Tax Management L'anglais de la fiscalité, K. Tanant - Editions Ophrys

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Katia TANANT

TAX MANAGEMENT L’anglais de la fiscalité


CHEZ LE MÊME ÉDITEUR • L’anglais du management, Katia TANANT • L’anglais du monde politique - Volume 1 (Élections, Gouvernement, Commentaires politiques), Cathy PARC • L’anglais du monde politique - Volume 2 (Immigration et négociations, Sécurité, Guerre), Cathy PARC • L’anglais en entreprise, Catherine JEANNOT • Manuel d’anglais de la bourse et de la finance, Michel VAN DER YEUGHT • L’anglais de la bourse et de la finance, Michel VAN DER YEUGHT

Direction éditoriale : Alexandra Lepinay Suivi éditorial et mise en page : Sarah Funel Couverture : Cécile Hébrard Maquette : Interscript

Le Code de la propriété intellectuelle n’autorisant, selon les termes de l’art. L. 122-5, § 2 et 3a, d’une part, que « les copies ou reproductions strictement réservées à l’usage privé du copiste et non destinées à une utilisation collective » et, d’autre part, que « les analyses et courtes citations» dans un but d’exemple ou d’illustration, « toute représentation ou reproduction intégrale ou partielle faite sans le consentement de l’auteur ou de ses ayants droits ou ayants cause est illicite » (art. L. 122-4). Cette représentation ou reproduction, par quelque procédé que ce soit, constituerait une contrefaçon sanctionnée par les dispositions pénales des art. L. 335-2 et suivants du Code de la propriété intellectuelle. © Éditions OPHRYS, 2014 Éditions OPHRYS 1, rue du Bac, 75007 Paris www.ophrys.fr ISBN 978-2-7080-1397-1 ISSN 2271-1805


AVANT-PROPOS Cet ouvrage est dédié aux fiscalistes, contrôleurs de gestion et auditeurs ainsi que toutes les personnes travaillant dans le domaine fiscal. Il leur servira à connaître, à revoir et/ou à enrichir leurs connaissances en anglais fiscal. Ce domaine de compétence est sans doute l’un des domaines les plus pointus de l’anglais de spécialité et requière aussi quelques connaissances en anglais commercial et financier. Les deux premiers chapitres peuvent apparaître comme moins techniques que le reste de l’ouvrage. En effet, ils servent tous deux d’entrée en matière et permettent d’aborder en douceur la suite du livre qui, au fur et à mesure, des chapitres pourra sembler plus ambitieux linguistiquement. Chaque chapitre aborde une notion bien spécifique de ce qui est demandé aux fiscalistes. L’accent est mis sur un enrichissement du vocabulaire et des structures techniques. Une mise en situation avec des exemples et exercices que le lecteur doit réaliser, est comme toujours dans les livres que je rédige, une condition sine qua non de bonne assimilation des notions, thèmes et sujets abordés dans cet ouvrage. Découpage d’un chapitre type à l’image de tous les chapitres du livre : cette partie vous est donnée en anglais pour vous préparer à ce qui vous attend tout au long de l’ouvrage. Afin que vous compreniez bien tout ce qui vous est dit, je reprends en français à partir de ‘Le point I’. Attention, l’ensemble de l’ouvrage sera en anglais.


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Example Chapter 6 : Specific tax systems I. Tax avoidance. Each chapter will be cut in different subchapters. There will be général ideas about the notion(s) studied and then after each notion – or sometimes after two or more notions – there will be some vocabulary and translations and explanations of the vocabulary for a better understanding of the notion(s). Then each subchapter will offer the possibility of training with one , two or more exercises. When necessary, some more explanations will be given to you to complete the notion(s). Moreover some chapters – not all of them as this is not always necessary – will give you the possiblity of Reading about the notion(s). This is what is called ‘Further reading’. Anyway each chapter will give you a ‘recap’ of what has been visualised in each chapter to make sure you fully understand what the chapter is aimed at. Le point I aborde toujours de manière générale le ou les points importants du chapitre avec des explications claires et concises dans un anglais simple et précis. Il en va de même pour les points II et III dans ce chapitre. Vous noterez cependant que certains chapitres donnent le vocabulaire après chaque notion alors que d’autres attendent d’aborder plusieurs notions (points I, II et III) avant de donner le vocabulaire nécessaire à la bonne compréhension du chapitre. À la suite de la partie Vocabulaire, se trouvera toujours une partie Exercice, pour, comme nous l’avons dit plus haut, mettre en situation le lecteur et le « tester » sur la bonne compréhension du chapitre. Enfin, la partie Recap qui est présente à la fin de chaque chapitre, sert de résumé de chapitre et est nécessaire pour bien comprendre le thème abordé et ne pas omettre les points nécessaires. Chaque chapitre est ponctué de recherches lexicales et syntaxiques (partie Vocabulary and structures) sciemment placées à la suite d’un ou plusieurs textes selon les besoins lexicographiques, le texte étant entièrement rédigé en anglais. S’ensuivent des exercices dont le but est de faire « participer activement » le lecteur en le mettant


