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WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN WWW.DAYKEMQUYNHON.UCOZ.COM TAXATION I Reading TP Q UY Unit 20 NG ĐẠ O Most of the money to run the Government comes from taxes of all sorts -on personal and corporate incomes, on sales of goods, on imports and on inheritances The ultimate source of all tax money is the same-people HÓ A 10 00 B TR Ầ N HƯ The primary function of taxation is, of course, to raise revenue to finance government expenditure, but taxes can also have other purposes Indirect excise duties, for example, can be designed to dissuade people from smoking, drinking aleohol, and so *1 Governments can also encourage capital investment by permitting various methods of accelerated depreciation accounting that allow companies to deduct more of the cost of investments from their profit, and consequently reduce their tax bills DI Ễ N ĐÀ N TO ÁN -L Í- There is always a lot of debate as to the fairness of tax system Business profit, for example, are generally taxed twice: companies pay tax on their profits (corporation tax in Britain, income tax in the USA), and the shareholders pay income tax on dividends Income taxes in most countries are progressive, and are one of the ways in which governments can redistribute wealth The problem with progressive taxes is that the marginal rate- the tax people pay on any additional income-is always high, which is generally a disincentive to both working and investing On the other hand, most sales taxes are slightly regressive, because poorer people need to spend a larger proportion of their income on consumption than the rich 136 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON N HƯ NG ĐẠ O TP Q UY NH ƠN The higher the tax rate, the more people are tempted to cheat, but there is a substantial ‘black’ or ‘underground’ economy nearly everywhere In Italy, for example, self- employed people whose income is more difficult to control than that of company employees - account for more than half of national income Lots of people also have undeclared part-time jobs (some people call this ‘moonlighting’) with small and medium - sized family firms, on which no one pays any tax or national insurance At the end of 1996, the Director of the Italian National Institute of Statistics calculated the size of the underground economy, and added 16.7% to Italy’s gross national product (GNP) figure, and then claimed that Italy had overtaken Britain to become the world’s fifth largest economy -L Í- HĨ A 10 00 B TR Ầ To reduce income tax liability, some employers give highpaid employees lots of ‘perks’ (short for perquisites) instead of taxable money, such as cars, free health insurance, and subsidized lunches Legal ways of avoiding tax, such as these, are known as loopholes in tax laws Life insurance policies, pension plans and other investments by which individuals can postpone the payment of tax, are known as tax shelters Donations to charities that can be subtracted from the income on which tax is calculated are described as tax- deductible DI Ễ N ĐÀ N TO ÁN Companies have a variety of ways of avoiding tax on profits They can bring forward capital expenditure (on new factories, machines, and so on) so that at the end of the year all the profits have been used up; this is known as making a tax loss Multinational companies often set up their head offices in countries, where taxes are low; such countries are known as tax havens Criminal organizations, meanwhile, tend to pass money through a series of companies in very complicated transactions in order to disguise its origin from tax inspectors - and the police; this is known as laundering money 137 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON II Comprehension / interpretation NH ƠN According to the text, are the follow ing statem ents TRUE or FALSE ? TP Q UY Taxes can be designed both to discourage and to encourage spending The same amount of money can be taxed more than once ĐẠ O Progressive taxes may discourage people from working extra hours NG Sales taxes are unfair because poor people spend more than rich N HƯ The Italian government knows th at about one seventh of national income escapes taxation TR Ầ ‘Loopholes’ are a common form of tax evasion 00 B If you pay a lot of your income into a pension fund or a life insurance policy you never have to pay tax on it HÓ A 10 A company th at makes an unusually large profit during a tax year might quickly decide to spend it, for example, on a new factory or equipment Í- III Language focus THE PRESENT PARTICIPLE -L A Form: The infinitive + ing Use: TO ÁN Bo To form the continuous tenses: ĐÀ N The economy is growing Interesting people developing countries DI Ễ N As adjectives The present participles can