Tax Fraud | Vibepedia

Tax fraud, also known as tax evasion, is the intentional and illegal attempt to avoid paying taxes by misrepresenting financial information to tax authorities. This can include underreporting income, overstating deductions, and hiding assets in secret locations. The practice is often associated with the informal economy and can have serious consequences for individuals and businesses caught engaging in it. According to the Internal Revenue Service (IRS), tax fraud can take many forms, including identity theft and money laundering. The Organisation for Economic Co-operation and Development (OECD) has also taken steps to combat tax fraud, including the implementation of the Common Reporting Standard (CRS).