| dc.description.abstract | The term “tax avoidance” refers to avoiding paying the right amount of taxes and in many
countries, it is not a criminal offence. On the other hand, “tax evasion” is committed when a
person uses forged or falsified documents such as falsified financial statements, salary
certificates, and formal declarations on ownership of assets or other certificates that are
generally accepted as valid proof of a certain fact to hoodwink tax authorities and as a result
gain unfair advantage.” Tax avoidance, unlike tax evasion, is legally committed when
corporations or individuals take advantage of legal grey areas through the use of aggressive
schemes to increase “tax efficiency.” Tax avoidance is often committed by the rich or
Multinational Corporations (MNCs) using tax experts such as lawyers and Accountants to
avoid paying the right amount of taxes. The irony of it is that those who cannot afford to hire
tax experts pay all their tax dues to tax authorities while the rich cheat the system by dodging
taxes. Ironically also this means that the poor subsidize the rich instead of it being the other
way round. The Asset recovery process is not only tedious and expensive for victim countries,
there is also unwillingness of countries where assets have been secreted to release them.
Also, Mutual Legal Assistance Treaties (MLAT) are not easy to use where evidence on stolen
Assets has been destroyed, assets dissipated, or law enforcement agencies deficient in
requisite capacity to initiate and execute the Asset recovery process | en_US |
