- •Contents
- •Передмова
- •Financial system
- •Finance and financial system
- •II. Vocabulary exercises
- •Revenue sources and revenue-sharing arrangements in Ukraine:
- •A. Dialogue
- •1. Read and translate the dialogue in pairs:
- •Vocabulary list:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •Communicative situations
- •A) Supply the prepositions where necessary.
- •Budgetary policy
- •2. Read the text and name the facts from the text which are new to you: Treasury
- •3.Read the text and say what you know about the budget process in Ukraine:
- •III. Match what statements are true and what are false. Results write to the table:
- •Fiscal management
- •Financial policy. Fiscal sphere
- •A. Dialogue
- •Vocabulary list:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •Communicative situations
- •2.Express your attitude to the following:
- •3.Prepare a short talk on the following:
- •A) Supply the articles where necessary.
- •Financial Policy
- •A) Supply the articles where necessary.
- •Fiscal Policy in the uk
- •A) Fill each gap with a suitable word from the box.
- •A) Read and discuss the texts.
- •Write down five questions about each text.
- •A) Read and discuss the texts.
- •Say what you know about the use of multiyear budgeting and budget classification in Ukraine. Types of Budget Classification
- •A) Read the article quickly and underline the parts about the challenge the transition economies face and the constraints affecting the ability of the governments to meet the challenge.
- •I. Fill in each space with the appropriate words from a, b or c:
- •Taxation
- •What are taxes?
- •Column a
- •Tax system in Ukraine
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: Taxation in Ukraine
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •B. Communicative situations
- •4. Make a short essay on the following:
- •A) Supply the articles where necessary.
- •A) Supply prepositions where necessary.
- •What Is an Excise Duty?
- •Open the brackets putting the verbs in the correct form: Tax Reform in Developing Countries
- •Read the text below carefully and underline the parts of it giving basic ideas about the desired features of a tax system. Tax System Design
- •I. Mark the correct answers on the following questions:
- •II.Fill the tables:
- •III. Match what statements are true and what are false. Results write to the table:
- •Central banking system
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: Banking system in Ukraine
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •1. A) Supply the articles where necessary.
- •Credit Policy
- •A) Supply the prepositions where necessary.
- •3.A) Open the brackets, putting the verbs in the correct form.
- •The Bank of England
- •Fill each gap with a suitable word from the box. Sum up the text in 5-7 sentences. Present your summary in class.
- •Us Activities of Foreign Banking Organizations
- •A) Read and discuss the text.
- •Is Monetary Policy Needed?
- •A) Read and discuss the text.
- •Payment Systems
- •I. For each word or sentence choose the correct definition:
- •II.Match what statements are true and what are false. Results write to the table:
- •Banking system
- •Commercial banks
- •6To transact stock and share business – укладати угоди із цінними паперами
- •Column b
- •A. Dialogue
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3.Make up a dialogue on the following:
- •B. Communicative situations
- •Make a short essay on the following:
- •1. A) Supply the articles where necessary.
- •2. A) Supply the articles where necessary.
- •Bank Accounts
- •3.A) Supply the prepositions where necessary.
- •The Nature of Banking
- •4. A) Open the brackets putting the verbs in the correct form.
- •5.Look through the text and name the facts which are new to you.
- •Choose the word which best completes each sentence:
- •II.Match what statements are true and what are false. Results write to the table:
- •International monetary system
- •International monetary institutions
- •A. Dialogue
- •Imf’s support for ukrainian reforms
- •1. Read and translate the dialogue in pairs:
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3. Make up a dialogue on the following:
- •B. Communicative situations
- •A) Supply the articles where necessary.
- •International Monetary Fund
- •2.A) Supply the prepositions where necessary.
- •Your Partner ebrd
- •3. A) Fill each gap with a suitable word from the box.
- •Imbalances pur World Bank – International Bank for Reconstruction and Development (ibrd)
- •Match what statements are true and what are false. Results write to the table:
- •II. Fill the tables:
- •Foreign exchange market. Global financial markets
- •Trading in the foreign exchange market
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: cornerstone of the global financial market
- •Vocabulary
- •2.Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •Communicative situations
- •Global Financial Markets
- •2. A) Fill each gap with a suitable word from the box.
- •The Eurocurrency Market
- •3.Read the text quickly to find the types of most widely used swaps: Foreign Exchange Swaps
- •4. Read the text quickly to find answers to the following questions:
- •Foreign Exchange Options
- •Choose the correct answer:
- •Match what statements are true and what are false. Results write to the table:
- •Financial markets. The stock market
- •Stock markets
- •A. Dialogue
- •The corporate securities market in ukraine
- •Vocabulary
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out.
