Unit 9 Vocabulary: Taxes I

"There is strict anti-avoidance legislation in most countries which means that failure to pay the full amount of due taxes is punishable by law."

"The accountant advised the owner to retain the property for 12 months before selling so as to reduce the amount of capital gains tax due."

"The CEO decided to hire a freelance tax advisor to help solve the problem."

"The American system of consumption tax in the form of sales tax is much easier to calculate than the European system of VAT."

"In America the corporation tax rate varies from 15% to 35% depending on the level of earnings."

"The company accountant deferred the tax due until the start of next year."

"The firm liquidated 50% of their fleet to raise funds for the investment."

"The accountant minimized the tax liability and saved the company thousands of dollars."

"The auditors studied the non-inventory assets and found that two of the company cars were missing."

"In most countries employees are obliged to pay national insurance."

"The profits for this quarter more than offset the losses from last quarter, so we are making a profit for the year."

"The payroll clerk uses a computerized PAYE system to submit all payroll records to the tax office."

"The company received a $45,000 tax credit for investing in solar panels for the new property."

"As John's taxable earnings for the year were under the lower level bracket he didn’t need to pay any tax."