Unit 14: Vocabulary

Relating to, or having to do with.

VAT is not applicable on education or training services.

A set group with fixed upper and lower limits.

As he earns over $400,000 a year, he is in the highest tax bracket and pays 39.6% income tax rate.

A large amount of money that you owe, or the responsibility to pay this money.

Although he hired a tax specialist, his total tax burden couldn't be reduced.

To produce or create something.

The company generated profits of 8 million despite the global recession.

A tax placed on goods coming into one country from another.

The US imposed a 35% import duty on tires from China to try and protect US motor workers jobs.

To be active, or being used.

There are over 14 different taxes in effect in the US at the moment.

An organization that works as part of a larger organization.

Contacting the IRS can be difficult as it is often unclear which organ you should be dealing with.

Annual or each year.

His new salary is $42,000 per annum.

A tax in which the rate of tax is higher on larger sums of money.

The progressive system levies more tax against people with higher earnings.

A substance in its natural state which is used to make something in an industrial process.

The company imports most of the raw materials from China as it is cheaper.

A tax in which poor people pay a higher percentage of their income than rich people.

Under regressive tax systems everyone pays the same rate up to a certain limit, regardless of their earnings.

The activity of selling goods to the general public.

The city has several shopping malls with a large retail industry.

To have or experience a particular thing (usually unpleasant).

All business transactions are subject to taxes.

A tax on goods coming into or out of a country.

Tariffs are commonly used in times of economic downturn to protect domestic industries.

A legal means to pay less in taxes.

A lot of businesses make charitable donations and take advantage of the tax breaks connected to them.

An amount of money, not calculated on personal situation, that reduces tax payable.

After the tax reduction was applied, he was left with a tax bill of only $1200.

The activity of selling goods in large amounts to businesses which then sell on to the public.

goods sold from one business to another, specifically for resale to public consumers