Review seminar questions

1. The concept of the tax law. The comparative tax law.

2. The concept of the tax. Functions of the tax. Kinds of taxes and fees.

3. Elements of a tax.

4. Legal bases of the taxation in Ukraine.

5. Legal bases of the taxation in the foreign countries.

6. A correlation of sources of the national and international tax law.

8. Models of tax systems.

9. Models of tax systems.

10. Tax systems of unitary and federative states: the specific of tax powers.

11. Tax administration in Ukraine: structure, legal statues.

12. Tax administration in foreign countries: structure, legal statues. Methods and procedures of tax administration.

13. Tax courts: their competence.

7. The concept of a resident and non-resident with the aim of the taxation.

8. The characteristic of scheduler and global system of the taxation of persons’ incomes.

9. Legal regulation of the taxation of persons’ incomes in Ukraine.

10. Personal income tax in the USA.

11. Capital gains tax.

12. The international agreements on avoiding on double taxation of personal incomes.

14. Legal regulation of the taxation of profit of the enterprises in Ukraine.

15. Taxes from legal entity in the EU countries.

16. Taxes from corporations (on an example of the USA).

17. Real estate taxes in a world practice: general characteristic.

18. General characteristic of indirect taxes.

19. Legal regulation of the indirect taxation in Ukraine.

20. Legal regulation of the Value added tax in Ukraine.

21. Legal regulation of the excise tax in Ukraine.

22. The indirect taxation in the EU countries. Harmonization of the indirect taxation in the EU countries.

LIST OF RECOMMENDED SOURCES

1. The Tax code of Ukraine. Law of Ukraine, December 02, 2010.

2. Internal Revenue Code of USA // www. thomas. loc.gov.

3. Adolfo J. Martin, Towards corporate tax harmonization in the EC, Kluwer Law International.

4. Bankman J., Grifith T., Pratt K. Federal income tax. – Washington, 1996.

5. Barker William B. Optimal International Taxation & Tax Competition: Overcoming the Contradictions // Northwestern Journal of International Law and Business. – 2002. – Vol. 22. - # 2. – P. 161 – 218.

6. Brennan G. & Buchanan James M. The Power to Tax: Analytical Foundations of a Fiscal Constitution. – Liberty Fund, Inc. – 2000 // www. econlib. org/

7. Burke M.J., Frill M. Taxation of individual income. – 4-th ed. – 1997.

8. Camfield, Regis W. ets. Taxation of Estates, Gifts and Trusts. – 12-th ed. – St. Paul: West Publishing Co, 1997.

9. Federal Income Taxation of Corporations / P. McDavid, H. Ault ets. – 2-nd ed. – The Foundation Press, 1997.

10. Joseph A. Pechman Comparative tax systems: Europe, Canada, and Japan. Arlington. 1987.

11. Harmonization of Corporate Taxes in the EC. - Kluwer Law International, 1994.

12. Herd R. & Bronchi Ch. Increasing Efficiency and Reducing Complexity in the Tax System in the USA // Societa Italiana di Economia Pubbblica. Working Papers. – 2002. - № 190.

13. Hudson, David M., Lind S. Federal Income Taxation. – 5-th ed. - St. Paul: West Publishing Co, 1994.

14. Messere K. Tax policy: theory and practice in OECD countries. – OECD, 2003.

15. P. Farmer, R. Lyal. EC Tax Law. Clarendon Press.Oxford.1994.

16. B. Terra, P. Wattel. European Tax Law. Second edition. Kluwer Law International, Hague, 1997.

17. Thuronyi V. Comparative Tax Law. – N.Y.: Kluwer Law International, 2003.

18. The information on tax systems of the majority of countries is placed in the Internet.

GLOSSARY

accelerated depreciation -- method of depreciation under which taxpayers may allocate larger depreciation deductions to the first year or first few years of useful business assets, such as plant and machinery;

accounting basis -- method of calculating amounts subject to income tax and vat. in respect of vat, tax would be computed as a percentage levy on the excess of sales over purchases. This is a theoretical concept and no country uses it;

accounting period -- a period of time used by taxpayer for the determination of tax liability;

accounts payable -- a list of the debts currently owed by a person or business, mainly for the purchase of services, inventory, and supplies;

active income – the income received owing to a trade in connection with the labor agreement;

administrative office -- office frequently located in a country other than that of the headquarters office, the parent company or country of operation;

amortization -- process of writing off the cost of an intangible asset over its useful life;

amortization method -- method of computing a credit under a vat regime where investment goods are purchased which have a useful life in the business for a period exceeding one year. The tax embodied in the price paid for the assets may be credited to the trader over a period of years corresponding to the life of the assets;

arrest of property distress attachment – a way of maintenance of discharge of duty on payment of the tax, that limiting the property right of the taxpayer concerning his property;

