Exercise 4

Answer the following questions:

1. What is the system of taxation in the Republic of Ireland similar to?

2. What are the largest sources of revenue for the government?

3. Which other significant contributors do you know?

4. What can you say about the tax burden in Ireland (according to Forbes Misery Index)?

5. What does a straightforward system of taxation mean for employees?

6. When and why was DIRT introduced?

7. What does the VAT stand for?

8. What is stamp duty charged on? What is its rate?

9. What happened in the early 2000’s?

10. What can you say about the corporation tax in Ireland?

Exercise 5

Say whether these statements are true or false. Use the following:

• In my opinion (I think) it is true

• I agree with this statement

• It is quite right

• I don’t think it is true

• I’m afraid it is false

1. The system of taxation is based on people’s income.

2. Tax rates in the Republic of Ireland are among the lowest in the world.

3. VAT and income tax are the only sources of revenue for the government.

4. Employees themselves have to file the annual tax returns.

5. DIRT was introduced to enlarge tax evasion on unearned income.

Exercise 6

Guess the meaning of the words by their definitions

1. Social services provided by a state for the benefit of its citizens.

2. A declaration of personal income used as a basis for assessing an individual’s liability for taxation.

3. In UK a tax paid on the transfer of land or of stocks and shares to a new owner.

4. Money received from interests or dividends on capital or investments rather than from a salary or business profits.

5. Sums of money spent by a company on goods and services that do not become part of a company’s assets, e.g. rent, wages, insurance, etc.

6. To balance something or to compensate for something.

7. To place (a legal document) on public or official record.

8. The total value of all goods and services produced domestically by a nation during a year.

9. The amount of money put into a company by its shareholders when they buy shares and used to buy the items it needs to carry on its activities.

10. A method of collecting direct taxes in which the employer deducts the amount owed from an employee’s weekly or monthly wages and pays it directly to the government.

Unit 21. Taxaion in the usa

Exercise 1

Practise reading the following words and collocations.

1. Government; through; traditionally; source; two-fifths; forerunner; seizures; prosecution; unconstitutional; passage; amendment; authorize; without; apportionment; except; significant; deduction; exemption; retirement, desire; although; inequity; fairly.

2. Property taxes; excise taxes; social insurance; resident aliens; the Office of the Commissioner of Internal Revenue; the Supreme Court; in conformity with; a major source of federal revenue; annual internal revenue collections; withholding taxes; individuals and businesses; a major feature; itemized tax deductions; store charge cards; installment loans; tax liability; proliferation of tax exemptions.

3. To levy on the worldwide income; to base on the principle of progressive taxation; to assess, levy and collect taxes; to enforce tax laws; to eliminate taxes; to improve the fairness; to restore confidence; to reassert the objective.