Taxation in Russia

The Federal Tax Service in Russia is a relatively new organization, but its role is becoming very important because the private sector is developing fast. Taxation is the most important factor in implementing economic reforms. The Russian Government is trying to lower the tax burden and to simplify the tax system.

For example, the government departed from the progressive income tax system and introduced a flat income tax which individuals pay at a 13% rate irrespective of the income. There are plans to reduce profit tax and VAT. The government is going to eliminate some tax allowances and exemptions.

Words and word combinations you may need

tax burden налоговое бремя simplify v - упрощать at a rate - по станке depart from v - отходить от чего-л. eliminate v - отменят, уничтожать flat income tax - единый подоходный налог

irrespective of - вне зависимости от - . at a rate - по ставке eliminate v - отменят, уничтожить

7. Выпишите из текст глаголы-сказуемые в Present Continuous.

8. Поставьте глаголы в скобках в настоящее перфектное время. Переведите предложение.

1. Significant changes (to take place) in accounting in recent years.

2. The role of government (to lead) to still more accounting development.

3. Since 1789 the Treasury (to become) one of the major financial organizations in the U.S.

4. An employer would want to know what kind of experience you (to have) and what skills you can offer.

Вариант 2.

1. Прочтите и письменно переведите текст.

Financial manager

1. Usually businesses have the financial managers who work with the banks. They negotiate terms of financial transactions, compare rates among competing financial institutions. Financial management begins with the creation of a financial plan. The plan includes amount of funds and the inflow and outflow of money. The financial manager develops and controls the financial plan. He also forecasts the economic conditions, the company's revenues, expenses and profits.

2. The financial manager's job starts and ends with the company's objectives. He reviews them and determines the funding they require. The financial manager compares the expenses involved to the expected revenues. It helps him to predict cash flow.

3. The financial manager plans a strategy to make the ending cash positive. If cash outflow exceeds cash inflow the company will run out of cash. The solution is to reduce outflows. The financial manager also chooses financing techniques. One of them is short-term financing. Another is long-term financing.

4. At the end of the fiscal year the financial manager reviews the company's financial status and plans the next year's financial strategy.

Almost every firm, government agency and other type of organization has one or more financial managers. An effective financial manager must be caрable of operating within the existing macroeconomic and legal environment.