asset – the property or the non-material right of the person, which value gives in to measurement; cost of the cores and circulating capitals, monetary and financial assets of subjects of economic activities;

associated company - a company is associated with another company if one is under the control of the other, or if both are under the control of the same person or persons; control is usually defined by reference to ownership of share capital, or voting power; a company may be an associated company no matter where it is resident for tax purposes;

balance sheet -- statement of the financial position of a business as of a particular date. The statement will show the business's assets in one column and its liabilities and owner's equity in another column;

base company -- company situated in a low-tax or non-tax country (i.e. tax haven), which is used to shelter income and reduce taxes in the taxpayer's home country. Base companies carry on certain activities on behalf of related companies in high-tax countries (e.g. management services) or are used to channel certain income, such as dividends, interest, royalties and fees;

beneficiary -- the person who receives or is to receive the benefits resulting from certain acts. in a tax context, the beneficiary is the person entitled to the benefits from trust property or from an insurance policy;

branch -- division, office or other unit of business located at a different location from the main office or headquarters. it is not a separate legal entity;

capital assets -- all property held for investment by a taxpayer;

capital gains tax - is a tax on the increase in value of certain assets when they are sold compared with their value when they were bought. For example, any increase in the value of shares at the time of sale is subject to capital gains tax;

corporate income tax -- income tax on the income of companies;

customs duties -- taxes on goods imported into a country;

depreciation -- an accounting technique in which the cost of an asset is allocated over its useful life. It is normalized write-off of a part of monetary proceeds of the enterprise in the funds intended for compensation of cost of deterioration of used basic means and non-material actives.

direct taxes –the taxes raised directly from incomes or property of a taxpayer;

directive -- an official order or instruction. In EU context, it means one of the legal instruments issued by the competent institutions of the European union. A directive is addressed to the member states requiring them to make such changes to their domestic legislation as necessary to satisfy a provision of one of the EC treaties;

domicile -- a person's domicile in English common law is his permanent home, the place to which he always intends to return. Residence is the place where an individual lives for a certain period of time, while domicile is the place where an individual makes his permanent home;

double taxation, domestic and international -- domestic double taxation arises when comparable taxes are imposed within a federal state by sovereign tax jurisdictions of equal rank. International double taxation arises when comparable taxes are imposed in two or more states on the same taxpayer in respect of the same taxable income or capital, e.g. where income is taxable in the source country and in the country of residence of the recipient of such income;

double taxation, economic and juridical -- double taxation is juridical when the same person is taxed twice on the same income by more than one state. Double taxation is economic if more than one person is taxed on the same item;

dual residence -- person or company resident in two or more countries under the law of those countries, because the two countries adopt different definitions of residence;

duty -- customs duties (sometimes called a tariff) levied on imported products;

duty-free zone -- zone usually located next to an international port or airport where imported goods may be unloaded, stored and reshipped without payment of customs duties or other types of indirect taxes, provided the goods are not imported;

expenses -- costs that are currently deductible, as opposed to capital expenditures, which may not be currently deducted but must be depreciated or amortized over the useful life of the property;

fee – the obligatory payment raised from individuals and legal entities, which payment is one of conditions of fulfillment in favor of the person by authorities legally significant actions;

fine – the sanction for untimely performance of liabilities. It is charged for the sum of a tax debt per every day of delay of payment;

foreign-source income -- generally income realized from countries outside the country of residence of the taxpayer;

global income tax – system of collection of the tax from individuals incomes according to which the tax is raised from the cumulative income of the taxpayer irrespective of a source;

gross income -- gross receipts, whether in the form of cash or property, of the taxpayer received as compensation for independent personal services, and the gross receipts of the taxpayer derived from a trade, business or services, including interest, dividends, royalties, rentals, fees or otherwise;

gross profits -- the gross profits from a business transaction are the amount computed by deducting from the gross receipts of the transaction the allocable purchases or production costs of sales, with due adjustment for increases or decreases in inventory or stock-in-trade, but without taking account of other expenses;

harmonization of tax -- the process of removing fiscal barriers and discrepancies between the tax systems of the various countries comprising the European union. The EU has issued directives in the area of indirect and direct taxation;

jurisdiction -- the power, right, or authority to interpret and apply tax laws or decisions;

indirect taxes - are taxes where the subject of the tax shifts its burden on other person, which acting the actual bearer of this tax. These are taxes to the goods and the services established in the form of the extra charge to the price;

know-how -- all undivulged technical information, whether or not capable of being patented, that is necessary for the industrial reproduction of a product or process, i.e. knowing how a product is made or how a particular process works;

local taxes – taxes which are established and are put in force by the decision of representative institutions of local self-government and are raised in their territory;

luxury taxes -- indirect ad valorem tax imposed on supplies of specific non-essential and normally expensive commodities that are arbitrarily considered (e.g. toiletries, cosmetics, jewelers, pearls and precious stones and metals, etc.);

