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Complete each sentence with a word or phrase from the box.
allowance corporation deductible evasion exile free
havens incentives inheritance inspector progressive
rote relief return value added
1. The standard ___rats___of income tax in my country is 25% but well-off people pay more.
2. Marbock has been sent to prison for tax__________. He didn't pay any tax for five years.
3. In my country, tax on income is _______: rich people pay a bigger percentage of their income than poor people.
4. I have to fill in my tax _______ before the end of the week.
5. Some of the items you can sec here are tax-_______ so you don't have to pay any tax on them at all.
6. You have to pay almost 20% _______ tax on things like perfume, alcohol and petrol.
7. We have been told that we will shortly receive a visit from the tax _______ who plans to look at all our accounts for the last three years.
8. The Bahamas and the Channel Islands are two popular tax_______ because taxes are low so that foreigners who to pay less tax invest there.
9. The government is keen for foreign businesses to come to this region and therefore gives them a lot of tax __________.
10. These businesses are given a number of other tax __________as well.
11. The government has increased the rate of tax we have to pay so the net profit for the business is likely to be down next year.
12. He could have received a lot of money after his father death but he was badly advised and the state took nearly all of it in __________ tax.
13. He earns so much money and taxes are so high in his own country that his accountants have advised him to move abroad and become a tax _________.
14. I pay less tax than other people because I have a big family and there is a generous state tax __________ for this.
15. She has to wear special clothes for her job but she gets some of the money back from the government because they are tax- __________ items.
>>In the US, the tax year runs from 1 July to 30 June. In the UK, it runs from 6 April to 5 April!
Another term for a tax incentive is a tax break.
Answer
Source: Test Your Professional English - Business Intermediate by Steve Flinders
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