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Business Tax > Vocabulary > Flashcards

Vocabulary Flashcards

1
Q

refund payments of tax

A

Steuervorauszahlung

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2
Q

allowance

A

Freibetrag

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3
Q

annual financial statement

A

Jahresabschluss

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4
Q

anticipated useful life of an asset

A

betriebsgewöhnliche Nutzungsdauer

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5
Q

appreciation

A

Wertsteigerung

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6
Q

arrears payment of tax

A

Steuernachzahlung

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7
Q

assets

A

Aktiva

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8
Q

balance sheet profit

A

Bilanzgewinn

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9
Q

basic trade income tax assessment notice

A

Gewerbesteuermessbescheid

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10
Q

board of directors

A

Vorstand

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11
Q

commercial associations

A

Handelsgesellschaften

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12
Q

commercial partnerships

A

Personenhandelsgesellschaften

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13
Q

constructive dividends

A

verdeckte Gewinnausschüttung

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14
Q

Corporate Income Tax

A

Körperschaftssteuer

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15
Q

cost of acquisition

A

Anschaffungskosten

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16
Q

currents assets

A

Umlaufvermögen

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17
Q

deadline for lodging a statement of objection

A

Einspruchsfrist

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18
Q

depreciation

A

Abschreibung

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19
Q

extraordinary depreciation

A

außerplanmäßige Abschreibung

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20
Q

expenses

A

Aufwendungen

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21
Q

external field tax auditor

A

Außenprüfer,Betriebsprüfer

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22
Q

field tax audit

A

steuerliche Außenprüfung, Betriebsprüfung

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23
Q

fixed assets

A

Anlagevermögen

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24
Q

fixed legal life of an asset

A

gesetzlich begrenzte Nutzungsdauer

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25
Q

general partner

A

Komplementär

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26
Q

general partnership

A

offene Handelsgesellschaft (OHG)

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27
Q

Individual Income Tax

A

Einkommensteuer

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28
Q

Inheritance & Gif Tax

A

Erbschaftsteuer

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29
Q

input VAT

A

Vorsteuer (jährlich)

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30
Q

international business tax law

A

internationales Steuerrecht (ifrs)

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31
Q

legal form of organizaation

A

Rechtsform

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32
Q

limited partner

A

Kommanditist

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33
Q

Limited Partnership

A

KG

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34
Q

Limited Company

A

GmbH

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35
Q

One Person Firm

A

Einzelkaufmann

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36
Q

Stock Corporation

A

AG

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37
Q

objection

A

Einspruch

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38
Q

opening balance

A

Eröffnungssaldo

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39
Q

output VAT

A

Umsatzsteuer (monatlich)

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40
Q

capital yield tax

A

Kapitalertragsteuer

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41
Q

purchases of merchandize

A

Wareneinkauf

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42
Q

Real Estate Tax

A

Grundsteuer

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43
Q

Real Estate Transfer Tax

A

Grunderwerbsteuer

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44
Q

revenue

A

Erträge

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45
Q

reversal of impairment

A

Wertaufholung

46
Q

sales revenue

A

Umsatzerlöse

47
Q

straight line depreciation method

A

lineare Abschreibung

48
Q

supervisory board

A

Aufsichtsrat

49
Q

tax assessment notice

A

Steuerbescheid

50
Q

tax base

A

Steuerbemessungsgrundlage

51
Q

tax refund payment

A

Steuererstattung

52
Q

tax return

A

Steuererklärung

53
Q

trade creditors

A

Verbindlichkeiten aus LuL

54
Q

trade debtors

A

Forderungen aus LuL

55
Q

Trade Income Tax

A

Gewerbesteuer

56
Q

TIT assessment notice

A

Gewerbesteuerbescheid

57
Q

TIT base amount

A

Gewerbesteuermessbetrag

58
Q

TIT refund claim

A

Gewerbesteuererstattungsansrpuch

59
Q

Value Added Tax

A

Umsatzsteuer

60
Q

write down

A

Abschreibung

61
Q

write up

A

Zuschreibung

62
Q

year of acquisition

A

Anschaffungsjahr

63
Q

liable

A

haftbar/unterliegt

64
Q

stock on hand / stock merchandise

A

Lagerbestand

65
Q

capital equity

A

Eigenkapital

66
Q

personal withdrawals

A

private Entnahmen (Soll)

67
Q

personal deposits

A

private Einlagen (Haben)

68
Q

bank loan

A

Bankdarlehen

69
Q

expenses of interest of loans

A

Zinsaufwendungen für Kredite

70
Q

wage

A

Lohn

71
Q

salarier

A

Gehalt

72
Q

expenses of rental from real estate

A

Mietaufwendungen

73
Q

operating expenses

A

laufende Aufwendungen

74
Q

fiscal year

A

Rechnungsjahr

75
Q

cash box account

A

Kassenkonto

76
Q

transactional taxes

A

Transaktionssteuern

77
Q

resale on credit

A

Weiterverkauf auf Kredit

78
Q

Debit

A

Soll

79
Q

Credit

A

Haben

80
Q

Invoice

A

Eingangsrechnung

81
Q

overall tax profit

A

zu versteuerndes Einkommen

82
Q

careless tax curtailment

A

leichtfertige Steuerhinterziehung

83
Q

fraudulent tax evasion

A

betrügerische Steuerhinterziehung

84
Q

imprisonment

A

Freiheitsstrafe

85
Q

German Commercial Code

A

HGB

86
Q

def. Fiscal Year

A

Rechnungsjahr

Das Rechnungsjahr muss innerhalb der ersten 12 Monate gewählt werden in dem man selbständig wird.

