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Exercise 4. Text completion.

Read the text and complete it with the following words.

Property Tax                               Tariff                                

trade barrier                                Excise Tax or Excise Duty

Stamp Duty Land Tax                 Customs Duty

Local and Municipal Taxes         Inheritance Tax

Other Forms of Taxation

In addition to the taxes discussed previously, companies or individuals may also be subject to the following levies:

____________ (1)

A tax charged by customs authorities on merchandise imported from one country to another. Customs duty is levied to raise state revenue and protect domestic industries from competitors from abroad.

____________ (2)

An indirect tax charged on the sale of specific goods, such as petrol, tobacco products or alcohol. One of the reasons for imposing excise duties is to discourage consumption of the good that is being taxed. In addition, excise duties represent a significant source of income for the state.

____________ (3)

A tax imposed on imported goods and services. Tariffs act as a form of_________ (4) used to restrict trade, as they increase the price of imported goods and services, making them more expensive to consumers.

____________ (5)

A tax levied on property by a local government, based on an estimated value of property.

_____________ (6) (US: Transfer Tax)

A tax levied by the state on purchase of houses, flats, land and buildings.

_____________ (7)

A type of a tax that is imposed on individuals who inherit assets from a deceased person.

_____________(8) (UK: Council Tax)

Taxes imposed by local governments (municipalities) to fund local government services.

 

Exercise 5. Match the words to their meaning:

1. core activity A. to acquire, usually something negative; for example losses, costs, liability, expense
2. disposal B. along-term asset, such as land or a building, not purchased or sold in the normal course of business
3. capital asset C. to increase in value
4. capital gain D. the basic and most important activity
5. inventory E. shares, bonds, options, etc.
6. securities F. an intangible asset that arises when one company acquires another, but pays more than the fair market value of the net assets
7. to appreciate G. finished products, as well as the raw materials used to make the products
8. goodwill H. to cancel each other out
9. to incur I. a sale
10. to offset J. profit realized from the sale of a capital asset

SPEAKING FOCUS

Exercise 6.

a) Which of the opinions below do you agree with? Explain why.

    A. Capital Gains Tax should be lower because:

    High Capital Gains Tax slows down a country’s economic activity. This encourages owners of assets not to sell, due to negative tax implications of selling.

 

    B. Capital Gains Tax should be higher because:

    Most capital gains are not derived from genuine capital investments, but rather from gains earned through speculative investments in stock’s value.

 

b) In your opinion, is Excise Duty an effective method of limiting the consumption of certain products?

Exercise 7.

Accounting Terms

Understanding taxation matters requires a thorough knowledge of financial and accounting terminology. A selection of accounting terms is presented in the exercise below. Match the words to their definitions:

 

1. JP Morgan is the largest US bank with the (the total amount of all items of economic value owned by a company) of US$ 2.6 trillion.

2. The net worth of a company is measured by subtracting a company’s (the total amount of all financial obligations of a company) from its total assets.

3. Net worth of a company is also referred to as its (total assets minus total liabilities).

4. (assets which are easily converted into cash within one year) typically include items such as cash, marketable securities, accounts receivable, stock inventory, short-term investments, etc.

5. Examples of items recorded as (a company’s debts or obligations that are due within one year) typically include accounts payable, accrued expenses, interest expense, short-term debts, salaries and wages, income tax payable, etc.

6. (assets that are not expected to become cash within one year) are also known as non-current assets.

7. (assets that are purchased for long-term use and not likely to be converted quickly into cash) are one of several categories of non-current assets, usually reported on balance sheet as property, plant and equipment.

8. Examples of items recorded as (a debt due after a year) typically include long-term loans, deferred taxes, notes payable maturing after a year, etc.

9. (money that a company owes to suppliers) is a current liability account that shows the amount a company owes for goods or services purchased on credit.

10.  (money owed to a company by its debtors) is a current asset account that shows the sales made but not paid for by the customers.

 

current assets accounts payable total liabilities accounts receivable
fixed assets current liabilities net assets long-term assets
total assets long-term liabilities

 

Exercise 8.

a) Work with a partner. You are a financial journalist and he or she is an owner of a successful company. Use the expressions from the exercise above to interview him or her and assess his or her financial situation.

b) Describing how Capital Gains Tax is calculated and charged in your country.

 

VOCABULARY FOCUS

adopt a resolution (v)                           вынести решение

allocation                                              размещение; распределение; отчисление

ambiguity                                                      неясность, двусмысленность

amend (v)                                                      вносить дополнения, изменения   

amendments (pl)                                   изменения и дополнения

apply for (v)                                         обращаться за; подавать заявление

appreciate (v)                                       увеличивать стоимость

be obligated to                                      быть обязанным

be subject to                                         подлежать; подпадать под действие

capital asset                                          основные средства

capital gains                                         доходы от прироста капитала

carriage                                                 перевозка

carry forward (v)                                  делать перенос на будущий период

charge (v)                                             взимать

circulation of commodities                   товарное обращение

combustive                                           горючий; воспламеняемый

commence (v)                                       начать; приступить

comply (v)                                            исполнять; подчиняться; следовать

consideration                                        расчет

construction and installation works     строительно-монтажные работы

corporate profit tax                              налог на прибыль организаций

cost- benefit                                          затраты и результаты; рентабельность

customs duty                                        таможенный сбор

customs procedure                               таможенная процедура

customs value                                       таможенная стоимость

deem (v)                                               полагать, думать, считать

digital products (pl)                              цифровые товары       

disposal of assets                                 реализация (распродажа) активов

engage (v)                                             заниматься; участвовать

enhancement expenditure                     увеличение расходов

establishment                                       становление; учреждение

excise duty                                           акцизный налог

exempt from (v)                                   освобождать от

expenses incurred                                 понесенные издержки

foodstuff                                               продукты питания

foundation                                            организация

free-of-charge                                       бесплатный; на безвозмездной основе

freight-forwarding services                   транспортно-экспедиционные услуги

goodwill                                               деловая репутация организации

HMRC (Her Majesty’s Revenue and    Министерство (Ее Величества) по

Customs)                                          налогам и таможенным сборам

Inheritance tax                                      налог с наследства      

input VAT                                            входящий НДС

in compliance with                               в соответствии с (чем-л.)

in respect of                                          в отношении; применительно к

international transportation services    услуги международных перевозок

leasing of premises                               аренда помещений

legal entity                                            юридическое лицо

lubricating material                              смазочный материал

minor                                                             второстепенный

non-deductible                                      не подлежащие вычету

offset (v)                                               компенсировать

periodical printed publication              периодическое печатное издание

property rights                                     права собственности

property tax                                         налог на собственность

provision                                              положение (договора, закона и т.д.); предоставление

railway vehicles (pl.)                            железнодорожный транспорт      

reference to                                           ссылка на; привязка к

regardless                                             независимо от

render (v)                                              оказывать; исполнять

representative office                             представительство (компании)

sales tax                                               налог с продаж

stamp duty                                                гербовый сбор

submit (v)                                             представлять на рассмотрение

Supreme Arbitration Court                  Высший Арбитражный Суд

tax threshold                                        нижние границы налогообложения

tax legislation                                       налоговое законодательство

trade barrier                                              торговый барьер

VAT exempt                                        необлагаемый НДС; освобожденный от НДС

VAT legislation                                    налоговое регулирование НДС

VAT register                                        реестр НДС

VAT returns                                    налоговая декларация по НДС

VAT treatment                                     режим взимания НДС

volume                                                 объем, величина

warranty repair                                    гарантийный ремонт


PART 3



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