2020-09-24
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1. (two words) Relating to the increase in value of a product or service as it goes through the stages of being developed and produced. __________
2. The number or amount of something, especially when it is large __________
3. To accept or start using something new __________
4. To make something easier to understand by explaining it __________
5. When you get back something __________
6. (two words) A tax paid by people when they buy goods or services __________
7. (two words) The rights of people and companies to own and use land, capital, etc. and to receive a profit from it __________
8. A book, newspaper, or magazine __________
9. With special permission not to do or pay something __________
10. (two words) The price that something could be sold for at a particular time __________
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Exercise 4. Sentence completion.
Read the texts and complete them with the following words.
a) corporate authorities tax registration
There is no separate VAT ______________ (1) in Russia. Tax registration in Russia is unified and covers the main ___________ (2) taxes (property tax, VAT, corporate profits tax). Below are the general cases which lead to _________ (3) registration with the Russian tax __________ (4).
b) register apply subdivision activities
Companies and individuals engaged in commercial, industrial, agricultural or independent professional ________ (5) in Russia are required to _________ (6) with the Russian tax authorities. When carrying out activities through a __________ (7) (in a location different from the one where the head office is registered), the company should _______ (8) for the registration within 1 month after establishment of such a subdivision.
c) separate representative legal commencing
Non-Russian legal entities are required to register with the Russian tax authorities within 30 calendar days after __________ (9) to conduct business activities through a ________ (10) subdivision in Russia (tax and ________(11) registration is performed by the tax authorities when setting up a branch ___________ (12) office).
Exercise 5. Text completion.
Read this article about new EU VAT regulations and fill in the gaps forming an appropriate word from the base word in brackets. The first one (0) is given as an example.
New EU VAT regulations could threaten micro-businesses
Micro-businesses are protesting against new VAT laws that they say could force them to reconsider (0) trading (trade) in Europe.
From 1 January 2015, EU VAT will be charged in the country where products are (1) ______ (buy) as opposed to the country where they are (2) _____ (sell). The legislation applies to digital products only, such as e-books, online courses or downloads.
UK businesses are currently exempt from paying VAT if they sell under £81,000 worth of products a year. However, this threshold will be (3) ______ (remove) for those exporting digital products and services to Europe, from New Year’s Day.
From January, if a UK business makes a (4) ______ (sell) in another EU member state they will have to pay VAT there. The only way to (5) ________ (compliance) is to register for VAT with that country or register for HMRC's scheme (VAT MOSS). According to the HMRC website, the VAT MOSS scheme (6) ________ (requirement) businesses to submit a ‘single calendar quarterly return’ and VAT payment to HMRC, which then sends the ‘appropriate (7) _________ (inform) and payment to each relevant member state’s tax authority.’
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What is changing in this case is that all sales of relevant digital services to EU customers outside the UK will be subject to the local VAT regardless of the value of the sales as there (8) _______ (be) no minimum threshold.
The issue is that once registered for UK VAT, the threshold no longer applies and all UK sales become liable for UK VAT. The new legislation is going to have a huge (9) ________ (finance) impact on people, as well as the administrative burden that comes with it. There are 28 countries in the EU with 75 different VAT rates.
Businesses have three options: register to pay VAT in every EU member state you sell to; register for the VAT MOSS scheme or stop (10) _______ to the EU.
A spokesperson for HMRC says the changes should only have a “small effect on (11) _________ (administer) burdens” and could affect around 34,000 small and medium businesses in the UK.
Some business (12)______ (own) are concerned that the legislation will restrict their opportunities to sell abroad. Tickel, from KPMG, advises small businesses to work out whether it is financially worthwhile for them to keep (13) _______ (trade) in certain countries. She says: “UK-based micro-businesses selling digital services into EU countries should do a careful cost- benefit (14) ________ (analyse).”
Exercise 6.
Fill in the following prepositions where necessary.
under for from to(x2) in(x2) on of(x2)
There is no concept _____ (1) “export of services” in Russia. If a Russian company renders services _____ (2) favour of a foreign company the VAT treatment of such services will be determined _____ (3) the basis of the place of supply rules. The place of supply rules _______ (4) cross-border services depends on the nature of these services. _______ (5) the general place of supply rule the services are deemed to be supplied in Russia if the service provider performs business activity ______ (6) Russia. There are exceptions ______ (7) this default rule (for example, the place of supply of transfer of IP rights, consulting, accounting, audit, legal, marketing, information processing services should be determined based on the buyer’s place _____ (8) activity).
Also there is a list of zero VAT-rated services related _____ (9) the transportation of exported goods (international transportation services, services related to provision of railway vehicles/containers and freight-forwarding services related to international carriage or the international transportation of goods (subject ______ (10) certain conditions), etc).
Exercise 7.
