to IRC § 6663 is asserted by the IRS, the burden of proof falls upon the IRS by what standard? Select one: a. beyond reasonable doubt b. clear and convincing c. preponderance of evidence d. the taxpayer because the IRS.Give an opinion about the Legality of The Assault on Tax Avoidance Practices in the PhilippinesIn order to simplify the tax code, current regulations require that a dollar of income earned by a U.S. Corporation in the United States is taxed in the same way as a dollar of income earned by a U.S. Corporation in a foreign country. Select one: True False
- Which of the following is NOT a power granted to the tax authority? a.The power to request information from third parties. b.The power to arrest. c.The power to audit. d.The power to enter, search and remove documents and recordThe taxable portion of interest received by a 75- year-old resident of the Republic from a South African source that is not tax free investment is R34 500. Select one: True FalseTrue or False: The income a U.S. company reports to the IRS (i.e. to calculate taxes), could be different from the income reported on that company’s Income Statement. Explain your answer.