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en situation de travail, de recherche et de réflexion intellectuelle. Vous verrez que tous les chapitres ne sont pas identiques sur le plan de la forme car chaque sujet traité ne requiert pas le même besoin en vocabulaire et structures et en exercices. Il est aussi important de comprendre que le vocabulaire et les structures lexicographiques ne sont pas uniquement là pour traduire ce que vous ne comprenez pas à première vue. Ils sont présents dans cet ouvrage aussi et surtout afin que vous preniez conscience des structures qu’il faut utiliser dans un contexte donné. Souvent ce sont des structures et du vocabulaire que vous connaissez mais qui ne vous viennent pas d’emblée à l’esprit. Alors il m’a semblé opportun de les lister et de faire travailler votre mémoire. À la fin de chaque chapitre se trouve un récapitulatif global des points essentiels à retenir. Il sert de résumé au chapitre. Ainsi le lecteur peut mieux comprendre et éclaircir certains points qui lui paraitraient confus à première lecture. Cet ouvrage est un guide et j’espère alors qu’il vous sera utile dans l’éclaircissement des notions fiscales anglo-saxonnes et qu’il vous amènera aussi plus de précisions en fiscalité française, un chapitre spécial ‘Taxes in France’ m’ayant semblé plus qu’utile en ces périodes de doutes fiscaux.



PRÉFACE « S’ils sont mauvais en anglais, ce n’est pas l’enseignement de l’anglais qui est en cause mais plutôt l’appauvrissement de leur vocabulaire français qui est en cause ! » Derrière l’humour So British de cette assertion (dont on apprécie toute la mesure lorsqu’elle s’échappe des lèvres d’un enseignant de langue anglaise…) se déploie tout l’enjeu de la finesse et de la précision du maniement des mots et des expressions. Au-delà de la question de la traduction/trahison c’est tout un mode de fonctionnement, tout un univers de cohérence qui se met en place au travers du maniement des mots dans une autre langue. L’apport de ce livre est en ce sens essentiel, tant dans la précision du vocabulaire que dans la spécificité de chaque formulation. Son contenu bénéficie de la capacité de Katia Tanant à construire et à tenir des passerelles entre des mondes que l’on oppose. Préfet des études au Lycée jésuite de Sainte-Geneviève à Versailles (Ginette pour les intimes), j’ai pu mesurer par les anciens élèves des Écoles de Commerce l’apport de l’enseignement de Katia Tanant et ce qu’ils lui devaient dans leur itinéraire professionnel. Chaleur et précision, empathie et exigence, se lisent au travers des choix qui sont mis à disposition dans ce livre. P. Sevez s.j. Directeur des Collège et Lycée de Provence à Marseille



REMERCIEMENTS Je tiens à remercier toux ceux qui ont directement ou indirectement lu, relu, corrigé et commenté cet ouvrage. Mes tous premiers remerciements vont à mon amie et collègue, professeur à Supélec, Pamela BOELCKE, qui a relu et corrigé l’ensemble du livre. Je remercie le Père Pascal Sevez s.j. pour la rédaction de la préface de cet ouvrage. À travers lui, je remercie l’ensemble de l’École de Provence ainsi que mes amis-collègues qui m’ont soutenue de près ou de loin dans ce travail fastidieux de rédaction. Un grand merci aussi Claudine PELLENARD de l’agence ATOUT FRANCE qui a précieusement relu trois chapitres et apporté ses commentaires et précisions sur des points du livre. Je remercie aussi Flavio CARRATU et François GRENET, deux de mes étudiants à Provence qui, par leur lecture consciencieuse et leurs précieuses critiques, ajoutée à leur bonne humeur, ont apporté d’importantes modifications nécessaires à certains chapitres. Je remercie aussi Oliver ALLIONE qui m’a permis de me poser plus de 15 minutes d’affilée pour écrire… Enfin, je tiens à remercier toute l’équipe du groupe EFE Abilways et en particulier Alain BARBOT, avec qui je travaille depuis plus de 10 ans. Cette collaboration tant en anglais commercial et financier qu’en anglais fiscal, est une grande réussite. Katia Tanant


« Établir une frontière, c’est toujours la franchir. » HEGEL


TABLE DES MATIÈRES Avant-propos......................................................................................III Préface.............................................................................................. VII Remerciements................................................................................. IX Table des matières........................................................................... XI

Chapter 1 General information about taxes.............................................1 I. What are taxes used for?............................................................1 II. What is Tax Management?......................................................... 2 III. Vocabulary................................................................................... 6 IV. Exercises...................................................................................... 7 V. Further reading............................................................................ 8 VI. Corrections................................................................................... 9 VII. Recap chapter............................................................................10

Chapter 2 Specific work on facts and figures.................................... 11 I. II. III. IV. V.