87
Q

Private law

A
  • civil law
  • commercial law
  • company law
88
Q

Public law

A
  • Constitutional law

- Administrative law

89
Q

What is the deadline for filling a tax return on Income Taxes and VAT?

A

Deadline for filling tax return&raquo_space; 31.05 following year

90
Q

Revenue Office determines advance tax payments for Income Taxes by advance tax payment notice. On what basis are advance payments determined by the RO?

A

Last tax assessment (Letzte Steuerschätzung)

91
Q

VAT must be reported and paid to the RO on monthly basis. What is the due date of the VAT advance tax reports and the self-calculated amounts?

A

10th of the following month

92
Q

What are the sources of taxable Income (categories)?

A
  • CAT 1: Income from farming & forestry –> no TIT
  • CAT 2: Business income of commercial enterprises (as one firm) TIT
  • CAT 3: Income from professional services –> no TIT
  • CAT 4: Income from employment
  • CAT 5: Income from capital investments
  • CAT 6: Income from rental of property
  • CAT 7: Income from certain miscellaneous items
93
Q

Categories of Income

A
  • Self-employed business-activity-based income
    –> CAT 1 + CAT 2 + CAT 3
    all categories are liable to IIT. Only category 2 is liable to TIT
  • Non-business-activity based income sources
    –> CAT 4 + CAT 5 + CAT 6 + CAT 7
94
Q

The total amount of value added

A

= last net sale price = price exklusive VAT (WERTSCHÖPFUNG)

95
Q

Unlimited Income tax

A

Persons with domicile or habitual abode in Germany are subject to unlimited income tax liability with their world income.

96
Q

Limited Income tax

A

Individuals with neither residence nor habitual abode in Germany may be subject to limited income tax liability if they earn income in Germany.

97
Q

def. Real Estate Transfer Tax

A

Grunderwerbsteuer

Wird auf dem Erwerb von Grundstücke erhoben.

98
Q

def. Real estate Tax

A

Steuer auf das Eigentum

99
Q

TIT base amount

A 
Preliminary Balance Sheet profit 
(Falls nicht gegeben dann: Sales Revenue – (Expenses + Purchase of Merchandise)
\+ Salaries
\+ Expenses from payments of TIT
=overall tax profit
\+100% of interest payable on loans 
\+50% of rent paid 
= gross amount of TIT
-TIT additional Allowance (100.000 €)
= intermediate amount of TIT
X TIT Add Factor (25%)
=Net amount of Additions  
- 1,2% ratable value of real estate (determined by R/O) 
= gross TIT profit (overall tax income – specific TIT reductions + net amount of additions)
- TIT Allowance (24.500 €)  not for corporations
= Net Trade Income Tax Profit 
X 3,5% TIT profit factor
= trade Income tax-base amount
X Municipal TIT rate (over 200%) 
 = TIT liability 
- advance payments 
= refund claim / arrears payment

Merke:
(+) Tax refund payment = Steuererstattung
(-) Tax arrears payment = Steuernachzahlung

100
Q

TIT Final B/S Profit

A

Partnership and One Person Firm:
Prelim. B/S profit
+TIT refund or - TIT arrears
= Final B/S Profit

Corporation
Prelim. B/S profit
-/+ Soli
-/+ CIT (berechneter)
-/+ TIT (berechneter)
= Final B/S profit
101
Q

CIT base amount

A 
Preliminary Balance Sheet Profit
\+ Expenses CIT
\+ Expenses TIT
\+ Expenses Soli
\+ 50% payments to members of supervisory board
\+ Expenses constructive dividends
- 95% of dividends received from another corporation
= Taxable Corporate Income  (( Basis for TIT))
X CIT rate 15%
= CIT liability
- CIT advance payments
= refund claim / arrears payments

Final Balance Sheet (B/S)
Preliminary B/S profit
+ CIT arrears payment / liability
= Final B/S profit

102
Q

Soli

A

CIT liability x Solidarity Surcharge rate 5,5%

103
Q

other operating expenses

A

sonst. betrieblichen Aufwand (253HGB)

104
Q

other operating income

A

sonst. betrieblichen Erträge (253 HGB)

105
Q

Tax Liability

A

Steuerschuld

106
Q

balance sheet value

A

Bilanzwert

107
Q

Attributed up to amortized cost

A

Zuschreibung erfolgt bis zu den fortgeführten Anschaffungskosten

108
Q

Unrealized gains can not be recognized (§252 GCC)

A

noch nicht realisierte Gewinne können nicht bilanziert werden (252 HGB)

109
Q

Losses must be booked immediately (§252 GCC) Unscheduled depreciation must be made and recorded as other operating expenses
(§253 GCC)

A

Verluste müssen sofort eingebucht werden(253HGB) Eine außerplanmäßige Abschreibung muss erfolgen und als sonstig betrieblichen Aufwand verbucht werden (252 HGB)

110
Q

balance

A

saldo

Business Tax (1 decks)

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