1. Lecturer: Miljen Matijašević G10, room 6/I, Tue 11:30-12:30 e-mail: miljen.matijasevic@gmail.commiljen.matijasevic@gmail.com Session 4, 1 Apr 2014

2. 1. Continued from the last session 2. The General Tax Law

3. Online Banking (HOBS)

4. Read lines 35 to 46 and answer the following questions: 1.What are the advantages of making payments through HOBS? 2.What is the purpose of the HOBS memory? 3.How does that work to the user’s advantage? 4.Translate the paragraph. Read lines 47 to 62 and answer the following questions: 1.Who is HOBS Investment Account intended for? 2.How long does money have to be deposited in the Investment Account in order to collect interest? 3.Are payment instructions carried out immediately?

5. Read lines 63 to the end and answer the following questions: 1.Is HOBS available 24 hours a day? 2.Why is the HOBS service better than regular banking services? 3.What other benefits of being a Bank of Scotland customer are mentioned in the last section?

6. Are the following statements true or false? Mark with T, F of DN (‘don’t know’). 1.HOBS can be used by both business people and private individuals. 2.You can only use HOBS if you have a PC. 3.If you use HOBS you will be given an identity number and a password. 4.£500 is the minimum required to open a HOBS account. 5.You can make ten monthly payments to cover the cost of buying HOBS. 6.Making a payment with HOBS is more expensive than paying by cheque. 7.HOBS can be programmed to pay your bills automatically. 8.There is more than one type of HOBS account. 9.HOBS can be accessed 24 hours a day. 10.You can arrange for The Bank of Scotland to give you a personal demonstration of how HOBS works.

7. Unit 1

8.  promulgated 2008, amended 4 times  entered into force on 1 January 2009

9.  Read the introduction and find out the basic information about the General Tax Law, paragraph 1 Which subjects are involved in taxation?

10.  THE STATE  the legislative  imposes tax  the executive  Ministry of Finance – Tax Administration (the tax authority)  TAXPAYERS ◦ LEGAL AND NATURAL PERSONS What do you learn about their relationship?

11.  THE TAX AUTHORITY  assesses and collects/levies tax  collects interest and fines  TAXPAYERS are entitled to ◦ refund of tax paid without legal grounds ◦ interest on such tax

12.  Read the first four principles and retell them in your own words  Do the same with the remaining six principles (p. 2)  Prepare a translation of the principles

13.  Do Vocabulary Practice – exercise 1  Translate the paragraph

14.  Do exercise 2. on page 3  Translate the paragraph  the tax authority will make an ESTIMATE if the taxpayer: ◦ fails to provide proper books or records required by the law ◦ cannot prove the authenticity of the data submitted ◦ refuses to take part in or impedes the taxation procedure

15.  a formal statement on a required legal form showing taxable income, allowable deductions and exemptions, and the computation of the tax due* NB: not to be confused with TAX REFUND Translate the definition! *definition by Merriam-Webster’s Dictionary

16.  cease by: ◦ payment ◦ refund ◦ compensation ◦ write-off ◦ statute of limitations  In pairs, try to work out the meanings of the above.

17.  payment ◦ settling of tax to be paid  refund ◦ tax authority refunds any overpaid tax or tax paid that should not have been paid at all  compensation ◦ offsetting of a tax debt by settling other public debts instead of receiving a tax refund  write-off ◦ if tax could not be collected even by way of forcible payment  statute of limitations ◦ a tax debt becomes obsolete

18. tax authority Tax Administration taxpayer legal person natural person tax provisions impose tax assess tax keeping of books and records tax return tax refund tax compensation tax write-off statute of limitations collect/levy tax

19. Thank you for your attention!