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Exercise 1. Match the following terms (1 – 8) with the correct definition (a – h) on the right.
1. taxation 2. direct tax 3. indirect tax 4. value-added tax 5. corporation tax 6. income tax 7. sales tax 8. excise duty | a) a form of indirect tax which is incorporated into the selling price of a product and which is born by the consumer; b) the compulsory contribution of money to the government; c) an indirect tax levied by the government on certain goods, most notably tobacco, oil and alcoholic drink; d) a direct tax levied on the income (wages, rent, dividends) received by housholds; e) a tax that is levied on individuals and corporations; f) an indirect tax levied at each stage of the production cycle or at the sale of consumer goods; g) a tax levied on goods and services; h) a direct tax levied on the profits axxruing to businesses. |
Exercise 2. All the words below can be combined with tax or taxation in two-world partnership. Add tax and/or taxation before or after the following words:
1.... accounting... 2.... allowance... 3.... authority... 4.... avoidance... 5.... consultant... 6.... corporation... 7.... deductible... 8.... direct... 9.... evasion... 10.... free... 11.... haven... 12.... income... 13.... indirect... | 14.... inspector... 15.... loophole... 16.... loss... 17.... payer... 18.... progressive... 19.... rates... 20.... rebate... 21.... regressive... 22.... return... 23.... rates... 24.... shelter... 25.... withholding... 26.... year |
Exercise 3. Use the correct form of the verbs in the box in the sentences below:
avoid levy | be liable lower | deduct pay | evade raise |
1. If you inherit a lot of money, you … for capital transfer tax.
2. In some countries, employers have to … tax from your pay and … it direct to the tax authorities, so employees have no possibility of … income tax.
3. Some people hire expensive accountants to tell them how to … taxes – legally, of course!
4. The government always tries to … taxes in the year before elections.
5. The government has a huge deficit and is going to have to … either the rate of VAT or income tax.
6. The government … special taxes on petrol, alcohol and tobacco.
Exercise 4. Choose the correct words to complete each sentence:
1. The tax on wages and salaries is called …. In Britain the tax on business profits is called corporation tax.
a) direct tax | b) income tax | c) wealth tax |
2. A tax that is levied at a higher rate on higher incomes is called a … tax.
a) progressive | b) regressive | c) value-added |
3. Property taxes, sales taxes, customs duties on imports, and excise duties on tobacco, alcoholic drinks, petrol, etc. are … taxes.
a) direct | b) indirect | c) value-added |
4. Most sales taxes slightly … because poorer people need to spend a larger proportion of their income on consumption than the rich.
a) progressive | b) regressive | c) repressive |
5. A sales tax collected at each stage of production, excluding the already-taxed costs from previous stages, is called a …
a) sales tax | b) value-added tax | c) added-value tax |
6. Profits made from the sale of assets are liable to a … tax.
a) capital gains | b) capital transfer | c) wealth |
7. Gifts and inheritances are usually liable to … tax.
a) capital gains | b) capital transfer | c) wealth |
8. Reducing the amount of tax you pay to a legal minimum is called …
a) fiscal policy | b) tax avoidance | c) tax evasion |
9. Making false declarations is called … and is obviously illegal.
a) creative accounting | b) tax avoidance | c) tax evasion |
10. Bringing forward capital expenditure so that at the end of the year all the profits have been used up is known as making a …
a) mistake | b) tax haven | c) tax loss |
11. Multinational companies often set up their head offices in low-tax countries such as Liechtenstein, Monaco, the Cayman Islands, and the Bahamas, known as
a) tax havens | b) tax heavens | c) tax shelters |
12. Criminal multinationals such as the Mafia tend to pass money through a series of companies in very complicated transactions in order to disguise its origin from tax inspectors and the police; this is known as … money.
a) cleaning | b) laundering | c) washing |
Exercise 5. Comment the following statements:
1. Profitable and unprofitable firms are taxed alike.
2. Income tax returns are the most imaginative fiction being written today.
3. Only rich should be taxed.
Дата публикования: 2014-12-08; Прочитано: 1051 | Нарушение авторского права страницы | Мы поможем в написании вашей работы!