The Budget. Taxes
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Vocabulary |
budget – бюджет
contain – содержать
corporate tax – корпоративный налог
customs duty – таможенная пошлина
developments – обстоятельства, события
direct tax – прямой налог
economic performance – экономические показатели
excise duties – акцизы
expenditure – расходы
financial year – финансовый год
follow – осуществлять (политику)
forecast – прогноз
income tax – подоходный налог
indirect tax – косвенный налог
issue – выпускать издавать (о документе)
means – средства
objective – цель
property tax – налог на имущество
revenue – доходы
review – рассматривать, делать обзор
sales tax – налог с дохода
set out – излагать
source – источник
statement – заявление, официальный отчет
tax – налог
tax on income – подоходный налог
taxation – налогообложение
value added tax – налог на добавленную стоимость
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Vocabulary Exercises |
Exc. 1. Match the terms with their definitions.
corporate tax a) a tax based on the value of someone′s house
income tax b) a tax paid by companies on their profits
tax on liquor and cigarettes c) a tax paid on the money you earn
sales tax d) a tax on goods that are brought into the
country
property tax e) a tax on the most popular and harmful goods
customs duty f) a tax that you have to pay in addition to the cost of something you are buying
7) direct tax g) an amount that is added to the price of goods and services that people buy
8) indirect tax h) a tax that is collected from person’s earnings
Exc. 2. Make the phrases, combining given words with the words tax and taxation (e.g., tax accounting, progressive taxation).
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. ..... sales .....
24. ..... shelter .....
25. ..... withholding .....
26. ..... year .....
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Text 1. The Budget
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Task 1. Read and translate the text.
The budget is the government’s main economic statement of the year. It is forecast of revenue and expenditure for the coming year.
In Great Britain the budget is prepared and usually issued in March. In major speech to Parliament, the Chancellor of the Excheque reviews the nation’s economic performance and describes the government’s economic objectives and the economic policies it intends to follow in order to achieve them.
In November 1993 Great Britain introduced the “so-called” Unified Budget. Under this budget the government presents taxation and spending proposals to Parliament at the same time. The Budget now covers both the government’s taxation plans for the coming financial year and its spending plans for the next three years. The proposals are announced to the House of Commons by the Chancellor of the Exchequer in the Budget statement and are published in the Financial Statement and Budget Report. This report also contains a review of recent developments in the economy, together with an economic forecast and sets out the fiscal and monetary policies.
The main sources of revenue are:
Tax on income;
Taxes on expenditure, which include VAT (Value Added Tax) and customs and excise duties;
National Insurance contributions.