After many wars and political games, it seems that the battle between the two systems has come to an end. Capitalism proved to be the stronger system and, as a result, globalization became the most descriptive attribute of the world economy in the current century. Most of the socialist countries decided, or were forced, to start a painful process of transition. What is the rivalry like in this group? What strategies do they follow? What threats do they represent?
To browse Academia. Skip to main content. Log In Sign Up. Download Free PDF. Download PDF. A short summary of this paper. Tax planning should not be done with an intent to defraud the revenue, All transactions entered into by an assessee could be legally correct, yet on the whole these transactions may be devised to defraud the revenue.
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Tax planning is a process of considering various tax options to determine when, whether, and how to conduct business and transactions so that taxes are eliminated or reduced. There are often options of making a taxable transaction in more than one way. The courts strongly support the right to choose the method that will result in the lowest legal tax liability.