Fill in the following prepositions where necessary. from at by within on of for to

from       at by within    on of for to    

There are tax exemptions common _____ (1) all types of special economic zones:

1. A reduced rate of income tax to be paid ____ (2) the budget of the Russian Federation has been set for residents of all types of zones.

2. Residents are exempt ______ (3) property tax for a period of 5-10 years depending on their zone from the moment of their property registration if the following conditions are satisfied:

o Property is created or acquired to conduct activities ____ (4) the zone;

o Said property is located within the zone;

o Property is actually used within the zone.

3. Preferences relevant to transport tax are set ____ (5) the Russian Federation constituent entities, where special zones are created. Transport tax exemptions are granted to investors from the moment ___ (6) the registration of the vehicle.

4. ____ (7) the federal level, investors are exempt from land tax for 5-10 years depending ____ (8) their zone upon emergence of ownership right to land located on its territory.

 

Exercise 7. Word formation.

Complete these sentences using the base word given at the end of each sentence. You need to form an appropriate word. The first one (0) is given as an example.

0. It is known that the general system of the taxation is a system of the taxation at which the economic entity pays the taxes and fees established by the Tax code of the Russian Federation if it is not exempted from their payment. (ESTABLISHMENT)

1. The special tax modes represent the special, established to the Tax Code of the Russian Federation order of definition of elements of taxes, and also release from tax payment and ___________ under certain conditions. (COLLECT)

2. Investors of ___________,  production, tourism and recreational zones may apply accelerated depreciation, setting out a multiplier for fixed assets. (INDUSTRY)

3. Federal Law No. 473 - FZ of 29 December 2014 “Concerning Priority Social and Economic Development Areas in the Russian Federation”, which entered into force from 30 March 2015, seeks to encourage the development of a _________ investment climate in Russia’s Far East. (FAVOUR)

4. A ________ investment project is a project whose purpose is the manufacture of goods (with certain exceptions) which meets the requirements specified by tax law. (REGION)

5. A participant in a regional investment project is entitled to tax _______ subject to certain conditions being met. (RELIEVE)

6. The principal tax relief granted to such taxpayers is the right to apply a ______ rate of profit tax. (LOW)

7. ________ regions also make a regional tax relief available to companies which are prepared to invest in the construction of certain facilities in the territory of a region and thereby contribute to the development of the region’s economy. (VARY)

8. In order to obtain the relief prescribed by regional legislation for such investors, a taxpayer must ________ a number of requirements, prepare certain documents and sign an investment agreement with regional authorities. (SATISFACTION)

9. If a foreign investor has invested the __________ amount in the charter capital of a Russian company, it should have the right to a lower rate for dividends subsequently received. (REQUIREMENT)

10.  There is a legislative provision to the effect that foreign citizens may be ___________ under either an employment agreement or a civil contract. (EMPLOYMENT)

 

Exercise 8.

Match the words (1-4) with their definitions (A-D).

1. tax incentive                    A tax liability stated as a percentage of the

                                                   taxable income, or in terms of a unit of the

                                                   tax base

 

2. tax rate                           B  body of law concerned with taxation

 

3. tax liability                      C  deduction, exclusion, or exemption from

                                                   a tax liability, offered as an enticement to

                                                   engage in a specified activity for a certain

                                                   period        

 

4. tax law                            D  debt to a government incurred by a tax payer

                                                   as accrued or assessed taxes

 

UNIT EXTENSION

Exercise 9. Two-minute presentation.