TAXATION – IT’S NATURE AND PURPOSE

1. Taxation is a system of compulsory contributions levied by government on persons, corporations, and properties, primarily as a source of revenue for government’s expenses and other public purposes.

2. This revenue is generated through direct and indirect forms of taxation. Direct taxes are paid on income. This effectively means that the more income you earn the greater your contribution is expected to be to the state. Indirect taxes are levied on expenditure. This tax is imposed on the basis of the individual consumption. However, it must be noted that taxation is used not only to raise revenue but also to regulate consumption and may even be used to curtail various forms of business activities. For instance, alcoholic beverages and tobacco may be taxed heavily on the grounds that their use is hazardous to the health of individuals. Such revenue is often called a “sin tax”.

3. The kinds of taxes raised by government for revenue are numerous. The most common are: personal income taxes, corporate income taxes, property taxes, sales taxes, death and gift taxes, and import-export duties.

4. In order for a tax system to operate effectively, certain principles must be put in place. Fairness: citizens should be taxed in proportion to their abilities to pay. Clarity and Certainty. Convenience: the application of a tax should be clear and certain. Efficiency: a good tax system should be structured so that it can be administered efficiently and economically.

5. In the past taxation was regarded solely as a means to finance the necessary obligations of a government. The money was used to pay elected officials, maintain state security, build roads, bridges and public buildings; and pay for such services as schools, hospitals and fire fighters.

6. Today taxes have three functions. First and foremost, to provide the money that makes it possible for government to function. Second, taxes have an economic significance: they are used to promote goals such as full employment, satisfactory rates of economic growth, and stability of the money supply. Third, taxes are used as a redistribution of wealth.

Вправа № 7

Дайте відповідь на запитання до тексту:

1. How can the notion of taxation be defined?

2. What is the difference between direct and indirect taxes?

3. What are the kinds of taxes raised by government?

4. What principles must be put in place in order for a tax system to operate effectively?

5. What are the functions of taxes?

Варіант 3.

Вправа № 1

Знайдіть та підкресліть в реченнях Present Participle. Перекладіть речення.

1. Anna is busy planning a new campaign for a food company these days.

2. Having parked the car, he went to a restaurant.

3. Considering the price, this table is a good buy.

4. Adam spends hours trying out new ideas.

5.  Having parked the car, we searched for the ticket machine.

Вправа № 2

Знайдіть та підкресліть в реченнях Past Participle. Перекладіть речення.

1. He often translates letters received from foreign banks.

2. The newspaper published in a few foreign languages is mostly meant for foreign readers.

3. Our company established two years ago is very active on financial markets.

4. This metro station has a changed name.

5. This newspaper printed in Kyiv is distributed free of charge.

Вправа № 3

Знайдіть та підкресліть інфінітив в реченні. Перекладіть речення.

1. Check card is a card that is like a credit card but does not let you spend more money than you have on your account.

2. I wanted to take the job but in the end I decided against it.

3. We’d like to borrow $20, 000.

4. We’d like to repay the loan over five years.

5. We shouldn’t reduce costs below this level.

Вправа № 4

Знайдіть та підкресліть об’єктний або суб’єктний інфінітивний зворот в реченнях та перекладіть їх.

1. I’d like you to buy common stock – it is safer.

2. He is said to have gone to work to Siberia.

3. They seemed to have forgotten him.

4. The flight is announced to be delaying because of the storm.

5. She is unlikely to support your idea.

Вправа № 5.

Поставте дієслово в потрібній формі (Conditionals). Перекладіть речення.

1. If I (have) enough money, I (go) on safari to Kenya. However, my bank account is empty!

2. Stop asking me what Amanda bought you for Christmas. Even if  I (know) what she bought you, I (not tell) you.

3. If I were in Tahiti right now, I (snorkel) along a beautiful reef. I wouldn't be stuck here in this office with mountains of paperwork.

4. We (go) skiing this weekend, but there's no snow. Oh, well! We will just have to find something else to do instead.

5. He must build a strong boat, otherwise he (can) sail round the world.

Вправа № 6

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ECONOMIC SYSTEM TYPES

1. The world’s economic systems fall into one of four main categories: traditional economy, market economy, command economy and mixed economy; however, there are unlimited variations of each type. An economic system must define what to produce, how to produce it and for whom to produced it.

2. A traditional economic system is one in which each new generation retains the economic position of its parents and grandparents. Traditional economies rely on the historic success of social customs. South America, Asia and Africa support some traditional economies of thriving agricultural villages. Tradition decides what an individual does for his living, so industry, clothing and shelter are the same as in previous generations.

3. Market economies are based on consumers and their buying decisions rather than government control. Market trends and product popularity generate what businesses produce. The producers choose how to make products based on the most economically sound decision: that might mean machine labor to save costs or human labor for specific skills. The buyers are willing to pay for what they want.

4. Complete market economies do not utilize price controls or subsidies and prefer less regulation of industry and production. Market decisions rely on supply and demand for pricing. Government’s role is to create a stable economy for the market to operate properly.

5. In a command economy, the government controls all economic activity. One example of a command economy is communism. In a government-directed economy, the market plays little to no role in production decisions. Command economies are less flexible than market economies and react slower to changes in consumer purchasing patterns and fluctuations in supply and demand.

6. A mixed economy combines qualities of market and command systems into one. In many countries where neither the government nor the business entities can maintain the economy alone, both sectors are integral to economic success. Certain resources are allocated through the market and others through the state. Theoretically, this system should be able to combine the best policies of both systems, but in practice the proportion government controls and response to market forces varies. Some countries rely more on market emphasis and others on state planning.

Вправа № 7

Дайте відповідь на запитання до тексту:

1. What are the main categories the world`s economy falls into?

2. What does traditional economy rely on?

3. What are the features of market economies?

4. How can the degree of flexibility of command economies be characterized?

5. What qualities does a mixed economy combine?

Варіант 4.

Вправа № 1

Знайдіть та підкресліть в реченнях Present Participle. Перекладіть речення.

1. Having finished her phone call, she went back to work.

2. Andrew has got a brother working in a bank in New York.

3. I’d like to meet the man talking to your President.

4. Please, reimburse this amount to us by crediting our account with you.

5. Having translated the letter he went to sleep.

Вправа № 2

Знайдіть та підкресліть в реченнях Past Participle. Перекладіть речення.

1. I work in a joint-venture established last year.

2. Perhaps the best known of all the jobs in banking is that of a cashier.

3. The immediate service offered by the bank is the receipt for deposit of coins, notes and cheques and the cashing of cheques, through current accounts.

4. Coin is a piece of metal, usually flat and round, used as money.

5. Bill of exchange is a signed document ordering someone to pay someone else a particular amount of money.

Вправа № 3

Знайдіть та підкресліть інфінітив в реченні. Перекладіть речення.

1. She helped me to carry my suitcases.

2. It is her ambition to open her own shop.

3. Would you like to extend the repayment period?

4. It is the job of the financial manager to minimize the stocks of raw materials, the level of the work in progress and the quantity of finished goods.

5. Sales are likely to rise in the second half of the year.

Вправа № 4

Знайдіть та підкресліть об’єктний або суб’єктний інфінітивний зворот в реченнях та перекладіть їх.

1. When I saw you enter the building I thought of you as a possible partner.

2. Are you sure you saw him take the boxes.

3. The work proved to be useful.

4. They seemed to have been waiting for ages.

5. Many books are known to be published in our country.

Вправа № 5

Поставте дієслово в потрібній формі (Conditionals). Перекладіть речення.

1. I love to travel! When I (have) enough money, I (go) abroad. I do it almost every year.

2. Nobody here speaks English. Too bad Gloria isn't here. If she (be) with us, she (can) act as our interpreter.

3. If Jerry hadn't stopped to pick up that quarter, he (cross) the street when the bus ran the red light. He might have been killed!

4. You (not understand) unless you listen carefully.

5. What you (do) if you won lots of money?

Вправа № 6

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