Exercise 1. Read the text using the notes and the vocabulary given after it.

 

What are taxes?

Taxes are a compulsory financial contribution by a person or body of persons towards the expenditure of a public authority. In modern economies taxes are the most important source of government revenues. Taxes on income (i.e. wages, salaries, profits, dividends, rent and interest) and on capital are known as “direct” taxes. Taxes on commodities or services are known as “indirect” taxes.

Taxes are considered to have three functions:

a) fiscal or budgetary, to cover government expenditure, to provide the public authorities with the revenue required for meeting the cost of defense, social services, interest payments on the national debt, municipal services, etc.;

b) economic, to give effect to economic policy, to promote stable economic growth, to influence the rate of economic growth of the nation;

c) social, to increase the economic welfare of the community, to lessen inequalities in the distribution of income and wealth.

Businesses and individuals are subject to many forms of taxes. The various forms of business organization are not taxed equally. The tax situation is simplest for proprietorships and most partnerships; corporations or companies are treated differently.

In the United States of America nearly all of the federal government’s revenues come from taxes. By far the most important source of tax revenue is the personal income tax. Gross receipts from corporate income tax yield a far smaller percentage of total federal receipts. Individual states levy their own taxes. As a result, for example, the profits of a corporation are liable to federal and sometimes state corporate income taxes. This often imposes a double tax burden. When the after-tax income is paid out to stock-holders as dividends, it is then taxed again as personal income.

In the United Kingdom there is no single code of tax law, the body of tax legislation being increased by each year’s Finance Act.

The United Kingdom operates a “schedular” system, whereby taxable income from different sources is calculated and taxed under the rules of a particular “schedule”.

Tax assessments are normally based on returns issued by the Board of Inland Revenue (referred to simply as “Inland Revenue”) for completion by the taxpayer. While companies may receive tax returns, they normally submit instead a copy of their annual accounts together with a computation of taxable profits.

The United Kingdom does not yet operate a system of self-assessment for tax on income and capital gains, but it is being introduced at the moment.

Under Russian law, all Russian legal entities, whether they have foreign investment or not, are subject to the profit tax law. Foreign entities that have a taxable permanent establishment in Russia are also taxed under this law.

Russian taxes provide revenue for three tiers of the budget: federal, regional and local. The major taxes paid to the budget are: Profit tax; Value-added tax (VAT); Securities tax; Withholding tax.

The Russian government tries to create a climate in which businesses can thrive, to keep the tax burden as low as possible. It also attempts to eliminate tax allowances, which deprive the budget of tax revenues, and to improve tax collection.

Tax returns for Russian legal entities are audited by the tax authorities at the time they are submitted.

If the company or a person assessed believes the assessment is incorrect in any way, an appeal may be lodged against it. The appropriate financial organ is required by law to reply to such an appeal within five days.

When a company resident in one country receives income or gains from a source in another, or when shareholders and company are domiciled in different countries it is possible that incomes arising will be taxable in each country, i.e. taxed twice. Many countries seek to mitigate the potentially harmful effects of double taxation by entering with other countries into double tax treaties, or arrangements preventing the same income being taxed twice.

A number of countries have problems because of significant taxpayer non-compliance.

Along with cases of illegal evasion of tax obligations there are entirely legal ways of avoidance by which a person may so arrange his affairs as to minimize, or even eliminate, tax liability on his property and income.

 

VOCABULARY

 

The body of tax legislation being increased налоговое законодательство

by each year’s Finance Act                           расширяется за счет новых       налогов, вводимых ежегодно при принятии финансового акта

The United Kingdom operates a                                  

“schedular” system…                                    в Великобритании существует система «шедул»… (т.е частей, на которые поделены доходы в зависимости от их источника)

Taxation                                                        налогообложение

Compulsory                                                  обязательный, принудительный

Tax on income                                              подоходный налог

Tax on wages                                                налог на заработную плату

Tax on salary                                                 налог на жалование служащих

Tax on profits                                               налог на прибыль

Tax on dividends                                                      налог на дивиденды

Tax on rent                                                    налог на рентные платежи

Tax on interest                                              налог на процентный доход

Tax on capital                                               налог на капитал

Direct taxes                                                   прямые налоги

Indirect taxes                                           косвенные налоги

Interest payments                                         процентные платежи

Municipal services                                        муниципальные услуги

To give effect (to)                                         осуществлять, приводить в исполнение,

                                                          проводить в жизнь

Welfare of the community                            благосостояние общества

Inequality of incomes                              неравенство доходов

Forms of taxes                                         виды налогов

To treat                                                     обращаться, обходиться

To levy                                                     облагать налогом

Corporate income tax                                   налог на корпоративный доход

To impose                                                     облагать (пошлиной, налогом), налагать

Double tax burden                                        бремя двойного налогообложения

After-tax income                                          доход после удержания (за вычетом)

                                                          налога

Stock-holder                                                 акционер, держатель акций

Personal income                                       личный доход

Code                                                             кодекс

Tax law                                                         налоговое законодательство

Body of tax legislation                                 содержание налогового

                                                          законодательства

Finance Act                                                  финансовый акт

To operate                                                     использовать, пользоваться

Tax assessments                                            установление налоговых ставок

Tax return                                                     налоговая декларация

To issue a return                                            выдать налоговую декларацию    

Board of Inland Revenue                                 

(“Inland Revenue”)                                      Налоговая служба Великобритании

To complete a return                                     заполнить налоговую декларацию

To submit                                                      представлять

Annual accounts                                           годовой отчет; (зд.) финансовая отчетность

Computation                                                 расчет, вычисление

Taxable profit                                               налогооблагаемая прибыль

System of self-assessment                             система, при которой размер облагаемого налогом дохода определяется самим налогоплательщиком

Capital gains                                                 доход от прироста капитала

Foreign investment                                       иностранные капиталовложения

Taxable permanent establishment                 постоянно работающее предприятие, облагаемое налогом

Tier                                                                уровень, ярус

Value-added tax (VAT)                               налог на добавленную стоимость

Securities tax                                                налог на ценные бумаги

Withholding tax                                            налог с суммы дивидендов

To audit                                                        подвергать(ся) аудиторской проверке

Tax authorities                                              налоговые органы   

To lodge an appeal                                        подавать апелляционную жалобу

Resident                                                        проживающий, постоянно находящийся в стране

To domicile                                                   поселиться на постоянное место жительства

To seek (sought)                                           искать, стремиться

To mitigate                                                    смягчать, уменьшать

Double taxation                                            двойное налогообложение

Double tax treaty                                                      договор об избежании двойного налогообложения

Arrangements                                           меры, мероприятия

To prevent                                                     препятствовать, мешать, предупреждать

Evasion of tax obligations                            уклонение от налоговых обязательств

Avoidance                                                    уклонение

Tax liability                                                   обязательства по уплате налогов

 

⇐ Предыдущая12345678910Следующая ⇒

Поделиться: