I do not avoid paying tax but do invest in such instruments that have tax exemptions such as term deposits. There are a few others that come under 80C. Seniors have a higher income limit for tax dedustions and I am a senior.
Do you avoid paying tax?
- Thread starter bestwriter
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It is irresponsible to evade tax. I don't even attempt to do that. No matter how the tax rates is high, I always pay.
I can't avoid it since here everything is automated. When you buy something, system automaticly add tax on price. Only if you work without bill. We call that 'on black'. But then you can be reported by competition and fine is very big.
You are right, currently it is difficult for us to avoid tax, especially if we pay using an e-wallet so that the VAT amount will automatically be recorded immediately, whether we eat at a restaurant or just drink coffee at a cafe. All supermarkets and minimarkets have also added VAT to the selling price.
We can do it by giving amount of house rent fake. Many of the people do that here to reduce the amount of their tax.
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- #10
I invest in instruments where there are tax exemptions and thus I do not have to pay tax.
In my country, if we have a certificate of deposit, time deposits and savings will be subject to income tax on interest of 15%. which will automatically be deducted by the bank so that we only receive net interest.
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- #12
Term deposit for example interest accrued thereon is tax free. There are a few others too such as if I am right Insurance premium, etc.
It's also to your advantage, especially for credit facilities later on, and if you want to build a business.
I always make sure that I pay my taxes. I don't want to get into the wrong side of the law. Added to the fact that I am a business person and it would dent my business brand and reputation if I evade tax.