(Note: This blog post is inspired by my post-lunch conversation and exchange of ideas today October 18, 2012 at Figaro Coffeeshop in Tomas Morato Avenue, Quezon City with businessman George Chua Cham of Dagupan City, Pangasinan province, the Philippines)
No matter how much a person or a company earns every year, it is important and wise for people to do wise and careful tax planning in order to minimize unnecessary over-paying of taxes. Please don't get me wrong, I am not advocating tax evasion or tax avoidance, but the fair and wise strategy of avoiding the pitfalls of over-paying taxes.
How does a person or a small company or business undertake this? I recommend that you seek out a good accountant and a good taxation specialist lawyer for consulations, for planning.
If you don't do wise and careful tax planning, this is the possible dire scenario as described by 20th century American humorist and actor Will Rogers in a hyperbole and hilarious way.