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Taking legally permissible actions to reduce a liability. For example, tax avoidance is the reduction of tax liability by taking actions such as offshore investment. In principle, avoidance can be distinguished from evasion, which involves taking illegal actions to reduce a liability. In practice, the borderline between avoidance and evasion is not clear and can only be determined by court ruling.
Reference: Oxford Press Dictonary of Economics, 5th edt.
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