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Accounting

PERCENTAGE pərˈsɛntɪdʒ

Noun

  • rate or proportion out of 100.
Example Sentence: A percentage of the income will be given to a local charity.
 

STATISTICS stəˈtɪstɪks

Noun

  • numerical facts or data.
Example Sentence: Recent statistics have shown an increase in the test subject’s reaction time.
 

INDIRECT TAXATION ɪndəˈrɛkt, tækˈseɪʃən

Noun

  • includes taxes which are levied in an indirect way rather than being charged directly on an individual's income or estate.
Example Sentences: Tax on products, such as cigarettes, alcohol and petrol, is also a form of indirect taxation.
High indirect taxation tends to hit the poor far more than the rich.
 

DIRECT TAXATION dɪˈrɛkt tækˈseɪʃən

Noun

  • includes taxes which are imposed directly on the individual paying them.
Example Sentences: Examples of direct taxation are income tax, capital gains tax and inheritance tax.
High direct taxation hits the rich hard.
 

TAX YEAR tæks yɪər

Noun

  • The calendar year or fiscal period for which income tax is to be paid.
Example Sentence: In Hong Kong the tax year ends on 31 March.
 

TAX RETURN tæks rɪˈtɜrn

Noun

  • Is a form on which certain tax payers annually list their salary (including pensions), or income from self employment together with benefits in kind, other income and capital gains.
Example Sentence: Don’t forget to get your tax return in by the end of the month. There’s a penalty if you send it in late.
 

TAX RELIEF tæks rɪˈlif

Noun

  • Are amounts which you can deduct from your annual income to reduce the amount on which you have to pay tax.
Example Sentences: Tax relief that can be claimed in connection with employment includes travel expenses necessary for you to carry out your work and for which the employer does not pay.
I claimed tax relief on my Hong Kong business trip.
 

TAX HAVEN tæks heɪvən

Noun

  • Is a country where companies or individuals may legally take advantage of lower taxation levels.
Example Sentence: Well-known tax havens include: Bermuda, British Virgin Islands, Gibraltar and the Isle of Man.
 

TAX EXILE tæks ɛksaɪl

Noun

  • Is a wealthy person who lives outside his/her own country in order to minimise the tax they owe.
Example Sentence: Many wealthy people prefer to move to other countries and become tax exiles than reside in their birth countries where the tax rates are high.
Sean Connery is perhaps Scotland’s most famous tax exile.
 

TAX EVASION tæks ɪˈveɪʒən

Noun

  • Is the minimising of the tax you owe by failing to declare taxable income or taxable capital gains or by submitting false information to the tax authorities.
Example Sentence: World famous Tenor Luciano Pavoratti was convicted of tax evasion in 1999, and ordered to pay a penalty of US$11 million to the Italian Courts.
 

TAX AVOIDANCE tæks əˈvɔɪdns

Noun

  • Is working within the law to minimise the tax you owe.
Example Sentence: Richard has a really switched-on accountant who specialises in tax avoidance for self-employed people.
 

TAX ALLOWANCES tæks əˈlaʊəns

Noun

  • Are concessions by the Inland Revenue which can be used to reduce a person's Taxable Income.
Example Sentence: Do you know how much the tax allowance is for a married person in Hong Kong?
 

BUDGET CONSTRAINT bʌdʒɪt kənˈstreɪnt

Noun

  • things that limit the amount of money that can be spent.
Example Sentence: The department manager was restricted by strict budget constraints.
 

RECEIVABLES rɪˈsivəbəls

Noun

  • money that a business expects to receive.
Example Sentence: The company generates roughly $400 million in receivables annually.
 

PARENT COMPANY pɛərənt kʌmpəni

Noun

  • a company that owns control of one or more subsidiary companies.
Example Sentence: It is the parent company of several publishing firms.
 
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