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Unit 8. Taxes and Taxation

1. Read and memorize the following words and word combinations:

  • taxation – оподаткування, стягнення податків

  • compulsory contributions – обов'язкові внески

  • to levy; tax levy syn. to collect, to pick up – збирати податки; податковий збір

  • fiscal policy – фіскальна (фінансова, бюджетна, податкова) політика

  • to impose taxes – обкладати податком

  • state and city income taxes (graduated income tax) – державні та міські прибуткові податки (прогресивний податок)

    • taxes:

    - social insurance

    - payroll

    - employment

    - real-estate

    - turnover

    - export/import

    - excise

    - sales

    - value-added

    - taxes on profit

    • податки:

    - на соціальне страхування;

    - з заробітної плати;

    - внесок у фонд страхування від безробіття;

    - на майно;

    - з обігу;

    - на експортно-імпортні операції;

    - акцизний збір;

    - з продажу;

    - на додану вартість;

    - на прибуток

  • tax computation to compute one's tax liability – обчислювання податків роз(під)раховувати податки

  • tax implication – відрахування податків

  • Administration Tax Authorities Tax Police – Податкова Адміністрація податкова інспекція податкова поліція

  • tax rates – податкова ставка

  • tax benefits – податкові пільги

  • land tax – податок на землю

  • tax on the owners of vehicles – податок на власників транспортних засобів

  • license tax – ліцензійний збір

2. Read, translate and retell the text.

Everyone knows that taxation is necessary in a modern state: without it, it would not be possible to pay the soldiers and militiamen who protect us, nor the workers in government offices who look after our health, our food, our water, and all the other things that we cannot do for ourselves, nor also the ministers and members of parliament who govern the country for us.

Taxation is a system of compulsory contributions levied by a government on persons, businesses, and property used as a source for government expenses and other public purposes.

Fiscal policy means government efforts to keep the economy stable by increasing or decreasing taxes or government spending. For many years, the government tries to raise taxes to fund more and more social and defenseprogrammes. Besides, government at every level is financed through the collection of taxes. Under state and local laws organizations and individuals are required to compute their tax liability, complete the necessary forms, and pay the taxes due. Many features of taxation, both in the imposition and collection of taxes, are the same in many countries. Governments expenses are growing, so, their need in money is big.

Under state and local laws, businesses and individuals pay many kinds of taxes: state and cityincome taxes (individuals pay graduated income taxes),social insurance and other payroll taxes, employment taxes, real-estate taxes. Businesses pay taxes on profits and capital, turnover taxes, export/import taxes, excise taxes, sales taxes and of course, value-added taxes.

Managing taxes means tax implications of all financial transactions. Every business tries to minimize its taxes, so tax accounting has developed into one of the most important branches of accounting throughout the world. Many businesses pay over 50 per cent of their net income to the state government in the form of income taxes, and the rest taxes cover the next 30-40 per cent. So, careful planning designed to decrease the tax liability to the lowest level is thus a major concern of a business. On the other hand, tax computation is under strict scrutiny of Tax Administration.

The fiscal system of Ukraine includes taxes, other compulsory payments to the budget and state purpose-oriented funds. The system of taxes includes general state and local taxes and duties. General state taxes: payments with the same mechanism of performance all over the territory of Ukraine (single dates of payment, benefits, rates). They include value-added tax, excise duty, income tax of citizens, enterprise income tax, land tax, fiscal license tax, tax on the owners of vehicles, compulsory state pension insurance, charges to State innovation fund, etc. Each Council (Rada) possesses the right to independently determine benefits, rates and dates of local payments. The local taxes and duties include advertising tax, rates, hotel duties, parking tax, tax for issuing a release for location of trade and service objects, tax for the right to use the local symbolism.

A well-known saying holds that nothing is certain but death and taxes. Unhappily, governments are often responsible for the former, but they are virtually always the source of the latter.

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