1. TASK: Insert the appropriate word in the text below:
extended - levy - taxable - threshold - remuneration
Increase in income tax rates
The rate for employment income and _________ for civil contracts up to a threshold of 10 times the minimum monthly wage (currently UAH 12,180 or approx USD 440), is unchanged at 15%. An increased rate of 20% will apply to income in excess of this _________.
Military levy extended
Given the political situation in Ukraine, on 3 August 2014 a military _________ of 1.5% was introduced on Ukrainian wages and similar compensation, as well as lottery and gambling prizes. This levy was expected to be valid until 1 January 2015. However, given the ongoing situation the levy has been extended indefinitely. In addition, the levy has been _________ to any personal income (including foreign income) to which income tax applies.
Reduction in tax free threshold for pensions
The threshold before a pension is subject to tax has been reduced to three times the minimum monthly wage (UAH 3,654, approx USD 130). Any pension income above that threshold is _________ at the general rates of 15/20%.
2. CHECK YOUR SPEAKING
|
to extend |
ɪksˈtend |
продовжувати |
|
to levy |
ˈlev.i |
оподатковувати |
|
taxable |
ˈtæk.sə.bl̩ |
оподатковуваний |
|
threshold |
ˈθreʃ.həʊld |
граничне значення |
|
remuneration |
rɪˌmjuː.nərˈeɪ.ʃən |
винагорода |
3. SEE CORRECT ANSWER
Increase in income tax rates
The rate for employment income and remuneration for civil contracts up to a threshold of 10 times the minimum monthly wage (currently UAH 12,180 or approx USD 440), is unchanged at 15%. An increased rate of 20% will apply to income in excess of this threshold.
Military levy extended
Given the political situation in Ukraine, on 3 August 2014 a military levy of 1.5% was introduced on Ukrainian wages and similar compensation, as well as lottery and gambling prizes. This levy was expected to be valid until 1 January 2015. However, given the ongoing situation the levy has been extended indefinitely. In addition, the levy has been extended to any personal income (including foreign income) to which income tax applies.
Reduction in tax free threshold for pensions
The threshold before a pension is subject to tax has been reduced to three times the minimum monthly wage (UAH 3,654, approx USD 130). Any pension income above that threshold is taxable at the general rates of 15/20%.
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