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It’s just an introductory approach to show that it’s possible to pay less tax and still get back what you paid. It is obvious that there are several forms and ways to do this, using offshore companies, subsidiaries and etc, for example; but getting the basics done is still an important thing to do.
The first thing to keep in mind is to understand the differences between Tax Avoidance and Tax Evasion, they are two distinct concepts.
Tax Evasion is the illegal practice of not paying, collecting or not declaring taxes. It’s a form of fraud and carries serious legal consequences for those caught. Examples of tax evasion include filing a false statement, not filing a statement, understating taxes, false or incomplete statements or not declaring income or other assets. Penalties for tax evasion can include substantial fines and imprisonment.
Now, Tax Avoidance is the legal practice of reducing an individual’s or company’s taxes without engaging in illegal practices. This can be done by taking advantage of legal deductions, credits, and other incentives offered by the government. This can help an individual or company reduce their tax burden and may even result in a refund.
In summary, Tax Avoidance is taking advantage of legal incentives to reduce taxes, while Tax Evasion is the illegal practice of tax evasion.
A company can maintain profitability by reducing taxes through various methods. For example, the company could take advantage of tax incentives, credits, and deductions provided by the government. The company may also consider changing to a jurisdiction with more favorable tax laws, or even restructuring their business in order to take full advantage of existing tax regulations. In addition, the company can also implement certain financial strategies, such as stock buybacks, to reduce their taxable income. Through these methods, the company can reduce their overall taxable income and improve their results.
There are various companies that offer consulting to analyze your business and help you pay less taxes and even some of them can help you get back taxes incorrectly charged or duplicated (in jurisdictions where taxation is done in a cascade, for example).
For Fiscal Recovery, contact Defyse (https://bit.ly/defyse-taxrecorevy), according to your case, we can indicate a partner to analyze and recover the taxes paid in excess.