Write a mini-essay (up to 100 words) on one of the issues below.
· Financial adventure
· Financial aid
· Financial burden
Suppose you are manager(s) of a corporation and you feel that it will do much better in the future than most analysts believe. Speak out your arguments and opinions that make you feel so optimistic.
The Clockwork Corporation would like to issue $2 million in new shares of stock. The President of Clockwork believes that if the company waits for two weeks, they could get a better price for their shares. The Chair of the board of directors disputes this. He says that because markets are price efficient, there is no “timing” possible on the stock issue and Clockwork should issue the shares when they need the funds, and not worry about “timing.” Who is right? Why?
|Tick (✓) “Yes” or “No” answers in appropriate columns and lines to self-assess your knowledge and skills.||Yes||No|
|- the topical vocabulary “Financial Management”;|
|- what decisions financial and investment management involves;|
|- the difference in the meaning and use of three types of conditional clauses;|
|- the tool and main goal of financial management.|
|- make collocations with the words investment, finance, financial;|
|- find in the text the terms related to the area of economy and finance;|
|- explain the meaning of some idioms with the words cash, stock, cost, and return;|
|- discuss the issues related to financial management theory and practice;|
|- make a judgment on a concrete case related to financial matters.|
|Total number of positive/negative answers:|
1. Should all trading legal and physical entities pay customs duties?
2. Who imposes duties and taxes?
3. Why should people pay taxes?
4. Is it difficult to calculate duties and taxes?
Customs duties and taxes
Every person has the right to pay customs duties and taxes levied on the goods conveyed across the customs border. Customs payments include:
- import duties;
- export duties;
- value-added tax levied on the goods imported to the customs territory of the Russian Federation;
- excise tax levied on the goods imported to the customs territory of the Russian Federation;
- customs fees.
Special antidumping and compensational duties stipulated by the Federal Law on Measures for Protecting Economic Interests of the Russian Federation in Foreign Trade Operations with Goods and Commodities are levied in accordance with the Customs Code of the Russian Federation with regard to import duties.
Subject to customs duties and taxes shall be the goods conveyed across the customs border. The taxable basis of customs duties and taxes comprises the goods customs value and/or their quantity.
The goods customs value is determined by the declarant in accordance with the methods of appraising customs value approved by law of the Russian Federation.
The customs value and the factual details used for appraising the goods customs value furnished by the declarant ought to be based on authentic documentarily certified information.
Calculations of the payable amounts of customs duties and taxes shall be made in using the legal tender of the Russian Federation. Calculations of customs duties and taxes are based on the rates corresponding to the name and classification code of the goods and commodities stipulated by the Customs Tariff of the Russian Federation and the Tax Code of the Russian Federation.
In the instances when calculation of customs duties and taxes involves foreign currency, conversion of said foreign currency into the legal tender of the Russian Federation shall be based on the exchange rate established by the Central Bank of the Russian Federation for accounting and customs payments purposes effective on the day of acceptance of the customs declaration.
The Customs Code stipulates the terms of payment of customs duties and taxes levied on the goods conveyed across the customs border by natural persons for personal use, on the goods dispatched by international mail, on the commodities conveyed through pipeline transport and electric power lines, on the goods imported with partial conditional exemption from customs duties and taxes, and on the illegally imported goods and commodities discovered in possession of their buyers (organisations involved in wholesale and retail sale operations with imported goods and commodities) in the territory of the Russian Federation.
Upon the payer’s preference, dutiable payments are made either in the currency of the Russian Federation or in the foreign currencies whose rate of exchange is quoted by the Central Bank of the Russian Federation pursuant to the Law of the Russian Federation on Currency Regulation and Currency Control.
The penalty fee shall be charged for non-payment (delay of payment) of customs duties and taxes within prescribed time limits. Calculation of penalty fees is based on the refinance rate established by the Central Bank of the Russian Federation effective during the payment delay period. Penalty fees shall be disbursed concurrently with the due customs duties and taxes or after said payments, but not later than in one month from the date of payment of customs duties and taxes.
(From: The Customs Code of the Russian Federation)
1. What goods are customs duties and taxes levied on?
2. What customs payments can you name?
3. Why are special antidumping and compensational duties paid?
4. What is the taxable basis of customs duties and taxes?
5. Who determines the customs value of goods?
6. What information should the declarant submit to appraise the customs value of his goods?
7. What rates are calculations of customs duties and taxes based on?
8. What should be done if calculation of customs duties and taxes involves foreign currency?
9. Does the Customs Code stipulate the terms of payment of customs duties and taxes levied on different categories of goods?
10. What currencies are dutiable payments made in?
11. In what cases and how shall a penalty fee be charged?
12. Are there any time limits for disbursing penalty fees?
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