Exercise 5. Match the words below to their definitions

1. Personal Income Tax	A. a type of a tax that is imposed on those who inherit assets from a deceased person
2. Corporation Tax	B. payment made to a professional or public body in exchange for services
3. Capital Gains Tax	C. a tax that must be paid by a corporation based on the amount of profit generated
4. Inheritance Tax	D. a tax levied in addition to the primary tax rate
5. Value Added Tax	E. an indirect tax charged on the sale of specific goods, such as petrol, tobacco products or alcohol
6. Sales Tax	F. a type of consumption tax that is placed on a product whenever value is added at a stage of production and at final sale
7. Excise Duty	G. a tax levied on capital gains incurred by individuals and corporations.
8. Tariff	H. a tax imposed by the government at the point of sale on retail goods and services
9. Fee	I. a tax paid on one’s personal income
10. Surcharge	J. a tax imposed on imported goods and services, used to restrict trade

SPEAKING FOCUS

1. What is the most important form of indirect tax in your country?

2. Are there any special or local taxes in your country?

3. Are you in favour of a low or high corporate income tax rate? Explain why?

4. Choose one of the two opinions presented below and prepare arguments in its favour:

a) higher income taxes create conditions for greater pro-social spending; b) lower income taxes create better conditions for entrepreneurs.

 

 

VOCABULARY FOCUS

 

ad valorem tax                            налог на стоимостной основе

(адвалорный налог)   

amount to (v)                              равняться, быть эквивалентом

annually                                      ежегодно                               

average                                       средний

basic essentials                           предметы первой необходимости

capital gains tax                          налог на прирост капитала

commodity                                  товар потребления, продукт

counter argument                        встречный аргумент

curb (v)                                      обуздать, сдерживать 

decrease (v)                                          понижать

direct tax                                     прямой налог

disproportionately                               непропорционально, несоразмерно

entity                                          экономический субъект        

exceed (v)                                    превышать, превосходить            

excise tax                                    акциз

expenditures                               издержки, расходы

flat rate taxation                         единая налоговая ставка      

fee                                               плата за услуги 

fine                                              взыскание (штраф)

fund (v)                                       финансировать

fraction                                       дробь, доля, часть

fixed rate                                     фиксированная процентная ставка

flat cost                                       себестоимость

foster (v)                                  укреплять, стимулировать

gasoline taxes                             налог на бензин

hardship                                     трудность, тяготы, лишение

hinge on (v)                                          зависеть от                           

household                                   домашнее хозяйство

income redistribution                  перераспределение дохода

indirect tax                                  косвенный налог

impose (v)                                   облагать налогом                 

increase (v)                                 увеличивать

marginal tax rate                         предельная ставка налога

merits and drawbacks                 достоинства и недостатки

parking fees                                плата за стоянку

payroll tax                                  налог с заработной платы

penalize (v)                                 наказывать, штрафовать

personal income tax                    налог на доходы физических лиц 

progressive taxation                             налогообложение по прогрессивным ставкам

public goods                               общественные блага

public revenue                            государственные доходы

retiree                                          пенсионер, вышедший на пенсию

sin taxes                                      налог на «пороки» (алкоголь, табак,

азартные игры)

social security tax                                налог на социальное страхование

social welfare                              социальное обеспечение

shift (v)                                       перекладывать, сдвигать

subject to (v)                               подвергать

surcharge                                    дополнительно взимаемая сумма

(например, пеня за просрочку налогового платежа)

stratification of society               расслоение общества

tax bracket                                  налоговая категория;

разряд налогообложения

tax burden                                  налоговое бремя

tax rate                                       ставка налога

tax incidence                               налоговая нагрузка

tolls on roads                              пошлины на дорогах

tax unit                                       объект налогообложения

value added tax                           налог на добавленную стоимость

 

 

PART 3

TOPIC FOCUS: How Will Your Tax Bracket Change?