The Cost of Avoidance: Exploring the Impacts of Income Tax Evasion

Abstract Tax authorities of different countries significantly provide efforts to counter Income Tax evasion and fraud. The activities of these evasions have significant impacts on a country's government, economy, and social structure. The motive of this study is to identify the evasion-related loopholes and techniques, the impact of these activities, and recommend solutions for countering these evasions. The methodologies adopted for these studies are primary and secondary methods of data collection. Objective of this study is to identify the significance of the impacts caused by income tax evasion-related activities and provide solutions. The study will provide significant insights about the implemented measures of different countries of the world to counter the unethical activities related to tax evasion. It will provide information about various measures taken and implemented by different countries and their effectiveness. in accordance to the economic aspect, social aspect and government of any country the study discussed the impact of these tax evasions. The implication of these impacts on different countries and the counter measures developed by those countries also have been mentioned based on different case studies. As per the counter measures developed by these countries it also provided recommendations for the improvement and global applicability of these measures. These recommendations are developed as per the global perspective and impacts of these tax evasions. The study also shows the analyzation of primary data collected from participants who can provide significant insights of these regulatory authorities and their implemented counter measures.