Notes: ^aIn the literature this would often be labelled as within the criminal economy; ^bwe agree with the definition of tax avoidance given by Richardson et al. (2015, p. 44) who see tax avoidance as “tax planning activities that are considered to be aggressive in that they are designed to actively reduce taxable income by exploiting uncertainties or variability in the interpretation of the tax law, taking advantage of areas of the tax law that may fall into the gray area, undertaking arrangements or schemes designed to actively reduce corporate tax liabilities in addition to activities that are illegal”