How to handle numbers............................................................ 11 Saying numbers and describing graphs..................................... 13 Describing graphs and trends...................................................18 Vocabulary.................................................................................20 Exercise.......................................................................................21


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V. Corrections.................................................................................22 VI. Recap chapter...........................................................................23

Chapter 3 Taxation policies...........................................................................25 I. What are taxation policies?......................................................25 II. The role of interest rates...............................................................27 III. Interest rates in the United States............................................29 IV. Interest rates in the UK..............................................................31 V. Real vs Nominal Interest Rates.................................................32 VI. Exercises....................................................................................33 VII. Vocabulary.................................................................................36 VIII. Give a definition to ’stagflation‘, ’deflation‘ and ’inflation‘...... 37 IX. Bankruptcy.................................................................................39 X. Clarification on nouns as adjectives........................................43 XI. Extra exercises on Interest Rates, Taxation and Bankruptcy...44 XII. Further reading...........................................................................51 XIII. Corrections.................................................................................53 XIV. Recap chapter........................................................................... 57

Chapter 4 Towards a global taxation system? Taxes worldwide....59 I. Taxes in the UK..........................................................................59 II. Taxes in the US..........................................................................64 III. Vocabulary and specific structures to know............................ 67 IV. Double taxation.........................................................................69 V. Towards a global taxation system?..........................................71 VI. Exercises.................................................................................... 75 VII. Corrections................................................................................. 77 VIII. Recap chapter............................................................................81

Chapter 5 VAT and Corporate Taxation Levels.......................................83 I. Value-added taxes (VAT)...........................................................83 II. Withholding tax.........................................................................85


TABLE DES MATIÈRES

III. IV. V. VI. VII.

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Corporate tax............................................................................. 87 Exercises....................................................................................95 Corrections................................................................................. 97 Further reading......................................................................... 101 Recap chapter.......................................................................... 101

Chapter 6 Specific tax systems.................................................................. 103 I. II. III. IV. V.

Tax avoidance.......................................................................... 103 Tax evasion................................................................................111 Tax sheltering and Tax haven.................................................. 117 Further reading........................................................................ 124 Corrections............................................................................... 125

Chapter 7 OECD Tax Model Convention and UN Tax Model Convention............................................ 129 I. II. III. IV. IV.

OECD and Model Convention................................................. 129 The Models and their details...................................................137 Further reading......................................................................... 141 Corrections............................................................................... 142 Recap chapter......................................................................... 144

Chapter 8 Taxes in France........................................................................... 145 I. Main taxes in France............................................................... 146 II. PACS partners in France..........................................................157 III. Local taxes. A specific look at the French Social Security Contribution..................................................................................... 158 IV. Tax paying: How to pay taxes?............................................... 161 V. Changes in the French tax system in 2014............................ 164 VI. Further reading........................................................................ 165 VII. Corrections............................................................................... 166 VIII. Recap chapter......................................................................... 169


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Chapter 9 Tax harmonisation in the European Union........................ 171 I. Global knowledge.................................................................... 171 II. Common market and economic policies. Why has tax an impact on the EU?............................................................................176 III. Tax increases on property and consumption......................... 181 IV. Corrections............................................................................... 185 V. Recap chapter..........................................................................187

Chapter 10 Eco-tax and Green policies.................................................... 189 I. Modern environment policies................................................. 189 II. The case of China....................................................................197 III. What about the United States?..............................................202 IV. Subsidies for emissions reductions vs. emissions taxes......207 V. France faces eco tax issues....................................................209 VI. The role of taxation in sustainable development................... 211 VII. Ecological bonus-malus.......................................................... 213 VIII. Further reading........................................................................ 216 IX. Corrections............................................................................... 219 X. Recap chapter.........................................................................223

Notes about Chapter 7 and Chapter 11 of the United States bankruptcy Code............................................................................225 A quiz for fun..................................................................................227 Link words and idiomatic expressions........................................ 231 Speaking.........................................................................................233 Bibliography....................................................................................237 Présentation EFE – ABILWAYS........................................................239 Glossaire.........................................................................................243 Index................................................................................................245


