Read the text. Complete the sentences with the words from the box. You will not need two of them.

Date: 2015-10-07; view: 384.

Taxation of foreign companies

Russian legislation taxes profits derived from a “permanent

establishment” in Russia, as well as certain other types of ….5….. ( income, profit, earnings) derived without a permanent establishment in Russia. Importantly ,whether a permanent establishment exists under Russian tax law is….6…. ( related, unrelated , associated) to whether a foreign company's office has been registered in Russia.

A permanent establishment may exist even if the office is not registered, and the existence of a registered office may not necessarily give rise to a taxable permanent establishment. Profit derived by foreign legal entities from their permanent establishments in Russia is generally…..7….( released, taxed , exempt ) at the same profits tax rates applicable to Russiantaxpayers. As of 1 January 2012, a new rule was included in the Tax Code requiring that the income of a permanent establishment be…8….( determined , included, excluded ) taking into account the functions performed in Russia, theassets used and commercial risks ….9…(summed up, assumed, totaled) which is generally in line with the OECD approach.

Added , transactions , entities , exempt , applied, imposes, situations, subject

VAT

VAT is imposed on all goods imported into Russia and is also…1….

to the sale of goods, work and services. According to the recent

amendments to the Tax Code the same VAT regime applies to goods

and services that are sold in or imported into territories under Russian

jurisdiction e.g., artificial islands and drilling platforms on the

continental shelf.
Current legislation ..2…a VAT rate of 18%

on the sale of most goods, work and services. A lower 10% rate is

applied to limited types of goods, such as pharmaceuticals, medical

equipment, and certain food products and periodicals. The export of

goods is ..3.. to 0% VAT. In addition, certain types of goods,

work, and services are ..4… from VAT (for example, land plots,

dwelling houses and apartments, lease of office space to accredited

representative offices and branches of foreign legal ..5… from

jurisdictions which apply reciprocal benefits, certain medical goods

and services, the sale of shares, derivatives and repo ….6…....

Read the following text and translate the names of the principal state funds.

Social security contributions

Effective as of 1 January 2010, the Unified Social Tax, which

previously combined payments to the various Russian social funds,

was replaced by separate contributions to the State Pension Fund, the

Social Security Fund, the Federal Medical Insurance Fund and the

Territorial Medical Insurance Funds (the latter were excluded from the

list of recipients as of 1 January 2012).

Read the following texts and choose the correct form of the word in the singular/plural:
Personal income tax

Individuals who are defined as “Russian tax residents,” i.e. those who have been in the country for 183 days or more during any 12 consecutive months, are subject to personal income..1… tax / taxes on all their income, both that earned in Russia and that earned elsewhere.

Individuals who do not meet this…2…. criterion / criteria are subject to tax on any…3…

Income/incomes received from Russian sources. From 1 January 2001, Russia

has enacted various income tax rates, including: a 13% flat…..4… rate/rates