- •B. Communicative situations
- •2.A) Supply the prepositions where necessary.
- •Equity Market
- •3.A) Open the brackets putting the verbs in the correct form.
- •4. A) Fill each gap with a suitable word from the box below.
- •The New York Stock Exchange
- •5. A) Read the text below quickly and name organizations involved in the issues.
- •The New Issue Market
- •I. Choose the correct answer:
- •II.Match what statements are true and what are false. Results write to the table:
- •III.Fill the tables:
- •Financial markets. The bond market
- •Trading in the bond market
- •A. Dialogue
- •Vocabulary
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3.Make up a dialogue on the following:
- •B. Communicative situations
- •You have an exam. The question is: “What is the difference between debt and equity market?”
- •Prepare a short talk on the following:
- •1. A) Supply the articles where necessary.
- •The Eurobond Market
- •2. A) Supply the prepositions where necessary.
- •3. A) Read the text.
- •4. A) Look through the text below to say what types of securities are described in it.
- •Us Government Securities
- •I.Choose the correct answer:
- •II. Match what statements are true and what are false. Results write to the table:
- •III. Fill the tables:
- •Financial management
- •Financial function
- •Financial ratios
- •A. Dialogue
- •Ratio analysis
- •Vocabulary list:
- •Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •1. A) Supply the articles where necessary.
- •A) Read the text.
- •Corporate Governance
- •3. Read the text and say how investment risks can be reduced:
- •Investment Management
- •4. A) Supply the prepositions where necessary.
- •Financial Capital
- •5. A) Fill each gap with a suitable word from the box.
- •I. For each word or sentence choose the correct definition:
- •II. Match what statements are true and what are false. Results write to the table:
- •Accounting
- •Accounting principles and concepts
- •Book-keeping:
- •The double-entry bookkeeping:
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: accountancy in a free-market economy
- •Vocabulary list:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3. Speak about the work of public accountants, private accountants, and accountants who work for units of the government and non-for-profit firms. B. Communicative situations
- •1. A) Supply the prepositions where necessary.
- •2. A) Read the text and single out the main facts and present them in a short review.
- •Read the text that follows to find the answers to the following questions:
- •Financial Statements And Their Elements
- •Balance sheet
- •Liabilities
- •Revenues
- •Expenses
- •Gains and losses
- •Choose the correct answer:
- •II. Match what statements are true and what are false. Results write to the table:
- •Auditing
- •Performing an audit
- •Audit strategy:
- •Audit risk:
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: auditing in ukraine
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3.Make up dialogues on the following:
- •B. Communicative situations
- •Discuss with your friends:
- •1. A) Read the texts and do the tasks that follow.
- •2.A) Supply the prepositions where necessary.
- •Auditors’ Report
- •3.A) Open the brackets putting the verbs in the correct form.
- •Misuse of Public Funds
- •4.A) Supply the articles where necessary.
- •Fill in each space with the appropriate words from a, b or c:
- •II. Which is correct:
- •III. Match what statements are true and what are false. Results write to the table:
- •IV. Fill the tables:
- •Glossary
- •Phraseology of reports and speeches coherent and generalization phrases
- •Phrases that are used in admission expressions
- •Nouns: common and possessive case
- •Count and noncount nouns
- •Some common noncount nouns
- •Using nouns as modifiers
- •The indefenite aricle
- •The definite article
- •No article
- •Personal pronouns
- •Possessive pronouns
- •Reflexive pronouns
- •Indefinite pronouns
- •Quantitive pronouns
- •Demonstrative pronouns
- •Degrees of comparison of adectives and adverbs
- •Numerals
- •The functions of the verb «to be»
- •The functions of the verb «to have»
- •The functions of the verb «to do»
- •General questions
- •Tag questions
- •Question words when
- •More questions with how
- •Modal verbs can; could to be able to
- •May; might
- •Must; be to; have to; have got to
- •Should; ought to
- •Will; would
- •Indefinite pronoun «one»
- •The pronouns «both, either and neither»
- •Senquence of tenses
- •The infinitive
- •The prepositional infinitive complex
- •The objective infinitivecomplex
- •The subjective infinitive complex
- •The participle
- •Complexes with the participle the objective participle complex
- •The subjective participle complex
- •The gerund. Forms and functions
- •The gerundal complex
- •Conditional sentenses
- •Irregular verbs
- •Reference list
I. Fill in each space with the appropriate words from a, b or c:
Financial policy is a very complex _______ covering measures aimed at working out basic concepts, major guidelines, goals and objectives.
emotion;
notion;
nation.
Financial policy is based on strategic ______ which set long-term and medium-term prospects for using financial.
guidelines;
guideways;
attainments.
Financial policy is based on strategic guidelines which set ____________ prospects for using financial resources and ensure attainment of major economic targets and solution of goals in the social sphere.
short-term and medium-term;
short-term and long-term;
long-term and medium-term.
A country pursuing its financial policy sets current goals and objectives connected with __________ and effective utilization of resources and development of productive forces.
taxation;
administration;
mobilization.
Fiscal policy is the policy adopted by a _________ for raising revenue to meet expenditure.
President;
government;
parliament.
II. Which is correct:
Бюджетно-податкова політика:
fiscal relations;
fiscal federalism;
fiscal policy.
Державний борг:
public debt;
fiscal deficit;
tax exemption.
To administer taxes:
керувати збором податків;
збільшувати збір податків;
погіршувати збір податків.
The synonym for “the attainment” is:
achievement;
notion;
consistent.
The antonym for the word “exacerbate” is:
upset;
aggravate;
enrich.
Unit 3
Taxation
I.READING
Stress the first syllable:
revenue, salary, budgetary, payment, welfare, influence, personal, increase, property, domiciled, capital, mitigate, income, wages, annual, levy, double, resident.
Stress the second syllable:
taxation, compulsory, commodity, expenditure, authority, defence, completion, return, submit, prevent, impose, submit, appeal, assessments, withholding, evasion, avoidance, securities, increase.
Stress the third syllable:
liability, legislation, inequality.
4. Read the text:
What are taxes?
Taxes are the compulsory financial contribution by a person or body of persons towards the expenditure of a public authority. In modern economies taxes are the most important source of government revenues. Taxes on income (i.e. on wages, salaries, profits, dividends, rent and interest) and on capital are known as “direct” taxes. Taxes on commodities or services are known as “indirect’ taxes.
Taxes are considered to have three functions:
fiscal or budgetary, to cover government expenditure, to provide the public authorities with the revenue required for meeting the cost of defence, social services, interest payments on national debt, municipal services, etc;
economic, to give effect to economic policy, to promote stable economic growth, to influence the rate of economic growth of the nation;
social, to increase the economic welfare of the community, to lessen inequalities in the distribution of income and wealth.
Businesses and individuals are subjects to many forms of taxes. The various forms of business organization are not taxed equally. The tax situation is simplest for proprietorships and most partnerships; corporations or companies are treated differently.
In the United States of America nearly all of the federal government’s revenues come from taxes. By far the most important source of tax revenue is the personal income tax. Gross receipts from corporate income taxes yield a far smaller percentage of total federal receipts. Individual states levy their own taxes. As a result, for example, the profits of a corporation are liable to federal and sometimes state corporate income taxes. This often imposes a double tax burden. When the after-tax income is paid out to stock-holders as dividends, it is then taxed again as personal income.
In the United Kingdom there is no single code of tax law, the body of tax legislation being increased by each year’s Finance Act1.
The United Kingdom operates a “schedular” system2, where’by taxable income from different sources is calculated and taxed under the rules of a particular “schedule”.
Tax assessments are normally based on returns by the Board of Inland Revenue (referred to simply as “Inland Revenue”) for completion by the taxpayer. While companies may receive tax return, they normally submit instead a copy of their annual accounts together with a computation of taxable profits.
The United Kingdom does not yet operate a system of self-assessments for tax on income and capital gains, but it is being introduces at the moment.
Under Ukrainian law, all Ukrainian legal entities, whether they have foreign investment or not, are subject to the profit tax law. Foreign entities that have a taxable permanent establishment in Ukraine are also taxed under this law.
Ukrainian taxes provide revenue for two tiers of the budget: national and local. The major taxes paid to the budget are: tax on income, tax on wages, profit tax, excise duty, state duty, value added tax (VAT) and others.
In Ukrainian government tries to create the climate in which business can thrive, to keep the tax burden as low as possible. It also attempts to eliminate tax allowances, which deprive the budget of tax revenues, and to improve tax collection.
Tax returns in Ukrainian legal entities are audited by the tax authorities at the time they are submitted.
If the company or a person assessed believes the assessment is incorrect in any way, an appeal may be lodged against it. The appropriate financial organ is required by law to reply to such an appeal within five days.
When a company resident in one country receives income or gains from source in another, or when shareholders and company are domiciled in different countries it is possible that incomes arising will be taxable in each country, i.e. taxed twice.
A number of countries have problems because of significant taxpayer non-compliance.
Along with cases of illegal evasion of tax obligations there are entirely legal ways of avoidance by which a person may so arrange his affairs as to minimize, or even eliminate, tax liability on his property and income.
NOTES:
1the body of tax legislation being increased by each year’s Finance Act – причому податкове законодавство розширюється за рахунок нових податків, що вводяться щорічно при прийнятті фінансового акту.
2The United Kingdom operates a “scheduler” system…– У Великобританії існує система „шедул”...
Vocabulary list
1.
taxation – оподаткування
compulsory - обов’язковий, примусовий
interest payments – процентні платежі
to give effect (to) - здійснювати, приводити у виконання, втілювати в життя
welfare of the community – добробут суспільства
receipts – сума, надходження
yield – приносити, давати (дохід)
inequality of incomes – нерівність доходів
treat - звертатись, обходитися
levy - обкладати податком
impose - обкладати (податками, мито), накладати
double tax burden - тягар подвійного оподаткування
after-tax income - прибуток після утримання (за відрахуванням) податку
code – кодекс
tax law – податкове законодавство
body of tax legislation – зміст податкового законодавства
where’by – шляхом чого, за допомогою чого
stock-holder - акціонер, утримувач акцій
tax assessments – встановлення податкових ставок
return - податкова декларація
Board of Inland Revenue (“Inland Revenue”) - Податкова служба Великобританії
to issue a return – видавати податкову декларацію
to complete s return – заповнювати податкову декларацію
submit – представляти
annual accounts – річний звіт
computation – розрахунок
taxable profit – прибуток, що обкладається податком
system of self-assessment - система, при якій розмір прибутку, що оподатковується, визначається самим платником
capital gains - прибуток від приросту капіталу
foreign investment – іноземні капіталовкладення
taxable payment establishment – підприємство, що постійно працює і сплачує податки
tier - рівень, ярус
audit - піддаватися аудиторській перевірці
tax authorities – податкові органи
to lodge an appeal - подавати апеляційну скаргу
resident - той, хто постійно проживає в країні
domicile - поселитися на постійне місце проживання
seek (sought) - шукати, прагнути
mitigate - пом’якшувати, зменшувати
double tax treaty - договір про запобігання подвійного оподаткування
arrangements - засоби
prevent - перешкоджати, попереджувати, заважати
evasion of tax obligations - відхилення від податкових обов’язків
avoidance - відхилення
tax liability - обов’язки по виплаті податків
2.
Study the special terms in taxation:
tax on income – податок на прибуток, прибутковий податок
tax on wages – податок на заробітну плату
tax on salary – податок на жалування службовцям
tax on profits – податок на прибуток
tax on dividends – податок на дивіденди
tax on rent – податок на рентні платежі
tax on interest – податок на відсотковий прибуток
tax on capital – податок на капітал
corporate income tax – податок на корпоративний прибуток
tax assessments – встановлення податкових ставок, визначення розміру прибутку, що обкладається податком
system of self-assessment – система, при якій розмір прибутку, що оподатковується, визначається самим платником
value-added tax (VAT) – податок на додану вартість
securities tax – податок на цінні папери
withholding tax – податок із суми дивідендів
ІІ. VOCABULARY EXERCISES
Ex.1. Find equivalents:
види податків
процентні платежі
прямі податки
іноземні капіталовкладення
муніципальні послуги
податкове законодавство
розрахунок, обчислення
видавати податкову декларацію
непрямі податки
оподатковуваний прибуток
зміст податкового законодавства
tax law
computation
forms of taxes
taxable profit
interest payments
municipal services
foreign investment
to issue a
return
direct taxes
indirect taxes
Ex.2. Enter correct correspondences in English or in Ukrainian:
ENGLISH |
UKRAINIAN |
|
кодекс |
|
державна влада |
compulsory contribution |
|
|
подвійне оподаткування |
welfare of the community |
|
direct taxes |
|
indirect taxes |
|
|
покриття витрат на... |
|
прибутковий податок |
body of tax legislation |
|
|
податок на додану вартість |
annual accounts |
|
inequality of incomes |
|
|
заповнити податкову декларацію |
Ex.3. Find English equivalents for the following Ukrainian phrases:
обов’язкові фінансові внески; джерело державних надходжень; прибутковий податок; прямі та непрямі податки; покривати державні витрати; витрати на оборону, соціальні послуги; сприяти стабільному економічному розвитку; посилювати добробут суспільства; зменшувати нерівність прибутків; з корпораціями поводяться по-іншому; тягар подвійного оподаткування; обкладати податком, оподатковувати; податковий кодекс; зміст податкового законодавства; встановлення податкових ставок спирається на податкову декларацію; юридичні особи; податки забезпечують надходження до бюджетів двох рівнів; створити клімат, в якому бізнес процвітатиме; намагатися усунути податкові пільги; позбавляти бюджет надходжень; податкові декларації підлягають аудиторській перевірці; подавати апеляційну скаргу; прагнути пом’якшення (шукати зменшення) негативних наслідків.
Ex.4. Fill in the blanks with prepositions, pronouns or conjunctions if necessary:
Taxes are a compulsory financial contribution … a person … body … persons … the expenditure … a public authority.
Taxes … commodities … services are known as “direct taxes”.
Businesses … individuals are subject … many forms … taxes.
In the USA nearly all … the federal government’s revenues come … taxes.
The United Kingdom does not yet operate a system … self-assessment … tax … income … capital gains.
Tax assessments are normally based … returns issued … the Board of Iland Revenue (“Inland Revenue”) … completion … the taxpayer.
The Ukrainian government tries … create a climate … … business can thrive.
Tax returns … Ukrainian legal entities are audited … the tax authorities … the time they are submitted.
The appropriate financial organs is required … law … reply … an appeals … five days.
Many countries seek … mitigate the potentially harmful effects … double taxation … entering … double tax treaties.
Ex.5. Fill in the blanks below with the appropriate terms from the list:
tax assessments; organization; revenues; competition; taxpayer;
subject; authorities; tax collection; states.
In modern economies taxes are the most important source of government _________.
To provide the public _________ with the revenue required for meeting the cost of defence is fiscal function of the taxes.
The various forms of business __________ are not taxed equally.
In the USA individual _________ levy their own taxes.
In the United Kingdom __________ are normally based on returns issued by the Board of Inland Revenue for __________ by the taxpayer.
Under Ukrainian law, all Ukrainian legal entities are _________ to the profit tax law.
The Ukrainian government attempts to eliminate tax allowances and to improve __________.
A number of countries have problems because of significant __________ non-compliance.
Ex.6. Complete the following sentences:
Taxes are a compulsory financial … , towards … .
The “direct” taxes are … and the “indirect” taxes are … .
The assignment of the fiscal function of the taxes is … .
The respect of the economic function of the taxes is … .
Taxes … in the social life of the society.
The most important source of tax in the USA is … .
In the United Kingdom there is no … .
The major taxes paid to budget in Ukraine are: … .
The Ukrainian government tries to … .
Ex.7. Answer the following questions:
What are taxes?
What is the purpose of direct and indirect taxation?
What functions do taxes perform?
What does the budgetary function present itself?
How can you characterize the economic function of taxes?
What is the role of taxes in the social life of the society?
Are businesses taxed equally?
How are taxes levied in the US?
What is a “schedular” system?
What are the assessments based on?
What are the major taxes paid to the budget in Ukraine?
What does the Ukrainian government try to do in the tax system?
How are the legal entities audited in Ukraine?
When do the taxpayers have the right to lodge an appeal?
In what situations can the same income be taxed twice?
How do countries try to mitigate the negative effects of the double taxation?
What is the difference between tax evasion and tax avoidance?
Ex.8. Translate into English:
Податки є обов’язковими фінансовими внесками окремої особи чи групи осіб на витрати органами державної влади.
податки на прибуток та капітал відомі як прямі податки, а податки на товари та послуги – як непрямі податки.
Вважається, що податки виконують три функції: фінансову, економічну, соціальну.
Фірми та окремі особи є залежними від багатьох форм податків.
В США основним джерелом податкових надходжень є податок на прибуток.
В Великобританії податкове законодавство розширюється за рахунок нових податків, що вводяться щорічно при прийнятті фінансового акту.
У Великобританії ще не працює система, за якої розмір оподатковуваного прибутку визначається самим платником.
В Україні іноземні організації, що постійно працюють на її території, оподатковуються за українськими законами.
Головними податками, які сплачуються до бюджету в Україні, є: податок на прибуток, податок на додану вартість (ПДВ), акцизний збір та інші.
Багато країн намагаються зменшити пагубні наслідки подвійного оподаткування. Вони укладають договори щодо запобігання подвійного оподаткування.