sometimes replace relative clauses 138 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN The girl talking to our Sales manager is his daughter It can also replace the construction: s + V TP Q UY She sat in the garden reading a book Taking a key out o f the pocket, John opened the door ĐẠ O After verbs of sensation (see, hear, feel, sm ell, listen, watch ) I heard him making arrangement for his journey HƯ They spent a lot o f money modernizing the factory NG After go, come, spend., waste, be busy After catch, fin d , leave TR Ầ N The Marketing Manager left him talking to clients 10 00 B Exercise: Indicate if the follow ing sen ten ces are correct (C) or incorrect (I) If they are incorrect, correct them ’ HÓ A We study the effect of the fall in the dollar’s value at the moment -L Í- The shift in relative wages will cause a shift of workers into the growing occupations TO ÁN While lived in Burma last year, I learned many things about Burmese customs ĐÀ N Lack the necessary qualifications, he was not considered for the job N Driving to my grandparents’ house last night, we saw a young woman selling flowers DI Ễ We stopped so th at we could get some flowers for my grandparents 139 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN We didn’t have much trouble finding a suitable office She has a PhD and an MBA so she’s certainly very well qualify TP Q UY In my opinion, the advantage of to have a credit card is that you can pay for things over the phone ĐẠ O The latest economic statistics show th at both unemployment and inflation are falling and that the economy is growing at an annual rate of 7.6% Word study N IV HƯ NG 10 You are wasting your time to try to persuade him: he’ll never help you TR Ầ A Find words in the text that m ean the following 00 B reducing the value of a fixed asset, by charging it against profits 10 something which discourages an action HÓ A an adjective describing a tax that is proportionally higher for people with less money Í- spending money to buy things, rather than saving it -L working for yourself, being your own boss DI Ễ N ĐÀ N TO ÁN a tax on incomes that pays for sickness benefit, unemployment benefit, and old-age pensions non-financial benefits or advantages of a job a way to delay the payment of tax to a later time an adjective describing expenditure that can be taken away from taxable income or profits 10 a country offering very low tax rates to foreign businesses 140 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN B Which term s the follow ing sentences define? The tax people pay an their wages and salaries is called B income tax TP Q UY A capital transfer tax c wealth tax B indirect tax NG A direct tax ĐẠ O A tax on wages and salaries or on company profit is a / an HƯ c.value-added tax TR Ầ N A tax levied at a higher rate on higher incomes is called a A progressive tax B regressive tax B c wealth tax A 10 00 A tax paid on property, sales transactions, imports, and so on is a / a n HÓ A direct tax B indirect tax Í- c value-added tax TO ÁN -L A tax collected at each stage of production, excluding the already-taxed costs from previous stages, is called a / a n A added-value tax B sales tax ĐÀ N c value-added tax DI Ễ N Profits made by selling assets are generally liable to a A capital gains tax B capital transfer ta c wealth tax 14] Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN Gifts and inheritances over a certain value are often liable to a B capital transfer tax TP Q UY A capital gains tax c wealth tax A added-value tax B capital gains tax NG c wealth tax ĐẠ O The annual tax imposed on people’s fortunes is a / an HƯ Making false declarations to the tax authorities is called B tax avoidance N A fiscal policy TR Ầ c tax evasion 10 A creative accounting 00 B 10 Reducing the amount of tax you pay to a legal minimum called HĨ A c tax evasion B tax avoidance Í- V Vocabulary -L - dissuade (v) ~sb (from sth / doing sth) TO ÁN to persuade or try to persuade sb not to sth: ngăn cản, cản !, can gián DI Ễ N ĐÀ N - progressive tax: tax in which the rate o f tax increases with reases in the tax base thuế lũy tiến - disincentive (n) (to sth) a thing that discourages an action effort: điều làm nản lòng hành động cố gắng - regressive tax: tax levied at a rate that decreases as income "eases thuế lũy thối Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN WWW.DAYKEMQUYNHON.UCOZ.COM - loophole (n) a way o f avoiding sth, esp because the words of a law, contract, are not clear or are badly chosen, kẽ hỏ - donation (n) a thing, esp money that is donated vật, quà tặng, cúng ĐẠ O - disguise (v) - to hide something che giấu TP Q UY - perk (perquisite) money or goods received in addition to salary tiền thù lao thêm DI Ễ N ĐÀ N TO ÁN -L Í- HĨ A 10 00 B TR Ầ N HƯ NG - to make sb / sth look or sound different from normal, to give sb / sth a false appearance: cải trang, trá hình Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN WWW.DAYKEMQUYNHON.UCOZ.COM Unit 21 TP Q UY INTRODUCTION TO CORPORATE TAXATION I R eading TR Ầ N HƯ NG ĐẠ O A well - worn saying holds that nothing is certain but death and taxes Unhappily, governments are often 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 1980s By far the most important taxes for investment decision making are personal and corporate income taxes 00 B CORPORATE INCOME TAX DI Ễ N ĐÀ N TO ÁN -L Í- HĨ A 10 In the US and most countries, the corporate form of organisation is the most important in terms of dollar value of assets owned, although many more firms are organised 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 144 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON El (.source: Sharp Investment Prentice HƠIKÌ978) B CORPORATE TAX RATES TR Ầ N HƯ NG ĐẠ O TP Q UY a _ NH ƠN Chart 21.1: M arginal and average corporate tax rates, 1983 DI Ễ N ĐÀ N TO ÁN -L Í- HĨ A 10 00 The corporate income tax is relatively simple in one respect There are usually only a few basic rates For example, in 1983 there was a tax rate of 15 percent applicable to the first $25,000 of taxable income, a rate of 18 percent applicable to the next $25,000, a rate of 30 percent applicable to the next $25,000, 40 percent to the next $25,000 and finally a rate of 46 percent applicable to all income over $100,000 The result is shown in Chart 19.1 above - the top line shows the marginal rate, the bottom line shows the average tax rate The marginal rate is more relevant for most decisions For example, if a corporation were considering an investment that would increase its income from $65,000 to $70,000 each year, the increase in income would be (10.3) X $5,000 As the figure shows, 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 percent) 145 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON IV NH ƠN If a country has a floating currency, importers and exporters may have to keep (change) the prices of their goods Words-study а balance of payment b balance of trade e tariffs NG d deficit ĐẠ O c barter or counter-trade TP Q UY Exercise 1: Match up these words and expressions with the definitions below: HƯ f visible trade (GB) or merchandise trade (US) h surplus i quotas j invisible imports and exports TR Ầ N g dumping trade in goods 00 B trade in services (banking), insurance, tourism, and so on 10 direct exchanges of goods, without the use of money HÓ A the difference between what a country receives and pay for its exports and imports of goods -L Í- the difference between a country’s total earnings from exports and total expenditure on imports TO ÁN б a positive balance of trade or payments a negative balance of trade or payments ĐÀ N selling goods abroad at (or below) cost price taxes charged on imports DI Ễ N 10 quantitative limits on the import of particular products or commodities Exercise 2: Select the answer which is consistent with the meaning of the sentence 281 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN International trade develops because certain countries are able to produce some goods more efficiently than other countries They exchange these goods in order to satisfy their needs and wants TP Q UY a Countries import the goods which they produce efficiently b Countries probably export the goods which are not efficiently produced ĐẠ O c Countries probably exchange goods which they produce efficiently for goods which other countries produce efficiently NG d Efficiently exchange results from international trade HƯ Price is determined by the supply side of the m arket N a If the demand for products increased so would the price TR Ầ b There is such an abundance of products for sale that prices would have increase 00 B c If the supply is low, the price is low A 10 d Supply is more of a factor than demand in determining the price Í- HĨ A country cans accurse wealth if it exports more than it imports -L a This country has a balance of trade deficit TO ÁN b Demand for this country’s currency will fall ĐÀ N c This country receives money from countries which import its products d All of the above DI Ễ N Governments try to control imports of products to protect domestic industries a quotas Protectionist measures take the form if import duties and Đóng góp PDFT Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON c Workers are always opposed to protectionism TP Q UY d All protectionist policies have the same effect on the market NH ƠN b Protectionist measures insure free trade M ultinational companies set up production facilities in countries where production is most efficient ĐẠ O a All countries allow foreign