Учебно-практическое пособие для III курса направление подготовки




НазваниеУчебно-практическое пособие для III курса направление подготовки
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Дата26.09.2012
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ТипУчебно-практическое пособие
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Text C

A Loan agreement

  1. Read this text and translate it in a written form:

Preamble, Amount of principle


This agreement is dated as of October 11th, 20.., and is between the Russ bank of Russia, a juridical person organized and existing under the laws of Russia, hereinafter referred to as ‘the Borrower’, and Nisso Iwa (UK) Limited a corporation organized and existing under the laws of England, hereinafter referred to as ‘the Lender’.

Witnesseth:

Whereas, Russ import, Moscow, Russia a judicial person organized and existing under the laws of Russia, hereinafter referred to as ‘the Buyer”, has entered into Purchase Contract N 732/09 dated April 6th, 2012, hereinafter referred to as “the Purchase Contract” with Nisso Iwa Corporation, a corporation organized and existing under the laws of Japan, hereinafter called ‘the Seller” for the purchase of San Iron Manufacturing Plant Equipment from San Electric Co and Addendum N 1 dated October 31st 2012 hereinafter called “the Addendum” for the purchase of additional equipment for the above plant, hereinafter called “the Equipment”, and whereas, the Borrower has requested the Lender to lend Eight Hundred Nineteen Thousand Two Hundred Three United States Dollars (USD 819,203) to facilitate payments for the Equipment under the Addendum, and Whereas, the Lender is willing to lend the funds under the terms and conditions set forth below. Now, therefore, in consideration of the promises contained herein, and each party intending to be legally bound thereby, the parties agree as follows:

Article 1 The Loan

    1. Amount of principal subject to the terms hereof, the Lender hereby agrees to lend the Borrower the principal sum of Eight Hundred Nineteen Thousand Two Hundred Three United States Dollars (USD 819,203), hereinafter called ‘the Loan’. Disbursement of the Loan shall be made by the Lender by telegraphic transfer before 12:00 noon, London time on the dates in accordance with Article 9.3, hereinafter called “the Drawdown Dates”, in immediately available funds in United States Dollars to the bank account of the Seller.

Article 2. Rate and payment of interest

  1. The rate of interest applicable for each interest period, as defined hereinafter, shall be one point three seven five per cent (1.375%) per annum above the London Inter Bank Offered Rate, hereinafter called ‘the Interest Rate”.

The interest shall accrue for each and every period from and including each Drawdown Date to and not including the day as specified for interest payment on Exhibit B attached hereto, hereinafter called “the Interest Payment Date”, immediately following such Drawdown Date, and thereafter from and including each Interest Payment Date to and not including the next Interest Payment Date, hereinafter called “the Interest Period” on the outstanding balance of the Loan at separate rates for each Interest Period calculated on the basis of the actual number of days elapsed and 360-day-yuear, the interest accrued on the Loan is hereinafter called “the Interest”, and shall be paid semi annually in arrears on each Interest Payment Date.

  1. The applicable LIBOR for each Interest Period shall be the arithmetic mean, round upward, if necessary, to the nearest whole multiple of 1/16 of 1%, of the six month LIBOR for deposits in the United States Dollars as quoted on Reuters monitor page ‘LIBO’ at or about 11:00 a.m., London time on the second business day in London, England prior to the first day of each Interest Period.

  2. The Lender shall notify the Borrow of the Interest Rate promptly after the Quotation Date for each Interest Period and such notice (except for manifest error) shall be conclusive, binding.

Such notice shall be made in the manner as described in Article 16 hereof.

Unit 3

Text A

Taxation

Vocabulary

At source

У источника

Average rate

Средняя налоговая ставка

Basic rate

Базисная ставка

Capital market

Рынок капитала

Charge (v) off costs

Амортизация издержек

Chef inspector of taxes

Главный налоговый инспектор

Corporation income tax

Подоходный налог с компаний

Depreciation

Амортизация

Income-related

Связанный с доходом

Internal revenue service

Налоговое управление (в США)

Levy (v) taxes

Взимать налоги

Marginal rate

Предельная налоговая ставка

National insurance

Государственное страхование

PAYE (Pay As You Earn)

