1. TASK: Insert the appropriate word in the text below:
governed - occurs - mandates - indulges - refers
incorporated - discourages - overcome - impediment
Double taxation __________ to the legal regime which __________ levying a tax by two countries on the same financial transaction or income. Double taxation usually __________ when a business or individual of one country __________ in a financial exchange with another country. The value of the income or the item involved in the exchange is taxed both in the country of residence (where the business is __________, or the individual is the citizen of) and the source country (the other country which is involved in the transaction). This is a major __________ for the businesses that aim at expanding in different countries. Conversely, it also __________ foreign investments. To __________ this problem of double taxation, countries often enter into Double Tax Avoidance Agreements with each other. These agreements are usually __________ by the principles of Public International Law.
2. CHECK YOUR SPEAKING
|
discourage |
[dısʹkʌrıdʒ] |
відбивати бажання |
|
govern |
[ʹgʌvən] |
регулювати |
|
impediment |
[ımʹpedımənt] |
перешкода |
|
incorporate |
[ınʹkɔ:p(ə)rıt] |
зареєструвати компанію |
|
indulge |
[ınʹdʌldʒ] |
дозволяти собі задоволення |
|
mandate |
[ʹmændeıt] |
зобов'язувати |
|
occur |
[əʹkɜ:] |
виникати |
|
overcome |
[͵əʋvəʹkʌm] |
долати |
|
refer |
[rıʹfɜ:] |
мати відношення, посилатися |
3. SEE CORRECT ANSWER
Double taxation refers to the legal regime which mandates levying a tax by two countries on the same financial transaction or income. Double taxation usually occurs when a business or individual of one country indulges in a financial exchange with another country. The value of the income or the item involved in the exchange is taxed both in the country of residence (where the business is incorporated, or the individual is the citizen of) and the source country (the other country which is involved in the transaction). This is a major impediment for the businesses that aim at expanding in different countries. Conversely, it also discourages foreign investments. To overcome this problem of double taxation, countries often enter into Double Tax Avoidance Agreements with each other. These agreements are usually governed by the principles of Public International Law.
Цей та багато інших цікавих матеріалів Ви знайдете
в підручнику “Practical Financial English”
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