Taxation
Taxation is a necessity because it's a means to pay for the services that the government provides us with. Policemen, soldiers, ministers are paid from this money; schools, hospitals, kindergartens are built with the help of this money as well. This is the main function of taxes.
All people are aware of the necessity to pay taxes but nevertheless they try to avoid it. Some people prefer to do it illegally. Some people are self-employed, and it's very difficult for the government to control their income. Some criminal organizations tend to pass money through a series of companies in very complicated transactions in order to hide its origin from tax inspectors and the police.
But there are also legal ways to lower the taxes, for instance a company can give its employees company cars, office lunches, free health insurance in order to reduce income tax liability. Companies can avoid tax on profit. They can also spend money on buying new equipment. Multinational companies often set up their head offices in countries such as Liechtenstein, Monaco, the Cayman Islands, and the Bahamas, where taxes are low.
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Task 3
The International Monetary Fund is an organization :
The International Monetary Fund
The International Monetary Fund (IMF) is an international organization that oversees the global financial system by following the macroeconomic policies of its member countries, in particular those which have an impact on exchange rates and the balance of payments. It also offers financial and technical assistance to its members, making it an international lender. Its headquarters are located in Washington, D.C., USA.
The IMF was established in December 1945. The first 29 countries signed its Articles of Agreement. The Fund became a specialized agency of the UN in 1947. Now members of the IMF are 187 of the UN members and Kosovo. The former members are Cuba and Taiwan which left the IMF due to political reasons.
The purposes of the IMF are to encourage international monetary cooperation, facilitate the expansion and balanced growth of international trade, assist member countries in correcting balance of payment deficits and promote foreign exchange stability.
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1. of 29 countries.
2. established in 1947.
3. of 187 countries including Cuba and Taiwan.
4. with the main office in Washington.
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