Exercise 2. Find a word in the text that matches each definition below. The words appear in order.



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Exercise 2. Find a word in the text that matches each definition below. The words appear in order.



1. (two words) The amount of income subject to income tax ___________

2. (two words) A part of income which a person is allowed to earn and not to pay tax on                                                                                         ___________

3. (two words) A reduction in tax liability allowed for a particular reason

                                                                                             ___________

4. (two words)The total amount of tax that a person or organization must pay

                                                                                                  ___________

5. To establish and apply as compulsory                                  ___________

6. (two words)A threshold above which income tax is levied ___________

7. Reductions in the amount of tax for particular groups                   ___________

8. (two words) The return by the government of the difference between taxes paid and taxes owed                                                              ___________

9. (two words) a) a tax incentive which allows certain taxpayers to subtract the amount of the credit from the amount of tax owed;

b) prepaid income tax that can be offset against the total income tax payable

                                                                                                  ___________

10. Something that encourages a person or organization to do something

                                                                                                  ___________

 

Exercise 3. Match the words to the prepositions:

1. responsible A. to
2. specialised B. of
3. deal C. for
4. in charge D. on
5. entitled E. from
6. comply F. from
7. related G. in
8. advise H. with
9. exempt I. with
10. subtracted J. to

GRAMMAR FOCUS:

Exercise 4. Present Simple Tense.

Use the prompts below to interview your partner about functions that he or she generally performs in his or her job.

§ monitor tax legislation

§ ensure compliance with taxation authority requirements

§ involved in resolving legal disputes

§ fill in tax returns

§ advise management on tax impact of corporate strategies

§ keep clients informed on tax changes that affect their business

 

Report the information to the class.

    Example: I regularly monitor tax legislation, while my partner doesn’t monitor tax legislation.

 

Exercise 5. Text completion.

Read the text and complete it with the following words.

fees                     subject                      tax codes                 

sole proprietors        deductions                tax deductible          

incurs                                 tax                            benefits

Tax Deductible Expenses

· Business related travel expense

· Legal and accounting fees

· Advertising fees

· Rent of business premises

· Utilities

· Employee education

· Subscriptions to professional publications

· Professional membership fees

· License fees

 

Every business organization, either large or small, _________ (1)some expenses in course of their work. Those expenses may be related to business trips, payment of advertising costs, new software, legal fees, rents, utilities, etc. Being able to deduct expenses from total income is important for both incorporated businesses and _____________ (2), as it reduces the amount of tax owed.

___________ (3) expensesare those expenses that can be subtracted from taxable income to reduce the amount of income that is ________ (4) totaxation. To be entitled to claim ___________ (5), a company or individual must make sure that those expenses are directly related to earning of income and have a legitimate business purpose. Deductions may cover the entire amount of the expense incurred or a certain percentage of it.

Generally, a business expense is recognized as _______ (6) deductible if it meets two criteria: it must be both ordinary and necessary for the business. However, this definition is rather vague and ________ (7)indifferent countries allow different types of expenses to be deducted from taxable income.

The business expense items that are typically tax deductible include business-related travel expense, client entertainment, employee ________ (8), rent of business premises, utilities, legal and accounting fees, advertising fees, bank charges, employee education and training, insurance costs, subscriptionsto professional publications, professional membership _______ (9), licence fees, etc.

In addition to claiming business expense, tax deductions сan sometimes be obtained by making charitable donations or participating in socially-beneficial programmes, such as those promoting environmentally-friendly practices, for instance. In such cases, the government authorities use tax deductions to promote specific behaviour and encourage taxpayers to take part in a particular activity.

 

Exercise 6. Match the words to their meaning:

1. Tax Credit A. an expense that can be subtracted from gross income to reduce the amount of income subject to tax
2. Taxable Income B. any programme or incentive that reduces the amount of tax owed by an individual or business entity
3. Personal Allowance C. the total amount of tax that an entity or individual is legally obligated to pay
4. Tax Refund D. the amount of income that is used to calculate an individual’s or an entity’s income tax due
5. Tax Liability E. free from obligation to pay a tax
6. Impose Tax F. to introduce a tax and make it compulsory
7. Tax Deductible Expense G. an income that is subject to taxation after all deductions
8. Tax Base H. an amount of money that a taxpayer is able to subtract from the amount of tax owed
9. Exempt from Tax I. a return of excess amounts of tax, when the tax liability is less than the taxes paid
10. Tax Relief J. tax-free amount subtracted from an income

SPEAKING FOCUS

1. As a potential investor, you are interested in various aspects of your partner’s country taxation system. Find out about the following issues:

§ current corporate income tax rate

§ tax allowances

§ tax exemptions

§ tax credits

§ tax incentives



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