Taxation. Professional workshop

1. taxation

TA X ATION
P R O F E S S I O N A L WO R K S H O P
A DVA N C E D - M A S T E R , W E E K 1 5

2. Slajd 2

1
• Are you satisfied with
your job?
2
• What do you usually
spend your money on?
Are
3
• Are you satisfied with
public services?
2

3. Slajd 3

Ann:
For me income tax threshold should be relatively high which is
especially important for young people doing part time jobs. That
would help them and their employers if they didn’t have to pay taxes
for smaller amount of money or eventually get it back. I remember
getting my first tax refund, it felt like a Christmas gift.
Shaun:
I am an entrepreneur and every year-end tax settlement is a big
stress for me but with every tax return completed, I’m getting used
to it. It is significant to know that information I include is very
important and any inconsistency can be detected by the Revenue.
• READ THE STATEMENTS. PAY
ATTENTION TO THE BOLDED
WORDS.
Victoria:
As an entrepreneur and employer I know how important it is to give
information about the difference between net and gross income.
What you really get on your account and what is recorded on the
contract differ significantly. It can be easily explained with valueadded tax as an example, everybody does shopping after all.
3

4. Slajd 4

Stephen:
Being an accountant, I need to have all the company’s liabilities
carefully recorded and calculated in order to have all the obligations
paid in time.
Monica:
After my wedding one of the most problematic matters was whether
the money gift was tax exempt or taxable, therefore should I pay
for it or not. I found out that for year 2019 the annual exclusion
for a gift to child is $15 000 and fortunately I didn’t have to pay for
the gift from my parents.
• READ THE STATEMENTS. PAY
ATTENTION TO THE BOLDED
WORDS.
Patrick:
When I changed my job my salary raised drastically which was
certainly a good thing but it also means now I am in a different tax
bracket and I have to pay more. I understand the need of income
tax though, a national budget can’t just fill itself.
4

5. Slajd 5

1. income tax
threshold
a) a government department concerned with the collection of the
national revenue
2. tax refund
b) money that you have to pay tax on
3. year-end tax
settlement
c) money to be spent by the Government
4. tax return
d) obligation to be paid later
5. the revenue
e) a report that a person sends to the government about the money
that he or she has earned and the taxes that he or she has paid in the
year
6. net
f) the income level at which a person begins paying income taxes
7. gross
g) a tax on the net income of an individual or a business
8. liability
h) the maximum amount that a person can give each year as a gift
without having to pay a gift tax
9. tax exempt
i) a range of different incomes on which the same rate of tax must be
paid
10. taxable
j) payoff at the end of the year
11. annual
exclusion
k) the amount of money that remains when nothing more is to be
taken away
12. tax bracket
l) the total amount of something before anything is taken away
13. income tax
m) interest that is free from federal or state income tax
14. national
budget
n) a return of money paid that is more than what is actually owed for
5
taxes
• MATCH THE WORDS WITH THEIR
DEFINITIONS.

6. Slajd 6

• WHAT CONNECTS THESE PICTURES?
6

7. Slajd 7

RENOUNCING
CITIZENSHIP
RESIDENCY
REPATRIATION
MULTICULTURAL
ENVIRONMENT
EXPATRIATE
OIL COUNTRIES
HIGH NET
WORTH
• EXPLAIN THESE WORDS.
7

8. Slajd 8

United Arab Emirates
The Bahamas
• WHAT DO THEY HAVE IN COMMON
AND HOW ARE THEY CONNECTED
WITH THE TOPIC OF THE LESSON?
Bermuda
Monaco
8

9. Slajd 9

ANSWER THE
QUESTIONS
1. What is meant by “tax-friendly countries”?
2. According to the text, what can be done to avoid taxes? Is it
complicated?
9

10. Slajd 10

FIND IN TEXT
Which country...
1. … may be a risky destination by means of crime rate
2. … has a fairly stable economy
3. … is a very safe place
4. … is relatively cheap
5. … is the most friendly for English-speaking people
6. … has one of the highest costs of living
7. … does not offer good healthcare
8. … is known for Formula 1 races
9. … U.S. expatriates are most likely to work in economics
10. … is known for its mixed cultural environment
11. … is known for good food
12. … provides a person with permanent residency status for
purchasing a real estate
13. … is known for its isolation
14. … is an entertainment centre for wealthy people
15. … offers its free-tax policy to those without the citizenship
10

11. Slajd 11

1
2
• How often doIs taxation system understandable in your
country? Would you like it to be clearer? you withdraw
money from an ATM?
• Are you able to complete tax refund yourself?
3
• Do you know what are taxes used for in your country?
What should be National Budget spent on? Give examples
and argumentation.
4
• Would you decide to escape taxes and become an
expatriate if you were given a possibility? Why? Why not?
5
• What taxes do you think are the most unfair? What
should become tax exempt?
6
• Would you pay higher taxes if you knew the money is
destined to climate change project, reducing world
poverty, etc?
11
ANSWER THE QUESTIONS.