Unit 5. INTERNATIONAL VALUATION STANDARDS

The International Valuation Standards Council (IVSC) is an independent, not-for-profit, private sector standards organization incorporated in the United States and with its operational headquarters in London, UK. IVSC develops international technical and ethical standards for valuations on which investors and others rely.

IVSC is responsible for developing the International Valuation Standards and associated technical guidance. To ensure that the public interest is effectively protected it also engages with other bodies active in the regulation of the financial markets to ensure that valuation issues are properly understood and reflected. IVSC works cooperatively with national professional valuation institutes, users and preparers of valuations, governments, regulators and academic bodies, all of whom can become members of IVSC and play a role in advising the Boards on their agenda priorities.

In developing its standards and technical guidance, IVSC follows a process of issuing discussion papers and exposure drafts for public comment.

 

Text B. STANDARDS AND VALUATION IN KAZAKHSTAN

On the basis of international and local valuation standards and professional experience, Colliers Kazakhstan offers substantiated and independent valuation of real estates in Kazakhstan and abroad. Valuation and advisory services include:

· Singleassetandportfoliovaluations

· Loanportfoliovaluation

· Appraisalreview

· Leaseandcostanalysis

· Insurancevaluation

· Discountedcashflowanalysis

· Feasibilitystudies

· Investmentanalysis

· Marketstudies

· DevelopmentConsultancy

· Businessvaluation

· Intangibleassetsvaluation

On the basis of international and local valuation standards and professional experience, Colliers Kazakhstan offers substantiated and independent valuation of real estates in Kazakhstan and abroad.

Our experience in Valuation services include such projects as:

· Portfolio valuation for the largest second-tier bank in Kazakhstan – over 2 000 assets

· Land valuation in Almaty for foreign investors

· Valuation for Magnum Cash & Carry LLP (the biggest cash & carry retail chain in Almaty) for internal reference purposes

· Annual valuation of Akbulak golf resort in Talgar

· Valuation of Apple Town Residential Complex in Almaty, Kazakhstan

· Financial analysis and valuation of ‘Highvill’ mixed-use development in Astana, Kazakhstan

· Warehouseandlogisticscomplexesvaluation

· Land and commercial premises valuation in Kazakhstan

Text C. VALUE ADDED TAX (VAT)

Value Added Tax (VAT) is a Government tax. At present the standard VAT rate is 17,5%. Everyone in Britain must pay VAT on almost everything they buy. VAT is usually incorporated in the price.

Visitors to Britain can reclaim the tax when they leave Britain and present the appropriate documents issued by the shop. Usually when they buy rather expensive things like furs, gold, hi-fi goods etc., they should wonder if the shop operates the VAT scheme.

One day during their stay in London one of the participants went shop­ping and came into a small jeweler's shop to buy a gold chain for his wife.

Here is his talk with the shop assistant:

Participant: Excuse me, may I have a look at one of the chains displayed in the window?

Shop assistant: Certainly, sir. What number is it?

Participant: It's nine three five, over there.

Shop assistant: Just a minute.... Yes, here you are.

Participant: And how long is it?

Shop assistant:25 inches, sir.

Participant: And how much is it in centimeters?

Shop assistant: Let me see... oh, here is the calculator... I should multiply it by two point five two. Oh, yes, sixty three.

Participant: Very good. Just the length I wanted to have. And how much is it?

Shop assistant: One hundred and ninety nine pounds.

Participant: Good. I'm buying it.

Shop assistant: Here is your box and the receipt please.

Participant: Excuse me, may I reclaim the VAT tax?

Shop assistant:And where are you from?

Participant: From Kazakhstan.

Shop assistant:Just a minute, I'll consult the book. Yes, you are eligible to the reclaim. May I have your passport to fill in the form?

Participant: Here you are.

Shop assistant:Here is your passport and the form. Please fill in this sheet before you give it to the customs. How are you leaving? By plane?

Participant: Yes, by plane. And what should I do about this form?

Shop assistant: Fill in this sheet before you leave for the airport and have it stamped at the customs, at the air­port. Then post it. In a month or so you will re­ceive a cheque by post. Have it cashed at the bank stated, in Kazakhstan.

Participant: I see. Thank you very much.

Shop assistant: You are more than welcome.

 

Vocabulary

value		цена, стоимость
valueaddedtax		налог на добавленную стоимость (НДС)
atpresent		в настоящее время
toreclaim		предъявить к возмеще­нию
toissue		выдавать, выписывать
expensive		дорогой
fur		мех
hi-fi (=highfidelity)		аудио- и видеотехника (высокой надежности)
goods		товар (ы)
towonder		интересоваться
I wonder if I can reclaim the VAT.		Мне интересно, смогу ли я получить об­ратно VAT.
scheme		схема, система, программа
tooperatethescheme		зд. участвовать в этой системе (выплачивать VAT)
togoshopping		делать покупки
jeweler		ювелир
chain		цепочка
shopassistant		продавец
todisplay		выставлять
window		витрина, окно
a chain displayed in the window			цепочка на витрине
length		длина
inch		дюйм (2,25 см)
tomultiply		умножить
receipt		чек, квитанция
book		книга (зд. справочник)
I'llconsultthebook.		Я посмотрю, что говорит­ся в справочнике
eligible		имеющий право
sheet		лист
tostamp		поставить штамп на
topost		отправить по почте
bypost		по почте
tocash		оплатить наличными
haveitcashed		получить наличными
to state at the bank stated You are more than wel­come.		указывать в указанном банке Пожалуйста.

Exercises

1. Match English and Russian equivalents:

thestandardrate	дорогие вещи
topay VAT	платить НДС
The tax is incorporated in the price.	обычная ставка
toreclaimthetax	Налог включен в цену.
appropriatedocuments	Если на данный магазин распространяется этот поря­док...
The shop issues the docu­ments.	соответствующие документы
If the shop operates the scheme ...	Магазин выписывает эти до­кументы.
expensivethings	попросить вернуть этот налог

2. Complete as in the text:

1. VAT is a... tax. 2. At present the standard... 3. Everyone in Britain must... on almost... 4. VAT is usually incorporated... 5. Visitors to Britain can... 6.When they leave... and present the appropriate... issued by... 7. Usually when they buy... if the shop operates...

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