1. The tax on wages and salaries (and business profits in the us)iscalled … .In Britain the tax on business is called corporation tax.

a. direct tax b. income tax с. wealth tax

2.A tax that is levied at a higher rate on higher incomes is called a …tax.

а.progressive b. regressive с. value-added

3.Property taxes, sales taxes, customs duties on imports, and excise

duties on tobacco, alcoholic drinks, petrol, etc are ...:.taxes

a. direct b. indirect с value-added

4.Most sales taxes are slightly …because poorer people need to spenda larger proportion of their income on consumption than the rich.

a. progressive b. regressive с repressive

5.A sales tax collected at each stage of production, excludingthe

already-taxed costs from previous stages, is called a … .

a. sales tax b. value-added tax с added-value tax

6. Profits made from the sale of assets are liable to a …tax.

a. capital gains b. capital transfer c. wealth

7. Gifts and inheritances are usually liable to …tax.

a. capital gains b. capital transfer с wealth

8. Reducing the amount of tax you pay to a legal minimum is called …

a. fiscal policy b. tax avoidance с tax evasion

9. Making false declarations is called …and is obviously illegal.

a. creative accounting b. tax avoidance с tax evasion

10. Bringing forward capital expenditure (on new factories, machines,

and so on) so that at the end of the year all the profits have been usedup is known as making a … .

a. mistake b. tax haven с tax loss

11. Multinational companies often set up their head offices in low-tax

countries such as Liechtenstein, Monaco, the Cayman Islands, and

the Bahamas, known as … .

a. tax haven b. tax heavens с tax shelters

12. Criminal multinationals such as the Mafia tend to pass money

through a series of companies in very complicated transactions in

order to disguise its origin from tax inspectors and the police; this is

known as money … .

a. cleaning b. laundering c. washing

3.Synonyms

Match the words on the left with their best synonym on the right:

1. an overview a. to escape

2. to get away from b. that is

3. to the point c. to choose

4. essentially d. boasted about

5. contrary to e. a summary

6. to take into account f. to collect

7. to opt for g. concise

8. i.e. h. fundamentally

9. vaunted i. by the employer

10.to levy j. to consider

11.at source k. general view

12.broad picture l. as opposed to

4. Collocations

a) Read the definitions below, then complete the phrases that follow by combining an appropriate word from the box with «rate(s)»

exchange, return, tax, interest, interbank, inflation

1.Rate of change in prices………………..rate

2.Price at which one country's currency can be converted into

another's……………………………………………...rate

3.True annual rate of earnings on an investment ……..rate

4.Percentage rate of tax imposed ……………………..rate

5.Percentage of a sum of money charged for its use ….rate

6.Rate that the most creditworthy international banks dealing ineurodollars charge each other for large loans …………rate

b) All the words below can be combined with «tax» or «taxation» in a two-word partnership. Add «tax» or «taxation» before or after the following words:

1. ….accounting ….. 14……inspector…..

2. ….allowance ….. 15……loophole…..

3…...authority….. 16……loss…...

4……avoidance….. 17……payer…..

5……consultant….. 18……progressive…..

6……corporation….. 19……rates…..

7……deductible….. 20……rebate…..

8…….direct….. 21……regressive…..

9……evasion….. 22……return…..

10…..free….. 23……sales…..

11…..haven….. 24……shelter…..

12…..income….. 25……withholding…..

13…..indirect….. 26……year…..