Difference Between Tax Evasion and Tax Avoidance

Difference Between Tax Evasion and Tax Avoidance

Tax Evasion vs Tax Avoidance   As tax avoidance and tax evasion are both methods used by individuals and businesses to minimize or completely avoid the payment of taxes, one should be able to recognize the difference between tax evasion and tax avoidance. While these concepts may sound similar to one another, there are a […]

Difference Between Duty and Tariff

Duty vs Tariff   Duties and tariffs are both forms of taxes that are imposed on the import and export of goods to and from foreign countries. Since both are taxes, they are not voluntarily offered and are usually forced onto businesses and individuals. Duties and tariffs are quite similar to one another in their […]

Difference Between Tax and Levy

Tax vs Levy   Any individual, firm, corporation, or legal entity will have to make a payment to their country’s government known as a tax payment. The funds that are collected through tax is the largest income that the government receives and is used for the running of government, investment, development, infrastructure, healthcare, public safety, […]

Difference Between Payroll Tax and Income Tax

Payroll Tax vs Income Tax   Taxes are widely known as financial levies that are paid to the government by individuals who are known to receive monetary inflows from their salaries, wages, and profits made from assets. Taxes are usually forcefully obtained; in the sense, no person will willingly pay taxes, and only do so […]

Difference Between Assessment Year and Financial Year

Assessment Year vs Financial Year   There comes a time of year where individuals and corporations have to file their income tax returns. It is during this time that the terms financial year and assessment year are discussed in great detail. It is important to understand the meaning of financial year and assessment year for […]

Difference Between Lien and Levy

Lien vs Levy   Any individual, firm, corporation, or legal entity will have to make a payment to their country’s government known as a tax payment. The funds that are collected through tax is the largest income that the government receives and is used for the running of government, investment, development, infrastructure, healthcare, public safety, […]

Difference Between Subsidy and Tax

Subsidy vs Tax   Taxes and subsidies are terms that are very commonly used in economics that have a large impact on the country’s economy, trade, production, and growth. Taxes and subsidies are complete opposites of one another; taxes are a cost and a subsidy in an inflow. Taxes are levied to discourage certain activities, […]

Difference Between Exemption and Deduction

Exemption vs Deduction   Exemptions and deductions are concepts that are associated with tax payments. All income earning citizens in a country are obliged to pay tax to the government depending on the income bracket into which they fall. This makes it very important for most individuals to understand the importance of the difference between […]