Sources Of Revenue In Nigeria

Revenue is the total annual income of the federal administration, state presidential term or local government council. In separate words, altogether 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 embrocate revenue ar: * Joint venture hard currency call royalty (JVC) *Petroleum profit assess * ask *NNPCs earning from film sales, sales of gas (crude anele sales). * growth from the domestic market *punishment from gas flargond *Pipeline licences and other fees *Excise duties and VAT on domestic crude oil -Non-oil revenue- the sources of these include: -Indirect revenue enhancementes- these are taxes substantiatingly 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 duti es are 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 child industries from foreign competition. *Custom duties- this constitutes one of the oldest tricks employ in salt away revenue.

The base of customs duties is the movement of goods crossways national boundaries. Occasionally, you subscribe to domestic custom duties. For example, movement of goods at heart the country. thither are two types of custom duties which are: - merchandise du ties -Import duties *gross revenue tax- th! is tax like other tax has high reliability. It is a reliable way of collecting revenue, in that it has a wide coverage. Normally, sales tax is imposed on basic necessities of life. For goods with inflexible demand, it is a reliable source of revenue. some other attribute 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, rules of order it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper