2020-09-24
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0. It is known that the general system of the taxation is a system of the taxation at which the economic entity pays the taxes and fees established by the Tax code of the Russian Federation if it is not exempted from their payment. (ESTABLISHMENT)
1. The special tax modes represent the special, established to the Tax Code of the Russian Federation order of definition of elements of taxes, and also release from tax payment and ___________ under certain conditions. (COLLECT)
2. Investors of ___________, production, tourism and recreational zones may apply accelerated depreciation, setting out a multiplier for fixed assets. (INDUSTRY)
3. Federal Law No. 473 - FZ of 29 December 2014 “Concerning Priority Social and Economic Development Areas in the Russian Federation”, which entered into force from 30 March 2015, seeks to encourage the development of a _________ investment climate in Russia’s Far East. (FAVOUR)
4. A ________ investment project is a project whose purpose is the manufacture of goods (with certain exceptions) which meets the requirements specified by tax law. (REGION)
5. A participant in a regional investment project is entitled to tax _______ subject to certain conditions being met. (RELIEVE)
6. The principal tax relief granted to such taxpayers is the right to apply a ______ rate of profit tax. (LOW)
7. ________ regions also make a regional tax relief available to companies which are prepared to invest in the construction of certain facilities in the territory of a region and thereby contribute to the development of the region’s economy. (VARY)
8. In order to obtain the relief prescribed by regional legislation for such investors, a taxpayer must ________ a number of requirements, prepare certain documents and sign an investment agreement with regional authorities. (SATISFACTION)
9. If a foreign investor has invested the __________ amount in the charter capital of a Russian company, it should have the right to a lower rate for dividends subsequently received. (REQUIREMENT)
10. There is a legislative provision to the effect that foreign citizens may be ___________ under either an employment agreement or a civil contract. (EMPLOYMENT)
Exercise 8.
Match the words (1-4) with their definitions (A-D).
1. tax incentive A tax liability stated as a percentage of the
taxable income, or in terms of a unit of the
tax base
2. tax rate B body of law concerned with taxation
3. tax liability C deduction, exclusion, or exemption from
a tax liability, offered as an enticement to
engage in a specified activity for a certain
period
4. tax law D debt to a government incurred by a tax payer
as accrued or assessed taxes
UNIT EXTENSION
Exercise 9. Two-minute presentation.
Choose one of the following subjects about special tax treatments and prepare to give a two-minute presentation about it to the group.
· The simplified system of the taxation of small businesses
· The system of taxation in free economic zones
· The system of taxation in closed administrative-territorial entities
· Tax heavens
· Special tax treatment in respect of investment
· Special tax treatment as trade policy
· The special tax treatment of life insurance
· Service members and special tax treatment
· Laws and regulations concerning special tax benefits
· The tax treatment of health insurance and our health care system
· Cyprus – special tax treatment
PART 2
TOPIC FOCUS: Tax Accounting Careers
Discuss these questions with a partner.
1. What are the main roles of tax accountants?
2. What are the possible career options for tax accountants in your country?
3. What are the educational requirements for tax accountants in your country?
Being an entrepreneur is not easy – running a business is demanding both in terms of time and effort. It involves organizing production and sales, dealing with suppliers, keeping up with competition, supervising employees and, last but not least, making tax authoritieshappy.
However, every businessperson has a reliable friend – his or her accountant. Accountants provide help in numerous ways, but they are mostly concerned with tax issues. They fill in tax returnsfor their clients, produce tax estimates, ensure that tax cost is minimized whenever possible and personal and company tax returns are always up to date.
In addition to preparing tax returns, accountants specialized in tax accounting also provide consulting, tax complianceand tax planningservices. Tax accountants have several career options open before them – they may pursue a career in corporate or public accounting, or government tax administration.
Public Tax Accountants
Public tax accountantsare accountants whose services are available to public at large, which means they are not engaged solely by one client. They operate as external accountants and they are not part of their client’s corporate structure. They provide services to large corporations, small businesses, non-profit organizations and government agencies.
Corporate Tax Accountants
Unlike public tax accountants, corporate tax accountantswork as internal employees within a single company. They are employed on a full-time basis and provide accounting services for their employers exclusively.
Government Tax Accountants
The government also requires tax accountants who work in state tax administration, where they are responsible for administering and implementing tax laws.
Tax Consultants
Accountants with advanced professional experience and expertise can become tax consultants. They are financial experts specially trained in tax law.
Exercise 1.
In the text, find the answers to the following questions.
1. What services do tax accountants provide to their clients?
2. What type of clients do public accountants work with?
3. What is the difference between corporate and public accountants?
4. What are government tax accountants responsible for?
5. What makes tax consultants different from other financial specialists?