ownership of production facilities NG b The larger company is called the parent company the production facilities are referred to as a subsidiary N HƯ c Subsidiary companies climate the problem of worldwide competition B Vocabulary 00 V TR Ầ d Each subsidiary needs to consider only local market conditions A 10 - accrue (v): to increase and to be due at a later date: tích lũy, dồn lại Í- HĨ Interest will accrue i f you keep your money in a saving account -L accrual (ĩì):graduaỉ increase by addition TO ÁN - advantage (n): lợi thế, lợi điểm - deficit (n): amount by which expenditure is higher than income: thâm hụt ĐÀ N - division of labor (n): phân bô" lao động DI Ễ N - dump (v): sell goods to a foreign market at a low price: bán phá giá hàng xuất The government has passed anti-dumping legislation - duty: thuế Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN - geographical (adj): thuộc địa lý - global (n): worldwide: toàn cầu TP Q UY - interdependence (n): dependence on each other: phụ thuộc lẫn - labor intensive (n): việc tận dụng lao động chân tay - multinational (adj): operating in several countries: đa quốc ĐẠ O jia NG - parent company: company which owns more than 50% of he shares of another company: công ty mẹ HƯ - protectionism (n): chế độ bảo hộ TR Ầ N - quota (n): a limit on the amount o f goods which can be mported / exported: hạn ngạch, tiêu, cô ta Distribute through a quota system 10 00 B - subsidiary (n): company which is at least 51% owned by a r all things it needs “ bottom line” in the first paragraph refers to: DI Ễ N a the lowest part of something b what the most im portant part"-of situation is or w hat the lost important thing to consider is 86 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM the profit or the amount of money that a business makes What can not be definition for the term ‘trade balance’? TP Q UY a a statem ent of how much money a business has earned and how much it has paid for goods and services NH ƠN c or losses WWW.FACEBOOK.COM/DAYKEM.QUYNHON ĐẠ O b the difference in value between the goods a country buys from abroad and the goods it sells abroad c the net balance between a country’s exports and imports NG Current account in the third paragraph refers to: a a bank account that you can at any time TR Ầ c both visible and invisible transactions N HƯ b part of the balance of payments account th at records non capital transactions B What does a country gain a current account surplus for? 00 a to invest overseas HÓ A c both a & b 10 b to reserve foreign currency * Balance of payment in the last paragraph means: -L Í- a the total and capital account TO ÁN b the difference between what a country spends in order to buy goods and ĐÀ N services abroad and the money it earns selling goods and services abroad DI Ễ III N c a detailed record of all financial and economic transactions between the residents of two countries Language focus Study the oppossite adjectives in pairs from the reading text: 287 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN “visible - invisible”, “tangible - intangible” TP Q UY Many adjectives can be made into their opposite form by adding prefixes (e.g dis-, U-, im-, in-, ir-, un-) Unfortunately, there are very few rules to tell you which adjectives take which prefixes; you have to learn each one individually However the most common prefix is un- Exercise 1 likelv logical NG certain appropriate 13 active responsible 14 literate patient TR Ầ 15 relevant possible 16 satisfied honest 00 17 fortunate expected 18 obedient regular 19 accessible convincing 20 legal HƯ N i 10 HĨ proper Í- 10 A 12 B 11 ĐẠ O Make the opposites of these adjectives by adding prefixes -L E xercise TO ÁN Complete these sentences using the opposites from Exercise DI Ễ N ĐÀ N The resignation of the vice-president was m ost _ - she ;eemed to be enjoying the job so much Cindy was or a new one with her job and decided to start looking The volcano has been _ for many centuries AThether it will remain so for much longer is a source of great lebate amongst vulcanologists Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN It i s _to sell liquor without a license The student w a s to leave the lecture He needed to meet a friend at the other end of the campus TP Q UY Many employers in the media regard Media Studies as to the day-to-day workings of the industry It’s _ to greet a Japanese businessman with a kiss ĐẠ O The only way to enter the lecture theatre was via the stairecase, making i t _ for disabled students NG Most self-respecting scientists would consider i t to turn base metal into gold N HƯ 10 With so few schools or teachers, it is hardly surprising th at so many children a r e TR Ầ 11 Richie had only one more question to answer in the exam It was therefore