Exercise 4. Text completion.

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Exercise 4. Text completion.

Read the text and complete it with the following words.


tax return                  applicable                          allowances

accounting profit      tax reconciliation               invoices          

tax authorities           tax liability                                  tax base


Completing a Corporate Income Tax Return

The objective of a Corporate Tax Return is to calculate the income tax a corporation owes to _____________ (1) for a relevant tax period. Its preparation involves submitting details of a company’s earnings and payments for a taxable year.

A company’s income tax return must include a tax calculation, which shows how the profits in financial accounts have been adjusted to taxable profit, reported in a company ___________ (2). The process of adjusting accounting income to taxable income is known as ____________ (3).

A starting point in calculation of the amount of corporate income tax is the ______________ (4)before tax, as reported in income statement. The adjustment of accounting profit generally includes: adding non-deductible costs, deducting tax-deductible costs, deducting ____________ (5), adding/deducting the difference between the accounting and tax depreciation.

Generally, costs are tax deductible if incurred in order to generate and maintain taxable income. All costs claimed as tax deductible should be supported by relevant documentation _________ (6), bills,etc). This documentation should evidence that costs are incurred in a relevant period and that conditions for tax deductibility are met.

The result of these adjustments is the adjusted _________ (7), which is multiplied by the ___________ (8) tax rate. The amount obtained in that way can be further reduced by deducting tax reliefs. Usually, this is the final stage in calculation of the amount of corporate income ___________(9).


Exercise 5. Match the words to their meaning

1. net earnings A. a guess what the amount or value of something might be
2. taxable profit B. a reduction in the value of an asset with the passage of time, due in particular to wear and tear
3. depreciation C. a payment that is made ahead of its normal schedule
4. dividends D. total revenue minus total costs
5. retained earnings E. a financial document that summarises company’s revenues and expenses during a year
6. income statement F. one of the several payments towards the expected end-of-year tax liability
7. advance payment G. the percentage of net earnings not paid out as dividends, but retained by the company to be reinvested in its core business, or to pay debt
8. instalment H. to change something so as to be conformed with something else
9. estimate I. a profit or loss upon which income taxes are payable
10. to adjust J. a share of the after-tax profit of a company, distributed to its share-holders according to the number and class of shares held by them



a. Why is there a need for Corporate Income Tax in addition to Personal Income Tax?

b. Describe how Corporate Income Tax is calculated and paid in your country




abolish (v)                                   упразднять, отменять

accounting profit                        балансовая прибыль

acquisition cost                                    первоначальная стоимость, стоимость приобретения

adjust (v)                                    согласовывать; приспособлять

advance payment                        авансовый платеж

allocate (v)                                  распределять

annual returns                             поступления за год

at the discretion of                               на усмотрение, по усмотрению

balance sheet                               балансовый отчет

bank statement                                     банковская выписка; выписка с банковского счета

bill                                              документ на оплату

calculated profit                          расчетная прибыль

carry out (v)                                         проводить, выполнять, осуществлять

compel (v)                                   вынуждать, принуждать, обязывать

corporate profit tax               налог на прибыль организаций

debt obligations                          долговые обязательства

deductible                                    подлежащий вычету при исчислении налоговой базы

dividend income                          доход от дивидендов

double taxation treaty                          соглашение об избежании двойного налогообложения

depreciation                                         снижение балансовой стоимости, износ

entrepreneurial business                       частные компании, предпринимательство

exemption                             сумма, вычитаемая из налогооблагаемой базы

fiscal accounting                     финансовая отчетность, налоговый учет

fixed assets                                 материальные активы

gains                                           доходы

gross proceeds                            валовый доход, продукт

gross receipts                              валовые поступления

income statement                        отчет о прибылях и убытках

incurred expenses                                 понесенные расходы  

ineligible                                     не имеющий права

invoice                                        счет на оплату; счет-фактура        

legal entities                                юридические лица, субъекты

levy                                             обложение (налогом)

net book value                            балансовая стоимость

net income                                  чистая прибыль

payroll                                        ведомость заработной платы

permanent establishments          постоянные представительства

rendering services                                 оказание услуг

retained earnings                         нераспределенная прибыль

running costs                              текущие материально-денежные затраты

split into (v)                           разбить на

share capital                                         капитал, представленный акциями

subsidiary                                   дочерняя компания

subsurface resources                   недра

submit (v)                                   подавать

taxable income                            налогооблагаемая прибыль

tax rate                                       ставка налога

tax reconciliation                        согласование налоговых данных

tax return                                    налоговая декларация

throughout                                  повсюду, везде

total revenue                               совокупный доход

transferring party                                 передающая сторона

unincorporated entity                  организация без образования юридического лица

warehouse                                   склад, хранилище, оптовая база

without consideration                 не учитывая, не принимая во внимание

worldwide income                                общемировой доход


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