Задание I. Прочитайте и письменно переведите диалог на русский язык.

DIALOGUE

EFFECTIVE FISCAL POLICY

Russian: What's the essence of effective fiscal policy?

Foreigner: You are raising a difficult question. In general, fiscal policy is the policy adopted by a government for raising revenue to meet expenditure.

R.: Yes, it's common knowledge that fiscal policy is a powerful tool in the hands of governments, it is a major factor determining macroeconomic performance.

Substantial evidence existsts,⁴ however, that some countries use this tool badly. As a result they have problems of internal and external balance, low growth rates and huge deficits.

F.: You are right, they do. But quite a number of governments seeking to overcome fiscal problems, work to design adequate fiscal policies. They give increasing attention to expenditure priorities and the structure of taxation.

R.: They introduce new taxes, don't they?

F.: Well, such measures are most unpopular. Governments give emphasis to raising tax elasticity, which enhances the ability of the tax system to generate increases in revenue without resort to new tax measures or rate increases. Countries try to broaden the tax base, reduce tax exemptions, and achieve a simplified and more easily administered tax system.

R.: More often than not, however,⁵ the budget deficit remains a problem for many countries. How do countries most often reduce the burden of budget deficit?

F.: It all depends on the country's economic and financial position. In principle, the ways are only too well-known: borrowing from domestic bank and non-bank sources and borrowing from "the rest of the world", as economists say. Fiscal deficits can be rather easily reduced by countries having well-developed capital markets.

R.: True, but my feeling is that under fiscal crises, governments, first of all, cut spendings.

F.: Well, yes, some do. But governments seeking to pursue effective fiscal policy do their best to maintain the public deficit at a level consistent with other macroeconomic objectives like controlling inflation, promoting private investment and maintaining external creditworthiness. They work for most effective utilization of scarce government sector resources, for the allocation of resources to achieve growth and equity objectives.

R.: I see. Thus, tax and expenditure policy issues are central to an effective fiscal policy.

F.: Exactly. As far as I know, in Russia most of the revenue comes from four taxes. I mean the profit tax, the value-added tax (VAT), the personal income tax, and excise taxes.

R.: Yes, you are right. These taxes account for the bulk of the revenue. But in general, the system is still complicated, more than 150 taxes are collected in Russia: federal, regional and local.

F.: What about non-tax revenue, where does it come from in Russia?

R.: Mainly from privatization and sale of government securities. In spite of the efforts to improve the budget system, we still have a lot of confusion and intermingling of functions in our fiscal sphere.

F.: Streamlining of intergovernmental fiscal relations is a serious task for many governments.

Vocabulary

⁴ Substantial evidence exists...- Имеются веские доказательства того, что ⁵ More often than not, however... - Однако, гораздо чаще ...

essence n - суть, сущность

internal balance - состояние внутренних расчетов

huge adj - огромный

tax elasticity - эластичность налоговой системы

enhance v - увеличивать, повышать

resort n - обращение (за чем-л.)

to broaden the tax base - расширять налоговую базу

tax exemption - освобождение от уплаты налогов

capital market - рынок долгосрочного капитала

consistent adj - совместимый, согласующийся

creditworthiness n - кредитоспособность

income tax - подоходный налог

excise (tax) - акцизный налог, акциз

account for v - составлять

non-tax revenue - неналоговые доходы

securities n - ценные бумаги

confusion n - неразбериха

Задание II. Ответьте по-английски на вопросы.

1. Is fiscal policy a powerful tool in the hands of a government?

2. What are the major taxes in Russia these days?

3. Does the tax system provide for collection of a great number of taxes?

4. Where does non-tax revenue come from in Russia?

5. How do countries most often reduce the burden of budget deficit?

6. What is the role of tax and expenditure policy?

Задание III. Найдите в тексте английские эквиваленты для следующих русских слов и словосочетаний:

1. получать доходы, покрывающие расходы;

2. поддерживать желаемый уровень (чего-л.);

3. макроэкономические показатели;

4. проблемы с внутренними/внешними расчетами;

5. пытаться преодолеть бюджетно-налоговые проблемы;

6. приоритеты в области рас­ходов;

7. укреплять (усиливать) способность;

8. расширять налоговую базу;

9. уменьшать число освобождений от уплаты налогов;

10. легко управляемая налоговая система;

11. бюджетный дефицит остается проблемой;

12. сокращать расходы; поддержка частных инвестиций;

13. внешняя кредитоспособность;

14. доходы поступают от...;

15. составляют большую часть доходов.

Задание IV. Напишите по-английски, о чем идет речь в диалоге. Используйте для этого следующие фразы-клише.

The text looks at…

The text deals with the issue of…

It is clear from the text that…

Among other things the text raises the issue of…

The problem of… is of great importance.

One of the main points to be singled out is …

Great importance is also attached to…

In this connection, I’d like to say…

It further says that …

I find a question of … very important because…

We shouldn’t forget that…

I think that … should be mentioned here as a very important mechanism of…

Вариант 3