It is often said in the market that setting up a company to avoid tax can greatly reduce the tax that needs to be paid but we should remind everyone that tax avoidance does not mean tax evasion.

Anyone who knowingly or intentionally assists another to evade tax with intent to evade is liable to a fine of $50,000 and may be subject to additional tax evasion. The fine is equivalent to three times the underpaid tax, and imprisonment is possible in severe cases.