Система сбора подоходного налога путем вычета из заработной платы

Personal income tax

Подоходный налог с физических лиц

Sales tax

Налог с продаж

Tax

Налог, сбор

Tax allowance

Налоговая скидка

Tax return

Налоговая декларация

Taxable income

Налогооблагаемый доход

Taxman

Налоговый служащий

Taxpayer

Налогоплательщик

VAT (value-added tax)

НДС (налог на добавленную стоимость)

    1. Read the text and translate it into Russian:

Introduction to corporate taxation

A well-worn saying holds that nothing is certain but death and taxes. Unhappily, governments are also responsible for the former, and they are virtually always the source of the latter. Since the United States is the world’s largest capital market, we will focus on taxes levied on US citizens and corporations. Most of the specific tax rates and provisions applied in the first half of the 1990s. By far the most important taxes for investment decision-making are personal and corporate income taxes.

Corporate Income Tax

In the US and most other countries, the corporate form of organization is the most important in terms of dollar value of assets owned, although many more firms are organized as partnerships or single proprietorships. Legally, a corporation is regarded as a separate entity, while partnerships are considered as extensions of their owners. Income earned through proprietorships and partnerships is taxed primarily through the personal tax levied on their owners. Income earned by a corporation may be taxed twice – once when it is earned via corporate income tax and again when it is received as dividends by holders of the firm’s securities, via personal income tax.

Corporate Tax Rates

The corporate income tax is relatively simple in one respect. There are usually only a few basic rates. For example, in 2010 there was a tax rate of 15 per cent applicable on the first $25,000 of taxable income, a rate of 18 per cent applicable to the next $25,000 a rate of 30 per cent applicable to the next $25,000, 40 per cent to the next $25,000 and finally a rate of 46 per cent applicable to all income over $100,000. The marginal rate is more relevant for most decisions. For example, if a corporation was considering an investment that would increase its income from $65,000 to $70,000 each year, the increase in income would be (1-0.3) X $5,000. The larger a corporation’s taxable income, the closer its average tax rate comes to the higher marginal rate. Overall such corporations pay taxes equal to virtually the largest marginal rate (46 per cent).

Defining Income

For tax purposes, corporate income is defined as revenue minus expenses. The problems arise in measuring these two elements. The most dramatic instance of this difficulty concerns depreciation of assets. If a corporation buys a computer for $1 million, it is entitled to eventually charge off this cost as a deductible expense when computing taxable income. On 46 per cent rate, this represents an eventual tax saving of $460,000. The sooner the cost can be written off, the greater the benefit to the company. For the purpose of reporting corporate income to the IRS, assets are grouped into four broad classes. Automobiles and research equipment are considered three-year property, most business equipment is considered five-year property, buildings are usually considered as fifteen-year property.

Another vexing problem associated with the measurement of corporate income concerns the cost of inventory sold during the year. This arises when prices are changing fairly rapidly and a company holds inventory for long periods. To take a fairly simple case, imagine a retailer of sailboats. At the start of the year he has 100 in stock, all purchased for $10,000 each. During the year he takes delivery of 100 more but must pay $11,000 each, ending with 90 in stock. The boats are sold for $15,000 each. What was his income?

The question concerns the relevant cost of the 110 boats that were sold and of the 90 that remain. The firm may have sold all the ‘old’ boats first, or all the ‘new’ boats, or a mixture of the two. An accountant may assume any of the above combinations without regard to the actual facts of the situation.

The impact of different inventory valuation methods is illustrated in such a way: When prices have been rising, the LIFO method will permit a corporation to charge more to cost in the present and less in the future. This will lower taxes in the present and raise them in the future. However before 1990 many companies used the LIFO method, suggesting that in times of moderate inflation many managers were willing to sacrifice some real benefits to improve the appearance of their company’s financial statements.

In all cases, investors should examine depreciation and inventory procedures carefully when assessing the profitability of a company.

