Taxes

Question 1

income tax

Answer 1

tax paid on wages and salaries

Question 2

capital gains tax

Answer 2

paid on profits made by selling assets

Question 3

tax avoidance

Answer 3

reducing the amount of tax to pay to a legal minimum

Question 4

progressive tax

Answer 4

a tax levied at a higher rate on higher incomes

Question 5

regressive tax

Answer 5

a tax levied at a lower rate on higher incomes

Question 6

flat tax

Answer 6

a tax levied at a constant rate, no matter the income

Question 7

loophole

Answer 7

a small mistake or exception in a tax law which allows you to avoid paying taxes

Question 8

tax evasion

Answer 8

making false declarations to tax authorities

Question 9

VAT

Answer 9

Value Added Tax

Question 10

tax haven

Answer 10

a country where taxes are low and where rich people and corporations set up their head offices

Question 11

inheritance tax

Answer 11

a tax that is levied on gifts and money received from family members

Question 12

direct tax

Answer 12

a tax levied on wages and salaries

Question 13

indirect tax

Answer 13

tax levied on goods

Question 14

tax return

Answer 14

deklaracja podatkowa

Question 15

tax exemption

Answer 15

zwolnienie z podatku

Question 16

tax deductible

Answer 16

odliczony od podatku

Question 17

tax relief

Answer 17

ulga podatkowa

Question 18

money laundering

Answer 18

trying to pass money through a series of transactions in order to disguise its origin from tax inspectors

Question 19

tax refund/rebate

Answer 19

money that you get when you have paid too much tax

Question 20

excise duty

Answer 20

tax imposed on alcohol, tobacco, petrol

Question 21

tax fraud

Answer 21

cheating tax authorities by hiding income or making false declarations

Question 22

tax authority

Answer 22

official body responsible for levying and collecting taxes

Question 23

double taxation

Answer 23

taxation of both company profits and shareholder’s income

Question 24

tax arrears

Answer 24

occurs when taxes are not paid or paid too late (zaległości)

Question 25

tax payer

Answer 25

person whose income is taxable

Question 26

tax remitter

Answer 26

person or entity that actually transfers money to pay due tax

Question 27

sin tax

Answer 27

tax imposed on cigarettes, alcohol, gambling

Question 28

carbon tax

Answer 28

tax levied on the carbon emmisions required to produce goods and services

Question 29

soda tax

Answer 29

tax levied on sweet, carbonated beverages

Question 30

gas tax

Answer 30

tax imposed on petrol

Question 31

tax base

Answer 31

podstawa podatkowa

Question 32

liable to taxes

Answer 32

podlegający opodatkowaniu

Question 33

to levy/impose taxes

Answer 33

nałożyć podatki

Question 34

stamp duty

Answer 34

opłata stemplowa