non-resident a person who spends most of the calendar year outside his country of domicile. Non-residents are usually taxed on income derived from sources within the taxing jurisdiction whereas residents may be taxed on worldwide income;

object of taxation - all that is a subject to taxation according to the law;

offshore company -- a company which is registered in a country (often a tax haven) other than the country or countries in which it carries on its business activities. An offshore (or non-resident owned) company is commonly used for captive insurance, marketing abroad, international shipping and tax shelter schemes;

passive income – the income received from investments, in the form of dividends, percent on deposits, some kinds of royalties, etc.;

payroll tax -- tax charged on an employer's payroll (i.e. gross salaries, wages and other remunerations) paid to his employee without regard to their domicile, family status or other individual circumstances;

progressive tax - is a system of the taxation at which to the greater taxation corresponds the higher level of tax rates;

property tax -- group of taxes imposed on property owned by individuals and businesses based on the assessed value of each property;

proportional tax is a system of taxation at which tax rates are established in united percent to object of the taxation irrespective of its size;

repatriation -- individuals and legal entities investing their capital in a foreign country in order to derive income from such capital may wish to transfer this capital or income back to their home country, i.e. to repatriate it. Repatriation also takes place when expatriate employees working in a foreign country want to send income to their home country;

residence principle of taxation -- principle according to which residents of a country are subject to tax on their worldwide income and non-residents are only subject to tax on domestic-source income;

resident -- a person who is liable for tax in a country or state because of domicile, residence, place of management, or other similar criterion;

return – the official application of the taxpayer about incomes, which were received by him for the expired tax period and extending on them tax privileges;

royalties -- payments of any kind received as consideration for the use of, or the right to use intellectual property, such as a copyright, patent, trade mark, design or model, plan, secret formula or process;

scheduler income tax – the tax from individuals incomes, raised in parts – schedules at a source of the income;

source of income -- the place (or country) where a particular item of income is deemed to originate or where it is deemed to be generated. National rules vary, depending on which concept of source is used;

stamp duties -- duty levied upon the issue of official documents such as passports, deeds, contracts for the transfer of ownership, etc. usually, stamp duties are "levied" by way of a stamp being fixed to the document in question;

tax i s established by the supreme body of legislature obligatory, individually nonequivalent payment, which paid by individuals and legal entities in budgets and provided by compulsory force of the state;

tax bill - a tax accounting document, drawn by the seller at the moment of selling a product (service, work), and handed over to the buyer of the product (service, work). Tax bill contains appropriate details of the seller and the buyer of products, tax numbers of a VAT payer, and the amount of VAT, as calculated by the product seller in relation to the cost of products sold;

tax elements - are regulated by tax legislation constitutive parts of tax, determinant conditions of its application;

taxpaye r – a person who according to the law is obliged to pay the tax;

taxable base – the sum of the income to which the tax rate is applied, after fulfillment of all deductions and privileges;

tax discount – the sum (cost) of the expenses suffered by taxpayer from his income in connection with purchasing of the goods (works, services) during a fiscal year, from the sum of which is permitted the reduction of the sum of the general annual tax loading income, in cases, provided by the law;

tax-free zone -- area within the territory of a country in which customs duties and other types of indirect taxes are not applied;

tax haven -- a country which imposes a low or no tax, and is used by corporations to avoid tax which otherwise would be payable in a high-tax country. Tax havens have the following key characteristics: no or only nominal taxes; lack of effective exchange of information; lack of transparency in the operation of the legislative, legal or administrative provisions;

tax rate – size of the tax counting upon the unit of the taxation;

tax relief - is a full or partial releasing of a taxpayer from tax payment in the presence of legal foundation provided by law;

tax law - is a set of financial-legal law which determine public relationships on the establishment, introduction and collection of taxes and other obligatory payments;

tax system is a set of taxes and fees raised in the state, and also the forms and methods of their construction;

term of tax – the deadline, before which the tax should be paid;

tax treaty -- an agreement between two (or more) countries for the avoidance of double taxation. a tax treaty may be titled a convention, treaty or agreement;

territoriality principle -- term used to connote the principle of levying tax only within the territorial jurisdiction of a sovereign tax authority or country, which is adopted by some countries. Residents are not taxed on any foreign-source income;

value added tax (VAT) -- specific type of turnover tax levied at each stage in the production and distribution process. Although VAT ultimately bears on individual consumption of goods or services, liability for vat is on the supplier of goods or services. VAT normally utilizes a system of tax credits to place the ultimate and real burden of the tax on the final consumer and to relieve the intermediaries of any final tax cost;

withholding tax -- tax on income imposed at source, i.e. a third party is charged with the task of deducting the tax from certain kinds of payments and remitting that amount to the government. Withholding taxes are found in practically all tax systems and are widely used in respect of dividends, interest, royalties and similar tax payments. The rates of withholding tax are frequently reduced by tax treaties.

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