    1. Answer the questions:

  1. What are the tax advantages of a single proprietorship/partnership versus a corporation?

  2. In what senses is corporate income liable to double taxation?

  3. Why is the marginal rate of taxation most relevant for investment decision?

  4. In the US, how long does it take to depreciate a photocopier?

  5. Why do most companies nowadays operate the LIFO inventory method?

    1. Match the equivalents:

      1. At source

      a) Амортизация

      2. Average rate

      b) Амортизация издержек

      3. Basic rate

      c) Базисная ставка

      4. Capital market

      d) Взимать налоги

      5. Charge (v) off costs

      f) Главный налоговый инспектор

      6. Chef inspector of taxes

      g) Государственное страхование

      7. Corporation income-tax

      h) Налог, сбор

      8. Depreciation

      i) Налоговая скидка

      9. Income-related

      j) Налоговое управление в США

      10. International revenue service

      k) Налоговый служащий

      11. Levy (v) taxes

      l) Налогооблагаемый доход

      12. Marginal rate

      m) Подоходный налог с компаний

      13. National insurance

      n) Подоходный налог с физических лиц

      14. PAYE

      o) Предельная налоговая ставка

      15. Personal income tax

      p) Рынок капитала

      16. Tax

      q) Связанный с доходом

      17. Tax allowance

      r) Система сбора подоходного налога путем вычета из заработной платы

      18. Taxable income

      s) Средняя налоговая ставка

      19. Taxman

      t) У источника

    2. True or False?

  1. A well-worn saying holds that nothing is certain but health and death.

  2. A corporation is regarded as a separate entity.

  3. Partnerships are considered as extension of their owners.

  4. Income earned by a corporation can be taxed only once.

  5. Income earned through partnerships may be taxed twice.

  6. The corporation tax is relatively simple in one respect.

  7. For tax purposes, corporate income is defined as expenses minus revenue.

  8. The problem is to measure these two elements.

  9. For the purposes of reporting corporate income to the IRS, assets are grouped into five broad classes.

  10. The problem of measuring corporate income concerns the cost of inventory sold during the year, because its price is constant.

  11. Investors should examine depreciation and inventory procedures carefully when assessing the profitability of a company.

Text B

Business organization

Vocabulary

Annual accounts

Годовой отчет

Assistant to manager

Помощник руководителя

Board of directors

Совет директоров

Business organization

Структура бизнеса

Companies Act

Закон о компаниях

Contribute (v) capital

Внести капитал

Function

Функция, должность

Functional structure

Функциональная структура

Gain (v) control over the company

Получить контроль над компанией

Limited liability

Ограниченная ответственность

Line authority

Линейные полномочия

Line structure

Линейная структура

Matrix structure

Матричная система

Name (n) of the business

Наименование фирмы

Partnership

Товарищество

Pay (v) out dividend

Выплачивать дивиденды

Private limited company

Частная акционерная компания

Product manager

Менеджер, ответственный за конструирование, производство и реализацию промышленности

Provide (v) capital

Предоставлять капитал

Public limited company

Публичная акционерная компания

Publish accounts

Публиковать отчет

Raise money

Собрать капитал

Registrar of the Companies

Регистр компаний

Report (v) to

Подчиняться кому-либо

Retailing

Розничная торговля

Sell shares

Продавать акции

Share

Акция

Shareholders

Акционеры

Sole trader

Единоличный торговец

Staff position

Должность в персонале

Stock exchange

Фондовая биржа

Subordinate

Подчиненный

Superior (n)

Начальник

The Memorandum of Association

Устав акционерного общества

Unlimited liability

Неограниченная ответственность

    1. Read the text and translate it into Russian:

Types of business organization in the United Kingdom

The simplest form of business organization is the sole trader or sole proprietor – one person who provides the capital (the money needed to start), has complete control of the business, keeps all profit ( or bears the loss), and has unlimited liability. It is not necessary to publish the accounts and there are no special legal requirements except that the name of the business must be registered if it is different from the owner’s name. It is easy to start this type of business, but it can be difficult to compete with large firms, and difficult to raise money for expansion. When people open small shops, or work for themselves as plumbers, decorators and so on, they are usually sole proprietors. These are ‘one-man business’ but they can, of course, employ others.

The amount of money available for investing in a business can be increased by forming a partnership of at least two people, who all contribute capital to the business and share the profit in agreed proportions. Like sole proprietors, partnerships have unlimited liability and there are no special legal requirements. Professional people such as doctors, accountants and solicitors often form partnerships.

Private limited company (PLC) has at least two but usually not more than fifty members who provide the capital which is divided into shares. A private limited company is controlled by a Board of Directors elected by the shareholders – one share, one vote. Shares can be transferred only with the agreement of other shareholders and cannot be offered for sale to the general public. The profit is distributed to the shareholders in proportion to the number of shares they own. A private limited company has limited liability and this is indicated by the letters LTD after its name. There are several legal requirements, including the submission of a Memorandum of Association and other documents to the Registrar of Companies when the company is set up, and the publication of annual accounts. Many medium sized companies in manufacturing and retailing are of this type. They do not usually become very large since they must obtain capital for expansion either from the profits or by borrowing from a bank.

