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   Discover Through Learning Home  Links    Newsletter 25 Feb. 2017   
 
Language Holidays
Interpreting - Translation




Here are some expressions commonly used in discussing taxation matters.

Listen to accounting - bookkeeping; the practice or profession of recording the accounts and transactions of a business
Listen to charitable contribution - a contribution to an organization which is officially created for charitable, religious, educational, scientific, artistic, literary, or other good works
Listen to deductible - an amount that can be deducted (especially for the purposes of calculating income tax); acceptable as a deduction (especially as a tax deduction)
Listen to depreciation - a decrease or loss in value, as because of age, wear, or market conditions
Listen to expense - a general term for an outgoing payment made by any business or individual
Listen to file an income tax return - submit an income tax return
Listen to gross income - the amount of a company's income or an individualís income before all deductions
Listen to income tax - a tax levied on the financial income of persons or corporations
Listen to inland revenue - (British) a board of the British government that administers and collects major direct taxes; tax office; the taxman
Listen to net income - an individualís income after deductions, credits and taxes
Listen to raise taxes - increase taxes
Listen to reduce taxes - lower or cut taxes
Listen to tax - a compulsory contribution, usually of money, that is required for the support of a government
Listen to tax advisor - an independent financial expert especially trained in tax law
Listen to tax evasion - intentional avoidance of tax payment usually by inaccurately declaring taxable income
Listen to tax haven - a country or independent region where taxes are low
Listen to tax refund - an amount that a government gives back to a taxpayer who has paid more taxes than were due
Listen to tax return - an official form on which a company or individual enters details of income and expenses, used to assess tax liability
Listen to tax-exempt - not subject to taxation
Listen to tax-free - not subject to taxation; tax-exempt
Listen to taxpayer - one that pays taxes or is subject to taxation
Listen to value added tax - a tax on the value added to a product at each stage of its production, from raw materials to finished product


Now we put new vocabulary into context, so you can see how you might use these terms yourself. The expressions are in boldface in the text.

Listen to The worst thing you can do is raise taxes during a recession.
Listen to Net income is equal to the income that a firm has after subtracting costs and expenses from the total revenue.
Listen to Value added tax is a sales tax levied on the sale of goods and services. In some countries, including Singapore, Australia, New Zealand and Canada, this tax is known as "goods and services tax" or GST.
Listen to All prices are inclusive of VAT.
Listen to Charitable contributions are deductible from gross income, and thus lower the taxes paid.
Listen to Tax evasion is defined as illegal or intentional actions taken by individuals or firms in order to reduce their tax payments.
Listen to Monaco is a well known European tax haven.
Listen to Does the Inland Revenue offer any cash incentives for using the online service?
Listen to E-file your income tax returns for a faster tax refund.
Listen to Direct contributions to needy individuals are not deductible. Contributions must be made to qualified organizations in order to be tax deductible.
Listen to Keep good records of both income and expenses. Save all receipts.
Listen to Consult a tax advisor, even if you're a start-up. A professional can save you both money and valuable time and keep you from running afoul of the Internal Revenue Service.


 






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