CHAPTER 4

Towards a global taxation system? Taxes worldwide I.  Taxes in the UK The Tax Year in the UK, which applies to income tax and other personal taxes, runs from 6 April in one year to 5 April the next (for income tax purposes). Hence for example, the 2008-09 tax year runs from 6 April 2008 to 5 April 2009. The tax system was originally based on a tax year ending on Lady Day whose date is on 25 March. When the Gregorian calendar was adopted in the UK in September 1752 in place of the Julian calendar, the two were removed. However, it was felt unacceptable for the tax authorities to lose out on 11 days' tax revenues, which is in calculation the number of days missing in a tax declaration, so the start of the tax year was moved, firstly to 5 April and then, in 1800, to 6 April. The tax year is most of the time also called the Fiscal Year when it comes to individuals. The Financial Year is a term which is mainly used for corporation tax purposes and runs from 1 April to 31 March. For instance and to clarify things further, financial Year 2008 runs from 1 April 2008 to 31 March 2009, as financial years are named according to the calendar year in which they start. UK income tax has changed over the years. Originally it taxed a person's income regardless of who was beneficially entitled


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to that income, but now a person only owes tax on income to which he or she is beneficially entitled. Everything changed in the year of 2004. Indeed, the Finance Act 2004 introduced an income tax regime known as ‘pre-owned asset tax’ whose aim is to reduce the use of common methods of inheritance tax avoidance. In the United Kingdom, taxes are paid to the central government (also called Her Majesty's Revenue and Customs) and to local government.

Explanations • What is Lady Day? Lady Day is the traditional day of the Feast of the Annunciation in many English speaking countries. Lady refers to the Virgin Mary and may also be used as ’Lady's Day‘ (which is the other spelling of the word). The tradition in business wanted that year-long contracts were initiated on that day between landowners and tenant farmers. Contracts used to be signed on Lady Day as a point of reference. This is also a very important term in Tax management as it refers to the beginning of the tax year (or fiscal year), i.e. the period in which the calculation of financial statements is carried out every year. When one refers to Lady Day when dealing with Tax, one refers to April 6th, i.e. the beginning of the tax year in the United Kingdom. • What is the Gregorian Calendar? The Gregorian calendar is also called the Western or the Christian calendar. It is the one that is largely accepted as being the most common of all calendars. It is a reform of the Julian calendar. It is important for British people to refer to the Gregorian calendar when dealing with taxes since they realized – around 1700 – that there were days too many or days missing in the Julian calendar so they moved to the Gregorian calendar to adjust to stricter rules for Tax management.


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• What is the Finance Act 2004? The Finance Act 2004 is an Act edited by the Parliament of the United Kingdom. It deals with every single change concerning taxes such as VAT, Capital Gains Tax, Corporation Tax, Excise Duties and Income Tax. The annual budget speech is given by the Chancellor and changes concerning the tax system are carried out. There were noticeable changes both in 1992 but the most important shifts to a new system of taxation were implemented in 2004. This Act is the one that is to be currently referred to when dealing with taxes in the United Kingdom.

Exercises 1. Fill in the gaps with one of the given words. Only one solution is possible. Make sure you can translate the words into French. In the United Kingdom the top-rate of (1) .............................. on (2) .............................. income was cut to 75%. A surcharge of 15% on (3) .............................. income kept the top rate on that income at 90%. In 1974 this cut was partly (4) ............................... and the top rate on earned income raised to 83%. With the (5) .............................. income surcharge this raised the top rate on investment income to 98%, the (6) ............................ permanent (7) ............................ since the war. 1. income 2. spent 3. investment 4. rejected 5. investment 6. highest 7. surcharge

rate granted spending reversed bigger higher tax

grade earned given granted earned given rate


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CHAPTER 4  • Towards a global taxation system? Taxes worldwide

2. Translate into French the following paragraph. Profits on the sale of assets (e.g. property or equities) are subject to capital gains tax. However, certain items are exempt from this tax. For instance, if one sells a house in France and if this dwelling is a personal residence, one does not need to pay any tax on the profit. Moreover, even for taxable goods, one does not need to pay tax, if profits are less than a given amount.

A short explanation of comparative and superlative forms • We use comparative and superlative forms to compare situations, objects, etc. and to contrast them as well. All one-syllable and the majority of two-syllable adjectives take endings in ‘er’ in the comparative form and ‘est’ in the superlative one. Example of comparative: tall – taller – fast – faster (comparative form) Some will double the consonant: hot – hotter – big – bigger Example of superlative: tall – the tallest – fast – the fastest (superlative form) Consonants are doubled as well in the superlative case: hot – the hottest – big – the biggest • Three or more syllable adjectives add ’more than‘ for comparatives and ’the most‘ for superlatives. Example: interesting – more interesting than This book is more interesting than the previous one! Example: interesting – the most interesting This book is the most interesting of all!