Sometimes a private limited company becomes a Public limited company, which must put the letters PLC after its name. A PLC has at least two members but no maximum since it can offer its shares for sale to the public and may, therefore, have hundreds of thousands of shareholders, who have one vote for each share they own. Like private limited companies, PLCs have limited liability, must have a Memorandum of Association, publish their accounts and are subject to many legal requirements as set out in the Companies Act, 1995. The shareholders are the owners of the company and elect the Board of Directors who controls it. Shareholders cannot sell their shares back to the company but they can sell their shares to people who wish to buy on the Stock Exchange. The price of shares will go up of the PLC is making good profits and will go down if it is not doing so well. That part of the profit which is not re-invested in the company is paid out to shareholders as a dividend. It is possible for anyone who succeeds in buying 51% of the shares to gain control of a PLC.

    1. Answer the questions:

  1. What is the simplest form of a business organization in the UK?

  2. Is it necessary to publish accounts for a sole proprietor?

  3. When must the owner’s name be registered?

  4. What are advantages and disadvantages of a sole proprietorship?

  5. Who usually opens ‘one-man’ business?

  6. How can the amount of money available for investing be increased?

  7. How many people can form a partnership?

  8. What liabilities and legal requirements does a partnership have?

  9. Who usually organizes a partnership?

  10. How many members are there in a private limited company?

  11. Who is it controlled by?

  12. How is the profit distributed?

  13. Does a Private Limited Company have any legal requirements?

  14. What industries do these companies work in?

  15. Why don’t they usually become large?

  16. How many shareholders does a Public limited company have?

  17. Does it have any liabilities or legal requirements?

  18. Who are the owners of the Public limited company?

  19. Where can their shareholders sell their shares?

  20. When will the price of shares go up or down?

    1. True or False?

  1. The simplest form of business organization in the UK is ‘a small business”.

  2. A sole proprietor is one person who provides the capital and has a complete control of the business.

  3. It is necessary for a sole proprietor to publish the accounts and there are some special legal requirements for him.

  4. It is difficult for a sole proprietor to compete with large firms.

  5. But it is easy for him to raise money for expansion.

  6. The amount of money can be increased by forming a corporation.

  7. Like sole proprietors, partnerships have unlimited liability and there are no special legal requirements.

  8. Private Limited Company usually has more than 100 members.

  9. Private Limited Company shares can be offered for sale to the general public.

  10. The Private Limited Company profit is distributed to the shareholders in proportion to the number of shares they own.

  11. Private Limited Company usually becomes very large.

  12. Public Limited Company can offer its shares for sale to the public.

  13. It can’t have more than fifty shareholders.

  14. The Board of Directors controls Public Limited Company

  15. The Public Limited Company shareholders can sell their shares back to the company

IV. Match the equivalents:

1. Product manager

a) Годовой отчет

2. Retailing

b) Помощник руководителя

3. Shareholders

c) Совет директоров

4. Subordinate

d) Внести капитал

5. Superior

f) Ограниченная ответственность

6. Contribute capital

g) Товарищество

7. Annual accounts

h) Частная акционерная компания

8. Limited liability

i) Менеджер, ответственный за производство и реализацию

9. Board of directors

j) Предоставлять капитал

10. Partnership

k) Публичная акционерная компания

11. Private limited company

l) Собрать капитал

12. Provide capital

m) Подчиняться кому-либо

13. Raise money

n) Розничная торговля

14. Sole trader

o) Акция

15. Stock exchange

p) Акционеры

16. Unlimited liability

q) Единоличный торговец

17. Assistant to manager

r) Подчиненный

18. Public limited company

s) Начальник

19. Report to

t) Неограниченная ответственность

20. Share

u) Фондовая биржа







V. There are four main types of legally constituted company. Each type of company has different characteristics. Tick the correct characteristics for each business type, or write ‘possibly’ if the characteristic could apply:




Single individual owns a company

Two or more owners are directors

Quoted on stock exchange

Workers run the company

Unlimited liability

Limited liability

Owner is self-employed

Public limited company






















Private limited company






















Sole proprietor






















Partnership






















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