Text 8 . The tax environment

New words and word combinations:

1. Tax - налог, сбор, пошлина, подать

2. After tax - после удержания (за вычетом) налога

3. Before tax - дот удержания (до вычета) налога

4. Income tax - подоходный налог

5. Tax exempt - освобожденный от налога

6. Interest income - доход в виде процентов

7. Gain - (мн.) прибыль, доходы, заработок, извлекать прибыль, прирост, увеличение

8. Capital gain - (мн.) доходы от прироста капитала (как результат роста рыночной стоимости активов)

9. Loss - потеря, потери, убыток

10. Operating loss (es) - убытки при эксплуатации

11. Carry-back - зачет потерь при уплате налога за прошлый период (налоговая скидка)

12. Carry-forward - перенос, пролонгация, зачет потерь при уплате налогов за будущий период

13. Depreciation - снижение стоимости, обесценивание, снашивание (в результате износа и морального устаревания)

14. Deduction - вычет, удержание, скидка, уступка

15. Revenue - выручка, валовой доход, часто во мн. ч. – государственные доходы, доходные статьи бюджета

16. Subject to - подчинять, подвергать

17. Rate - размер, норма, ставка, курс, цена, оценка

18. Marginal tax rate - предельная (приростная) налоговая ставка

19. Average tax rate - средняя налоговая ставка

20. Distinction - различие

21. Purchase - покупка, закупка, купля

22. Apply - подавать заявление, применять, использовать

23. Allocation – распределение, размещение

24. Straight-line depreciation method – равномерное списывание основного капитала, равномерное начисление износа

25. Accelerated depreciation method – ускорение начисления износа

26. In order to – для того, чтобы


        Most business decisions are affected either directly or indirectly by taxes.

Through taxes governments have a profound influence on the behavior of businesses and their owners.

The corporate tax structure in western countries includes the following:

1. Corporate income taxes

2. Interest and dividend income

3. Interests and dividends paid by a corporation

4. Capital again

5. Operating loss carry- back and carry- forward

6. Depreciation

Corporate income taxes.

A corporation’s taxable income is found by deducting all expenses , including depreciation and interest, from revenues. The taxable income is then subject to a graduated tax structure, called the marginal tax rate. The average tax rate is measured by dividing taxes actually paid by taxable income. For small firms the distinction between the average and marginal tax rates may be important.

Interest and dividend income.

Interest income is taxed as ordinary income at the regular corporate tax rate.

Dividends income represent the distribution of earnings by a company whose stock is owned by a corporation. In order to reduce the effects of double taxation, a certain percentage of such dividends is tax exempt. The remainder is taxed at the corporate tax rate.

Interests and dividends paid by a corporation.

Interest paid is a tax deductible expense. Thus, interest is paid with before- tax roubles.

Dividends on stock paid by a firm are not deductible, and are therefore paid with after- tax roubles.

Capital gain.

Capital gains are one major form of corporate income. They result old assets are sold at prices above the original purchase prices.

Operating loss carry-back and carry-forward.

If a company has an operating loss, such loss may be applied against income in other years. The loss can be carried back 3 years and then forward 15 years. This means that the firm must first apply the loss against the taxable income in the 3 prior years. If the loss is not completely absorbed by the profits in these 3 years, it may be carried forward to each of the following 15 years.


Depreciation is the systematic allocation of the cost of a capital asset over a period of time for reporting and tax purposes. Depreciation deductions taken on a firm’s tax returns are treated as expense items. Thus they lower taxable income. The main alternative procedures for depreciating capital assets are the straight - line depreciation method and the accelerated depreciation method. Most firms with taxable income prefer to use an accelerated depreciation method for tax reporting purposes in order to lower their taxable income figure.



1. Fill in the missing words:

a. The taxable income is then ….. a graduate tax structure.

b. For small firms ….. between the average and marginal tax rates may be important.

c. To reduce the effect of ….. , a certain percentage of such dividends is tax exempt.

d.  can be carried back 3 years and then forward for 15 years

e. Most firms with taxable ….. prefer to use an accelerated depreciation method..

2. Respond to these statements.

a. Depreciation is the systematic allocation of the cost of a capital asset, isn’t it?

b. What kind of depreciation method do most firms with taxable income prefer?

c. Is interest income taxed as ordinary income?

d. What do you think about the distinction between the average and marginal tax rates for small firms?

e. How is a corporation’s taxable income found?

2. Give a summary of the text.

Text 9. Bookkeeping

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