Text-study

I. Learn the following words

To strip out – лишать, отнимать;

buying commission – комиссия на закупку;

fee – гонорар, вознаграждение;

to ensure – обеспечивать, гарантировать;

establishment – основание, создание, учреждение;

saving – экономия, сбережение;

overall – полный, всеохватывающий.

II. Answer the following questions:

1. What can help companies to reduce overall costs?

2. Why does the author say that foreign customs duties are an obvious target for goods' exporters?

3. What possibilities should be considered to cut costs overall?

4. What does the author mean when he says that other relief may apply in special cases?

5. How can VAT maximisation help?

6.Why is submitting proper proof of export particularly important in Europe?

7. What is the significance of the international aspects of corporation tax planning?

8. How can a taxable presence in certain countries be avoided?

9. Where does a permanent establishment exist?

III. Complete the sentences with suitable words from the box

the customs value; zero-rated exports; a permanent establishment; local tax; tax planning

1. … exists where there is a fixed place of business, such as a local branch or office through which the business is conducted.

2. It is also possible to strip out some of the cost components when determining... .

3. Although … are … , the exporter has to be able to prove that the goods are exported.

4. The UK's network of more than 100 tax treaties ensures that … is not paid on business profits where there is no permanent establishment.

5. Effective … is one area that may help to reduce overall costs.

IV. Give Russian equivalents for the following words and phrases used in the text:

customs duties; to cut costs; tax planning; high-tariff items; the "successive sales"; the supply chain; the costs of production; buying commissions; transport management fees; intellectual property license fees; financing charges; inward and outward processing; the evidence required for a removal; corporation tax planning.

V. Open the brackets using the suitable modal verbs (must, should, have to, can’t)

1. Every element of the business process (to examine) to see how the effects of the strong currency can best be countered.

2. Foreign customs duties are an obvious target for goods' exporters as any reductions, particularly on high-tariff items, (to go) straight to the bottom line.

3. Although exports are zero-rated, the exporter (to be able) to prove that the goods are exported.

4. Foreign tax (be) creditable against the UK corporation tax liability, any excess of foreign tax over the UK liability represents an absolute cost.

5. The excess from any source in a particular year (to be) carried forward or applied to other sources of income.

VI.Complete the sentences choosing the suitable verbal (Infinitive or Gerund) from the brackets

1. He stopped (working/to work)on the project after three months because of ill-health.

2. She was driving in a hurry but she stopped (answering/to answer) her mobile phone.

3. Did you remember (calling/to call) the customer yesterday?

4. I can’t remember (offering/to offer) you a replacement.

5. The sales assistant forgot (giving/to give) the customer a discount.

6. The customer forgot (completing/to complete) the five-year guarantee form.