TAXATION Flashcards
taxation (oporezivanje)
the transfer of money from individuals and companies to finance the government
expenditure
corporation tax (korporacijski porez)
the tax on company profits in Britain
custom duties (carine)
taxes charged on most imports
income tax (porez na dohodak)
the tax people pay on their wages and salaries, and also on business profits in the
US
direct tax
a tax paid directly to the government (such as income tax on wages and salaries or
on company profits)
progressive tax
taxation system where tax levels increase as the income is higher
proportional (flat) tax
a system that taxes everyone at the same rate, regardless of
their income bracket
indirect tax
a tax which is not paid directly to the government (such as sales tax levied on the
sale of goods and services)
value-added tax (porez na dodanu vrijednost)
a tax on goods and services, added as a percentage to the invoiced sales
price
capital gains tax (porez na dobit)
a tax on profits made by selling assets
capital transfer tax or inheritance tax (porez na prijenos kapitala ili porez na nasljedstvo)
a tax people pay on gifts and inheritances
over a certain value
wealth tax
the annual tax imposed on people’s fortunes (in some countries) if their value is
above a particular amount
tax evasion (utaja poreza)
making false declarations to the tax authorities, trying illegally not to pay tax
tax avoidance (izbjegavanje poreza)
reducing the amount of tax you pay to a legal minimum
regressive tax
a tax where people with low incomes spend a larger proportion of what they
earn on sales tax than those with high incomes
consumption
spending money to buy things, rather than saving it
national insurance
a tax on incomes that pays for sickness benefit, unemployment benefit,
and old-age pensions
perks
non-financial benefits or advantages of a job
tax shelters
a way to postpone or reduce taxation by spending income on a pension plan, life
insurance policy, etc.
tax-deductible
expenditures (such as business expenses, or donations to charity) that can be
taken away from taxable income or profits
tax haven
a country offering very low tax rates to non-residents and foreign businesses
tax loss
a loss made deliberately by a business to avoid paying tax on profits, usually by
bringing forward capital expenditure to use up profits at the end of the tax year
excise duties (trošarine)
taxes raised on certain products, particularly on tobacco and alcoholic drinks
fiscal policy
the government’s policy relating to government finances (taxation, expenditure,
etc.)
