- •Курс английского языка для финансистов
- •Предисловие
- •Unit 1. Economic environment a. Text what is economics all about?
- •B. Dialogue business climate in russia
- •Vocabulary list
- •Exercises
- •Discussion
- •In order to get prepared for participation in the class discussion of the above questions, write several paragraphs on the following:
- •Reading practice
- •Unit 2. Public finance a. Text finance and financial system
- •B. Dialogue budget organization and budget process
- •Vocabulary list
- •Exercises
- •Discussion
- •A) The Budget Message of the Mayor
- •April 27, 1995
- •In order to get prepared for participation in the class discussion of these questions, write several paragraphs on the following:
- •Reading practice
- •Unit 3. Fiscal management a. Text financial policy. Fiscal sphere
- •B. Dialogue effective fiscal policy
- •Vocabulary list
- •Exercises
- •A) Financial Policy
- •B) Fiscal Policy in the uk
- •Discussion
- •A) Multiyear Budgeting
- •B) Types of Budget Classification
- •A) Fiscal Policy in Transition Economies: a Major Challenge
- •B) On Macro- and Microeconomics
- •In order to get prepared for participation in the discussion of the questions, write a short essay on the following:
- •Reading practice
- •Transition Economies Need to Reform Social Safety Nets
- •Unit 4. Central banking. Monetary policy a. Text central banking system
- •B. Dialogue banking system in russia
- •Vocabulary list
- •Exercises
- •Us Activities of Foreign Banking Organizations
- •Discussion
- •A) Is Monetary Policy Needed?
- •B) Payment Systems
- •In order to get prepared for participation in the class discussion of the questions, write a summary of the interview in Ex. 13. Follow the plan suggested below:
- •Reading pra ctice
- •Unit 5. Banking system a. Text commercial banks
- •B. Dialogue
- •Interview With a Bank Manager
- •Vocabulary list
- •Exercises
- •B) Bank Accounts
- •B) The Nature of Banking
- •Discussion
- •A) Bank Loans and Overdrafts
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on:
- •Reading practice
- •Unit 6. Taxation a. Text what are taxes?
- •B. Dialogue taxation in russia
- •Vocabulary list
- •Exercises
- •What Is an Excise Duty?
- •Tax Reform in Developing Countries
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on the following:
- •Reading practice
- •Unit 7. International monetary system a. Text
- •International monetary institutions
- •B. Dialogue
- •Imf's support for russian reforms
- •Vocabulary list
- •Exercises
- •International Monetary Fund
- •Your Partner ebrd
- •World Bank – International Bank for Reconstruction and Development (ibrd)
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on:
- •Reading practice
- •Unit 8. Financial markets. The bond market a. Text trading in the bond market
- •B. Dialogue the bond market
- •Vocabulary list
- •Exercises
- •Discussion
- •In order to get prepared for participation in the class discussion of the above questions, write a short essay on the following:
- •Reading practice
- •Unit 9. Financial markets. The stock market a. Text stocks and markets
- •B. Dialogue the corporate securities market in russia
- •Vocabulary list
- •Exercises
- •Discussion
- •A) Bulls, Bears and Stags
- •B) Options and Short Selling
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on the following:
- •Reading practice
- •The New Issue Market
- •Unit 10. Investment activity a. Text
- •Investments
- •B. Dialogue
- •Investment climate
- •Vocabulary list
- •Exercises
- •Investment Companies
- •3 Food Giants Build Local Yogurt Plants
- •Discussion
- •B) Brazil Attracts Foreign Investors
- •C) Investment in the uk
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on the following:
- •Reading practice
- •Investment Skill Is a Rare Commodity
- •Investment Trusts
- •Unit 11. Foreign exchange market. Global financial markets a. Text trading in the foreign exchange market
- •B. Dialogue cornerstone of the global financial market
- •Vocabulary list
- •Exercises
- •The Eurocurrency Market
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write several short paragraphs about:
- •Reading practice
- •Unit 12. Financial management a. Text finance function
- •B. Text financial ratios
- •C. Dialogue ratio analysis
- •Vocabulary list
- •Exercises
- •Discussion
- •A) Corporate Governance
- •B) Investment Management
- •A) Investment Decision Making
- •B) Investment Project Appraisal
- •In order to get prepared for participation in the class discussion of these questions, write a short paragraph on the following:
- •Reading practice
- •Unit 13. Accounting a. Text accounting principles and concepts
- •B. Dialogue accountancy in a free-market economy
- •C. Dialogue public and private accountants
- •Vocabulary list
- •Exercises
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write a short paragraph, explaining:
- •Reading practice
- •Balance Sheet
- •A. Balance sheet
- •Unit 14. Auditing a. Text performing an audit
- •B. Dialogue auditing in russia
- •Vocabulary list
- •Exercises
- •Ex. 4. Say in a few words what the main text is about. Use the opening phrases from
- •Sweden.
