Tax planning means legally arranging a person or corporate finance, business and tax affair in order to reduce tax burden. Note that ‘aggressive’ tax planning to the detriment of the government can be termed illegal. However the tax payer as a rational person will always try to minimize his/ her tax liability. T ax avoidance is legal while tax evasion is illegal. REQUIREMENT FOR TAX PLANNERS · Knowledge of tax laws (statutes, enactment, past and current case laws.) · Financial management. · Ability to apply tax skills to client peculiar circumstance. · Understanding of client operating environment. TECHNIQUES OF TAX REPORTING 1...
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