th at his pen ran out of ink A IV W ord stu d y 10 00 B 12 The doctor w a s _as to whether the operation would benefit the patient TO ÁN with balance deficit records on surplus imports another outflow into spend -L abroad Í- HÓ From the words listed below, select a work to fit each blank space in the passage DI Ễ N ĐÀ N If residents of one country spend more (1) than nonresidents (2) in that country, it is said to have a (3) on its balance of payments When a country’s exports exceed its (4) th at part of the (5) .of payments will show a (6) Even if there is a surplus, a substantial (7) .of capital could swing the balance (8) a deficit One should note th at one country’s deficit is (9) country’s surplus 289 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON V TP Q UY NH ƠN Japan traditionally has a big surplus on its import-export balance (10) the United State The United State, therefore, has a deficit (11) its trade with Japan The part of the balance of payments which (12) imports and exports is called the trade balance V ocabulary ĐẠ O - keep track of sth / sbd: pay attention to someone or something so that you know where they are or what is happening to them: nắm thông tin ai, NG - visible (adj): something that is can be seen: thấy, hữu HƯ hình N - tangible (adj): tangible assets I property such as building, equipment: hữu hình, tài sản hữu hình B TR Ầ - load (v): to p u t a large quantity of something into a vehicle or container, chất hàng 00 - appliance (n): a piece of equipment: thiết bị, dụng cụ A 10 - surplus (n): the amount of money that a country or a company has left after it has paid for all the things it needs: thặng HÓ dư, dư thừa TO ÁN -L Í- - deficit (n): the difference between the amount of something that you have and the higher amount that you need: thâm hụt, sô" thiếu hụt - aboard (adv): in or to a foreign country, nưốc ĐÀ N - reserve (n): (usually plural) a supply of something kept to be used if it is needed: dự trữ DI Ễ N - transfer (n): the process by which someone or something moves or is moved from one place to another: chuyển, chuyển nhượng - automobile (n): car: xe ơtơ 290 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN WWW.DAYKEMQUYNHON.UCOZ.COM U nit 42 TP Q UY WHAT IS THE BALANCE OF PAYMENTS? I Reading HÓ A 10 00 B TR Ầ N HƯ NG ĐẠ O The balance of payments is a statistical record of all the economic transactions between residents of the reporting country and residents of the rest of the world during a given time period The usual reporting period for all the statistics included in the accounts is a year However, some of the statistics th at make up the balance of payments are published on a more regular monthly and quarterly basis Without question the balance of payments is one of the most important statistical statements for any country It reveals how many goods and services the country has been exporting and importing and whether the country has been borrowing from or lending money to the rest of the world In addition, whether or not the central monetary authority (usually the central bank) has added to or reduced its reserves of foreign currency is reported in the statistics DI Ễ N ĐÀ N TO ÁN -L Í- A key definition that needs to be resolved at the outset is th at of a domestic and foreign resident It is important to note th at citizenship, and residency are not necessarily the same thing from the viewpoint of the balance of payments statistics The term residents comprises individuals, households, firms and the public authorities There are some problems that arise with respect to the definition of a resident Multinational corporations are by definition resident in more than one country For the purposes of balance-of-payments reporting the subsidiaries of a multinational are treated as being a resident in the country in which they are located even if their shares are actually owned by domestic 291 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON NG ĐẠ O TP Q UY NH ƠN residents Another problem concerns the treatment of international organisations such as the International Monetary Fund, the World Bank, United Nations and so forth These institutions are treated as being foreign residents even though they may actually be located in the reporting country For example, although the International Monetary Fund is located in Washington, contributions by the u s government to the Fund are included in the u s balance-of-payments statistics because they are regarded as transactions with a foreign resident Tourists are regarded as being foreign residents if they stay in the reporting country for less than a year B TR Ầ N HƯ The criterion for a transaction to be included in the balance of payments is th at it must involve a transaction between a resident of the reporting country and a resident from the rest of the world Purchases and sales between residents from the same country aỉe excluded 10 00 II Com prehension / Interpretation A What is the balance of payments? HÓ What does the balance of payments reveal? -L Í- What is a key definition that needs to be resolved at the Dutlet? TO ÁN What does the term residents comprise? What is the criterion for a transaction to be included in ;he balance of payments? II L anguage focus DI Ễ N ĐÀ N Are there any problems that arise with respect to the iefinition of a resident? What are they? C ontrasts: although, though and even though', in spite )f and despite 192 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON NH ƠN • We use although, tho ugh when we want to say that there is an unexpected contrast between what happened in the main clause and what happened ih the adverbial clause TP Q UY Example: She bought a car, alth o u g h / th o u g h she was still too young to learn to drive ĐẠ O • We can use even though like a lth o u g h to give a stronger contrast NG Example: Even though I wasn’t feeling very well, I still went to work HƯ • In spite o f and despite are like a lthough, but they are followed by a noun or noun phrase TR Ầ N Example: A lth o u g h I was ỈU, I went to work = In spite o f m y illness, went to work 00 B A lth o u g h sales increased, profits fell = D espite the increase in sales, profits fell HÓ A 10 • Remember th at a gerund (verb with -ing) can act as a noun Í- Example: In spite o f / D espite feeling ill, I went to work TO ÁN -L Exercise: Complete these sentences usin g although, thoungh, even thoungh, despite or in spite of ĐÀ N the crucial feature of money is its acceptance as the means of payment or medium of exchange, money has other functions DI Ễ N Price were quoted in dollars .payment was made in marks, the German medium of exchange We found an Information Centre, it was closed I didn’t get the job my qualifications 293 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.DAYKEMQUYNHON.UCOZ.COM WWW.FACEBOOK.COM/DAYKEM.QUYNHON I decided to accept the job .the salary was low NH ƠN I’m not tired working hard all day TP Q UY competition is the public goal for most businesses in the United States, most operate in imperfect competition VAT returns have to be submitted to the Customs and Exercise authorities every three months, they are checked again during the audit ĐẠ O III Word study HƯ NG Fill each of the numbered blanks in the following passage Use only one word from the box in each space on expenditures TR Ầ N foreign currency figures transactions agencies statistical customs bonds DI Ễ N ĐÀ N TO ÁN -L Í- HĨ A 10 00 B The balance of payments statistics record all of the (1) between domestic and (2) residents be they purchases or sales of goods, services or of financial assets such as (3) , equities and banking transactions Reported figures are normally in the domestic (4) of the reporting country Obviously, collecting statistics (5) every transaction between domestic and foreign residents is an impossible task The authorities collect their information from the (6) authorities, surveys of tourist numbers and expenditures, data on capital inflows and outflow obtained from banks, pension funds, multinationals and investment houses Information on government (7) and receipts with foreign residents is obtained from local authorities and central government (8) The statistics are based on reliable sampling techniques but nevertheless, given the variety of sources, the (9) provide only an estimate of the actual transactions The responses from th, various sources are compiled by government (10) agencies In the United States the 294 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON WWW.FACEBOOK.COM/DAYKEM.QUYNHON statistics are compiled by the u s Department of Commerce and ir the United Kingdom by the Department of Trade and Industry IV Vocabulary TP Q UY statistics (n) a collection of numbers which represent facts / measurement sô" thống kê NH ƠN WWW.DAYKEMQUYNHON.UCOZ.COM transaction (n) the act of doing business giao dịch ĐẠ O reveal (v) to make known sth that was previously secret Oi unknown làm rõ HƯ NG at the outlet at the beginning o f an event or process ti đầu N resident (n) someone who lives or stays in a place such a house or hotel người dân, cư dân, người cư trú B TR Ầ citizenship (n) the legal right o f belonging to a particula country quyền công dân 00 residency (n) the fact o f living in a particular placq cư trú HÓ A 10 comprise (v) consist of or be composed o f bao gồm and SI forth vân vân DI Ễ N ĐÀ N TO ÁN -L Í- criterion (n) principle taken as standard in judging tiêi chuẩn đánh giá 29 Đóng góp PDF Nguyễn Thanh Tú WWW.FACEBOOK.COM/BOIDUONGHOAHOCQUYNHON