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• Two syllable adjectives ending in ‘-y’ change into ‘-ier’ and ‘-iest’. Example: happy – happier happy – the happiest Another example: Paris is noisier than a town in the countryside. Paris is the noisiest city in France. • Important exceptions Good Better (comparative) The best (superlative) Bad Worse (comparative) The worst (superlative) • Exercise on Comparative and Superlative forms

Use either comparative or superlative forms according to the sense of the following sentences. 1. It's the ......................................... (interesting) book I have ever read! 2. She is ......................................... (good) at math than her brother. 3. His ......................................... (young) brother is a business professional. 4. As the saying goes, ’the ........................................., the ....... .................................. (merry)‘. 5. I think that taking a bus would be ......................................... (economical), in fact it would be ......................................... (economical) than taking a car.


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CHAPTER 4  • Towards a global taxation system? Taxes worldwide

II. Taxes in the US General information about taxes in the US The United States of America is a republic of federal states with local governments. Each state acts as an autonomous entity and does not forcefully rely on Washington for any decision-making. This means that taxes are imposed at all levels. Taxes on income, property, sales, imports, payroll and gifts are common taxes to be paid by American citizens. The United States has one of the most progressive tax systems in the industrialized world; this means that every single income from whatever source is taxed. In short, American citizens are taxed on their worldwide incomes regardless of where they reside (nota bene: this is absolutely not the case for France, Italy, Spain, Hungary or even Finland whose citizens are not taxed the same way). In the United States of America, taxes are imposed on net income of both individual citizens and corporations by each federal state. This means taxes are federal, not national. This is very important in the sense that the level of taxation may vary from one state to the other, i.e. a citizen or a corporation will not be imposed the same amount to pay their tax if they are in New York City or in Kansas City. This also means that purchasing one product in New York City will not be the same as buying the same one in Kansas City. The United States imposes its non residents to pay taxes as if they were living in the country – in short, American citizens have to pay taxes to the US government even when they live abroad. This is the only country in the world to impose such measures on its citizens. As for taxes on property, they are imposed by federal jurisdiction. This is the same for a wide variety of customs duties and tariffs. Taxpayers are required to file tax returns and self assess tax. This is what one calls a ’self-assessment system‘. Taxable income is gross income less exemptions, deductions and personal exemptions. There are state taxes and federal taxes. Some states apply both, some others impose only one of the two. In any case, it is quite


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difficult to know every single tax in the US as taxes may vary from state to state and may be fixed or graduated. Most rates are the same for every income earned. State and local income taxes are imposed in addition to federal income tax. • What are deductions and exemptions? They apply for both business and non business activities in most cases. Some deductions and exemptions apply when there are expenses linked to the business activity. For instance business meals are deductible up to 50% of the real amount of the meal. Long lived assets are also deductible: they are called amortization or depreciation. Buildings and equipment are included in this category of goods. A large range of tax credits may decrease income tax at the federal and state levels. Some credits are available only to individuals. This is the case for children who still depend on their parents' incomes to live. The ’American Opportunity Tax Credit‘ is also another form of tax credit and comes into force when parents need to spend money for the education of their children. ’Work Opportunity Credit‘ is also available for businesses and is considered as an incentive for corporations to run smoothly. • Businesses and corporations In the US, corporations must all pay taxes on a more independent footing than their shareholders. Shareholders must pay taxes on the dividends they receive but the two entities (corporation and shareholder) are totally divided in the process of tax paying. By contrast, and as mentioned before, partnerships are never subject to tax. • The specificities of sales taxes in the US State taxes are imposed by a majority of federal states and some local states and the rate of the tax depends on the will of each state and local authorities. They are applied to most retail sales and are implemented on goods and services. They go from 0% to 16%. Sales


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CHAPTER 4  • Towards a global taxation system? Taxes worldwide

tax is collected by the seller of the good and service at the time of the purchase (for the buyer) and of the sale (for the seller). In short, a good or service sold in New York City will not have the same level of tax as the one bought in Kansas City. One specificity also is that when the buyer purchases a good or service, the price on the tag will only appear gross (i.e. the price will not include tax). It is only at the moment of the purchase that a tax will be applied to the good or service. This system is said to be more ’transparent‘ than a system including taxes in the sense that the consumer will actually be aware of the actual amount of the tax that he/she will pay.



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