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Objectives of taxation

Tax is a compulsory levy on individuals and companies by the state to meet the expenses of the government. Taxation is imposition of compulsory levies on persons or other entities by governments. Taxes are levied in almost every country of the world, primarily to raise revenue (money that a business or organization receives over a period of time, especially from selling goods or services) for government expenditures. One useful way to view the purpose of taxation is to distinguish between objectives of resource allocation, income redistribution, and economic stability. Economic growth or development and international competitiveness (the ability of a company or a product to compete with others) are sometimes listed as separate goals. In the absence of a strong reason for interference, such as the need to reduce pollution, the resource allocation objective is furthered if tax policy does not interfere with market-determined allocations. The redistributive objective is to lessen inequalities in the distribution of income and wealth to the extent they are considered excessive and unjust. The stabilization objective is the maintenance of high employment and price stability.

1) What meant by the term “tax” is? 2) What is by the term “taxation” meant? 3) Where taxes are levied? 4) What taxes are levied to do? 5) What the first objective of taxation is? 6) What the is second objective of taxation? 7) What the third objective of is taxation? 8) What the fourth objective is of taxation? 9) What is the one fifth? 10) What meant is by the term “competitiveness”? 11) When the resource allocation objective furthered is? 12) What the redistributive objective to do is? 13) What the stabilization objective is?

II. Agree or disagree with the following statements.

1) Tax is an amount of money paid by citizens to the government. 2) Taxation is the system of charging taxes. 3) Taxes are charged to increase revenue for government expenses. 4) Taxation provides resource allocation. 5) Taxation ensures income redistribution. 6) Taxation provides economic instability. 7) Taxation provides economic regression. 8) Taxation provides economic stagnation. 9) Taxation fails to provide international competitiveness. 10) Tax evasion is illegal ways of paying less tax. 11) Tax avoidance is legal ways of paying less tax.

III. Translate the statements from Russian into English.

1) Каждый человек должен платить налоги. 2) Налоги существуют во всех странах мира. 3) Налогообложение не должно вмешиваться в рыночное распределение ресурсов. 4) Налогообложение должно уменьшать неравенство в распределении дохода. 5) Налогообложение должно поддерживать стабильность цен.

IV. Complete the following statements.

1) Tax is … 2) Taxation is … 3) Taxes are levied in … 4) Taxes are levied to raise … 5) The first objective of taxation is … 6) The second objective of taxation is … 7) The third objective of taxation is … 8) The fourth objective of taxation is … 9) The fifth objective of taxation is … 10) Competitiveness is … 11) The resource allocation objective is furthered if … 12) The redistributive objective is to lessen … 13) The stabilization objective is the maintenance of …

V. Scan through the text. Restore the word order in the questions that follow and answer them.