Головна Усі новини «Дебет-Кредит» Новини партнерів

Corporate Income Tax: перевір свою англійську

Продовжуємо вивчати лексику з "Practical Financial English". Цього разу пропонуємо Вашій увазі слова, які застосовуються для характеристики податку на прибуток підприємств

1. TASK: Insert the appropriate word in the text below:

exempt      -     audit     -     cease     -     excess     -     relate

apply   -    financial    -    levied    -    purposes   -    subject


  • CIT is _________on the profit before tax determined in accordance with _________ accounting of the taxpayers subject to a limited number of corrections. Tax authorities may __________ financial accounts of the company and check correctness of the financial accounting (either under Ukrainian GAAP or IFRS).
  •  Small enterprises (with income below UAH20 million per year) may choose not to _________tax corrections and pay CIT based on their financial accounting results.
  • There is no general provision that expenses must _________to the business. Therefore, any expenses deducted in the financial accounts must be deductible for tax _________, unless there is a tax correction prescribed for such expenses in the Tax Code. However, there is no guarantee that tax authorities and administrative courts will _________ to apply the “business purpose” doctrine to challenge expenses of the taxpayers.
  • Participation exemption for dividends apply only to dividends received from companies _________to CIT (dividends distributed by non-residents are, therefore, taxable).
  • Deduction of interest paid to related non-residents by thin-capitalisation restriction is limited only if the debt-to-equity ratio of the company exceeds 3.5. Otherwise, thin-capitalisation rules do not apply and interest is fully deductible.
  • Advance corporate income tax on payment of dividends is paid only on _________ of the amount of distributed dividends over the taxable profits of the period, for which the dividends are paid.
  • No deemed interest income accrues for borrowers on interest-free loans.
  • All income of mutual investment funds is fully _________ from CIT.

 


2. CHECK YOUR SPEAKING 

to apply

əˈplaɪ

застосовувати

to audit

ˈɔː.dɪt

перевіряти

to cease

siːs

зупинятися, припиняти

to excess

ɪkˈses

перевищення

exempt

ɪɡˈzempt

звільнений від сплати податків

financial

faɪˈnænʃl

фінансовий

to levy

ˈlevɪd

оподатковувати

purpose

ˈpɜː.pəs

ціль

to relate

rɪˈleɪt

мати відношення

subject

ˈsʌbdʒɪkt

підлягати

 


3. SEE CORRECT ANSWER

[ Див. правильну відповідь ] 

  • CIT is levied on the profit before tax determined in accordance with financial accounting of the taxpayers subject to a limited number of corrections. Tax authorities may audit financial accounts of the company and check correctness of the financial accounting (either under Ukrainian GAAP or IFRS).
  • Small enterprises (with income below UAH20 million per year) may choose not to apply tax corrections and pay CIT based on their financial accounting results.
  • There is no general provision that expenses must relate to the business. Therefore, any expenses deducted in the financial accounts must be deductible for tax purposes, unless there is a tax correction prescribed for such expenses in the Tax Code. However, there is no guarantee that tax authorities and administrative courts will cease to apply the “business purpose” doctrine to challenge expenses of the taxpayers.
  • Participation exemption for dividends apply only to dividends received from companies subject to CIT (dividends distributed by non-residents are, therefore, taxable).
  • Deduction of interest paid to related non-residents by thin-capitalisation restriction is limited only if the debt-to-equity ratio of the company exceeds 3.5. Otherwise, thin-capitalisation rules do not apply and interest is fully deductible.
  • Advance corporate income tax on payment of dividends is paid only on excess of the amount of distributed dividends over the taxable profits of the period, for which the dividends are paid.
  • No deemed interest income accrues for borrowers on interest-free loans.
  • All income of mutual investment funds is fully exempt from CIT.

 


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Автор:
FBE School
Джерело
«Дебет-Кредит»
Рубрика:
«Дебет-Кредит» / Новини партнерів
Теги:
financial english

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