Taxes Flashcards
income tax
tax paid on wages and salaries
capital gains tax
paid on profits made by selling assets
tax avoidance
reducing the amount of tax to pay to a legal minimum
progressive tax
a tax levied at a higher rate on higher incomes
regressive tax
a tax levied at a lower rate on higher incomes
flat tax
a tax levied at a constant rate, no matter the income
loophole
a small mistake or exception in a tax law which allows you to avoid paying taxes
tax evasion
making false declarations to tax authorities
VAT
Value Added Tax
tax haven
a country where taxes are low and where rich people and corporations set up their head offices
inheritance tax
a tax that is levied on gifts and money received from family members
direct tax
a tax levied on wages and salaries
indirect tax
tax levied on goods
tax return
deklaracja podatkowa
tax exemption
zwolnienie z podatku
tax deductible
odliczony od podatku
tax relief
ulga podatkowa
money laundering
trying to pass money through a series of transactions in order to disguise its origin from tax inspectors
tax refund/rebate
money that you get when you have paid too much tax
excise duty
tax imposed on alcohol, tobacco, petrol
tax fraud
cheating tax authorities by hiding income or making false declarations
tax authority
official body responsible for levying and collecting taxes
double taxation
taxation of both company profits and shareholder’s income
tax arrears
occurs when taxes are not paid or paid too late (zaległości)
