Text 2 taxes and taxation in Ukraine

Exercise 2.1 Study the vocabulary:

1) taxation	1) оподаткування; стягнення податків
2) compulsory contribution	2) обов’язкові внески
3) to levy, tax levy syn. to collect	3) збирати податки, податковий збір
4) fiscal policy	4) фіскальна політика
5) tax implication	5) відрахування податків
6) to impose taxes	6) обкладання податком
7) state and city income taxes (graduated income tax)	7) державні та міські прибуткові податки (прогресивний податок)
8) taxes:	8) податки
-social insurance	- на соціальне страхування
-payroll	- із заробітної плати
-employment	- внесок у фонд страхування від безробіття
-real-estate	- на майно
-turnover	- з обігу
-export / import	- на експортно-імпортні операції
-excise	- акцизний збір
-sales	- з продажу
-value-added	- на додану вартість
-taxes on profit	- на прибуток
9) Tax Administration Tax Authorities	9) податкова адміністрація податкова інспекція
10) tax rates	10) податкова ставка
11) tax benefits	11) податкові пільги
12) land tax	12) податок на землю
13) tax on the owners of vehicles	13) податок на власників транспортних засобів
14) license tax	14) ліцензійний збір

Exercise 2.2 Read and translate the text:

Ukraine has created its own tax system, which is not a simple copy of the experience of other countries. The tax system must reflect concrete situation in the country: level of the development of the economy, social sphere, its external and internal policy, and many other things.

Tax system and tax policy in our country has clear goal-direction to solve specific targets and problems. Taxes are the main instrument in Government regulation of the economy, forming revenue encouraging Science Technical Progress, restricting of inflation and increasing of prices in Ukraine.

The building of tax system is based on the liability and social justice, equal tension and proportion, equality and non-discrimination, stability, economic effectiveness and substantiation, encouraging of business activity and investments, inflation neutrality and administrative simplification of tax law and providing of its free access and understanding.

Under state and local laws, businesses and individuals pay many kinds of taxes: state and city income taxes (individuals pay graduated income taxes), social insuranceand other payroll taxes, unemployment taxes, real-estate taxes.Businesses pay taxes on profits and capital, turnover taxes, export/import taxes, excise taxes, sales taxesand 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 percent 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 designer 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 security 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 tax of citizens, enterprise income tax, land tax, fiscal license tax, tax on the owners of vehicles, compulsory state pension insurance, charges of 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.

Exercise 2.3 Read the text and match the equivalents:

1. External and internal policy	a) відрахування податків
2. The experience of other countries	b) прибутковий податок
3. Tax implication	c) обкладати податком
4. The existence of the state tax system	d) зовнішня та внутрішня політика
5. Person income tax	e) головне джерело надходжень
6. Liability and social justice	f) мито
7. To encourage investments	g) існування державної податкової системи
8. The main source of revenue	h) досвід інших країн
9. Custom duty	i) сприяти інвестуванню
10. To impose taxes	j) відповідальність і соціальна справедливість

Exercise 2.4 Listen to the text again and match word combinations from the text:

1. Tax	a) access
2. External	b) taxes
3. Social	c) transactions
4. Business	d) justice
5. Free	e) insurance
6. Local	f) security
7. Income	g) policy
8. Social	h) laws
9. Financial	i) activity
10. Strict	j) system

Exercise 2.5 Read the sixth paragraph of the text and fill in the gaps:

The fiscal system of Ukraine includes taxes, other … 1 …. to the budget and state purpose-oriented … 2 …. The system of taxes includes general state and … 3 … taxes and duties. General state taxes: payments with the same mechanism of performance all over the territory of Ukraine (single dates tax of citizens, … 4 …., land tax, fiscal license tax, tax on the owners of vehicles, compulsory state … 5 ……, charges of State innovation fund etc). Each Council (Rada) possesses the right to independently determine … 6 …., rates and dates of local … 7 ….. The local taxes and duties include … 8 ……, rates, hotel duties, … 9 …., tax for issuing a release for location of trade and … 10 ……., tax for the right to use the local symbolism.

Exercise 2.6 Read the text and choose the right ending:

1. The building of tax system is	a) to independently determine benefits, rates and dates of local payments.
2. Tax system and tax policy in our country has	b) tax implications of all financial truncations.
3. Managing taxes means	c) under strict security of Tax Administration.
4. Tax computation is	d) based on the liability and social justice.
5. Each Council possesses the right	e) clear goal-direction to solve specific targets and problems.

Дата добавления: 2015-01-03