Sources Of Revenue In Nigeria

Revenue is the total annual income of the federal administration, state government activity or local government council. In otherwise words, alone the money that goes into the Treasury irrespective of the sub-head into which it is paid. The sources of revenue argon: -petroleum revenue- the sources of fossil oil colour revenue ar: * Joint venture hard notes call royalty (JVC) *Petroleum profit assess *economic rent *NNPCs earning from film sales, sales of gas (crude oil sales). * emergence from the domestic market *punishment from gas fl ard *Pipeline licences and other fees *Excise duties and VAT on domestic crude oil -Non-oil revenue- the sources of these include: -Indirect evaluatees- these are taxes verifyingly enforce on consumer goods. Examples of indirect taxes include: customs and excise tax, sales tax, expenditure tax and so on which I shall explicate below. *Excise duties- these are taxes oblige on commodities produced locally. Excise duties ar e compel on selected commodities, such as: alcohol, petroleum products and tobacco. The duties are discriminatory in character and are usually imposed on an ad volarem basis. Excise duties are sometimes imposed to protect sister industries from foreign competition. *Custom duties- this constitutes one of the oldest thingummys employ in pile up revenue.

The base of customs duties is the movement of goods crossways national boundaries. Occasionally, you thrust domestic custom duties. For example, movement of goods at heart the country. in that respect are two types of custom duties which are: - merchandise d uties -Import duties * sales tax- this tax! like other tax has high reliability. It is a reliable way of collecting revenue, in that it has a huge coverage. Normally, sales tax is imposed on basic necessities of life. For goods with inelastic demand, it is a reliable source of revenue. some other flavor of sales tax is that it is an effective tool for unequivocal inflation. It is an anti-inflationary device in that it reduces the disposable...If you want to get a bounteous essay, stage it on our website: OrderCustomPaper.com

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