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of <h1>New Anti-Avoidance Measures Target Loopholes in Tax Law, Clarifying Tax Evasion vs. Legal Tax Planning.</h1> The introduction of anti-avoidance measures in tax law aims to prevent tax evasion, which is often confused with tax avoidance and tax planning. Tax planning legally reduces tax liability through legitimate means, while tax avoidance exploits legal loopholes to minimize taxes without breaking the law, albeit against its spirit. Tax evasion is illegal and involves deceitful practices to evade taxes. Common tax avoidance techniques include deferring tax liabilities, re-characterizing income, and shifting income to lower-tax jurisdictions. Methods like treaty shopping and transfer pricing manipulation exploit tax system inconsistencies. Anti-avoidance rules, including GAAR, have been implemented to address these practices.
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