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  1. Read and translate the text:

Taxation is used to finance government expenditure. It represents a transfer of income from individuals, groups and organizations to the government.

We can define “direct” and “indirect” taxation. Anyone paying direct tax (e.g. income tax) cannot shift this liability into others. Taxes on goods are traditionally regarded as “indirect”. Corporation and individual income taxes are direct; value-added taxes, sales taxes, and import and excise duties are indirect taxes.

Income tax is usually paid at source. Employers compute, deduct and remit the tax to be paid on their employees’ earnings.

Corporation tax, a tax on the income of companies is a major source of fiscal revenue. Corporation income taxes vary among the countries. Less developed countries usually have lower corporation tax rates in order to attract foreign investment.

Sales taxes and excise duties are the best known examples of indirect taxes. Excise duties are levied on particular commodities, e.g. tobacco, alcohol, petrol, while sales taxes apply to a broad range of goods and services. Sales taxes are charged on top of excise duties.

The best known kind of sales tax, value added tax (VAT) has won recognition in the European Common Market. This is a national sales tax levied at each stage of production or at the sale of consumer goods. In most cases, food items have been exempted from this tax. VAD is easy to calculate and collect.

  1. Answer the questions:

  1. What is taxation used for?

  2. How can taxes be classified?

  3. What are direct taxes?

  4. What are indirect taxes?

  5. What is a corporation tax?

  6. Are corporation taxes the same in all countries?

  7. What is the distinction between excise duties and sales taxes?

  8. What are excise duties levied on?

  9. What is VAT levied on?

  10. What goods are exempted from VAT?

  1. Study the following definitions:

taxation - the compulsory contribution of money to the government;

direct tax - a tax that is levied on individuals and corporations;

indirect tax - a tax levied on goods and services;

value-added tax - an indirect tax levied at each stage of the production cycle or at

the sale of consumer goods;

corporation tax - a direct tax levied on the profits accruing to businesses;

income tax - a direct tax levied on the income (wages, rent, dividends)

received by households;

sales tax - a form of indirect tax which is incorporated into the selling

price of a product and which is borne by the consumer;

excise duty - an indirect tax levied by the government on certain goods,

most notably tobacco, oil and alcoholic drink.

  1. Translate the following words and word-combinations into Ukrainian:

Government expenditure; a transfer of income; taxes on goods; at source; employees’ earnings; tax rate; particular commodities; consumer goods; profitable; to go out of business; inflation.