- •Independent Auditors' Report to the Board of Directors and Stockholders of_______Company
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write several paragraphs on the following:
- •Reading practice
- •Banking correspondence
- •Dictionary of key words
- •Contents
B. Dialogue taxation in russia
Foreigner: I hear that many Russians complain that taxes are too high in Russia, personal income tax, for example.
Russian: I can't agree with you here. The existing 12% income tax on personal income under 20 thousand roubles a year is not too heavy.
F.: There are many rich people in Russia now. How are higher incomes taxed?
R.: Progressive income tax is applicable in such cases. The larger the income, the bigger proportion of it is paid as tax.3 The upper limit of the tax rate is 35% at the moment.
F.: Oh, I must say that in many countries personal income taxes are also rather high. Can the same be said about taxes levied on businesses?
R.: The tax rate depends, first of all, on the form of business, on what each particular business is involved in. Juridical persons involved in entrepreneurial activities pay 13% to the federal budget and up to 25% to the regional budget.
F.: Do businesses involved in intermediary activities, including stock exchange activities, banking and insurance pay similar taxes?
R.: No, such businesses pay taxes on profit at a rate of 43%.
F.: Well, your profit tax is also comparable to other countries' taxes, isn't it?
R.: Yes, but the tax burden on businesses is too high, because along with the profit tax, enterprises pay VAT, excise tax, property tax and other local taxes. They also pay charges to the Pension Fund, Employment Fund, and Social Insurance and Medical Insurance Funds.
F.: VAT and excise are indirect taxes which are levied on transactions and are included into the selling price. They are paid by consumers and not by producers.
R.: Yes, you are absolutely right, but higher prices often cause sales problems.
F.: As to the VAT, do you use a flat rate for all goods?
R.: No, a reduced rate of 10% is applicable to foodstuffs and goods for children.
F.: In this connection, are there many tax allowances in Russia now?
R.: Quite a lot, but in the situation of growing tax evasion the government plans to do away with many tax breaks.
F.: Besides, as far as I know, there is a good deal of anxiety because the existing privileges for small businesses are under a big question mark.4
R.: Right. The majority of tax allowances have already been eliminated. Now small businesses have two alternatives. They either pay an imputed tax on income or pay taxes in the established order under which they have some tax deferments.
F.: These privileges deprive the state budget of some amount of revenue, don't they?
R.: Yes, but they are insignificant compared with the enormous sums that the industrial giants owe in taxes.
F.: The government must provide a clear-cut and stable legislative base for small businesses, I think.
R.: Not only for small businesses. All people suffer from hasty, ill-considered decisions which adversely affect millions of people.
F.: Is there any discrimination against foreign companies in Russia?
R.: No, Russian business legislation provides that a company should pay tax at the same rate whether it is foreign or Russian.
F.: And what about foreign companies that earn income from renting equipment or making loans to Russian companies?
R.: Lower rates are applicable in such cases. Taxes are a powerful instrument. They must be used to support not to stifle business.
F.: Foreign experience can be of help here.
R.: No doubt. The Taxation Ministry of Russia is cooperating closely with its Western counterparts to borrow Western experience.
Notes
1 the body of tax legislation being increased by each year's Finance Act – причем налоговое законодательство расширяется за счет новых налогов, вводимых ежегодно при принятии финансового акта (самостоятельный причастный оборот – см. Note 3 в Unit 1)
2 The United Kingdom operates a "scheduler" system ... – В Великобритании существует система «шедул» ... (т.е. частей, на которые поделены доходы в зависимости от их источника)
3 The larger the income, the bigger proportion of it is paid as tax. – Чем выше доход, тем большая доля его выплачивается в качестве налога.
Конструкция со сравнительной степенью прилагательных используется для того, чтобы сравнить действия, происходящие одновременно.
4 are under a big question mark – находятся под большим вопросом