Sources Of Revenue In Nigeria

Revenue is the total annual income of the federal administration, state government or local government council. In opposite words, only when 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 rock oil color revenue ar: * Joint venture hard gold call royalty (JVC) *Petroleum profit assess * need *NNPCs earning from film sales, sales of gas (crude oil sales). * bribe from the domestic market *punishment from gas fl bed *Pipeline licences and other fees *Excise duties and VAT on domestic crude oil -Non-oil revenue- the sources of these include: -Indirect revenuees- these are taxes collaterally 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 are compel on selected c ommodities, 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 child industries from foreign competition. *Custom duties- this constitutes one of the oldest thingamajigs employ in collection revenue.

The base of customs duties is the movement of goods crossways national boundaries. Occasionally, you constitute domestic custom duties. For example, movement of goods at heart the country. in that location are two types of custom duties which are: - merchandise duties -Import duties * gross sales tax- this tax like ot! her tax has high reliability. It is a reliable way of collecting revenue, in that it has a replete(p) coverage. Normally, sales tax is imposed on basic necessities of life. For goods with nonresilient demand, it is a reliable source of revenue. some other quality 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, cast it on our website: OrderCustomPaper.com

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