Sources Of Revenue In Nigeria

Revenue is the total annual income of the federal administration, state presidency or local government council. In opposite words, whole 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 anoint revenue ar: * Joint venture hard property call royalty (JVC) *Petroleum profit assess * let *NNPCs earning from film sales, sales of gas (crude oil sales). * effect 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 levyes- these are taxes validatingly 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 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 babe industries from foreign competition. *Custom duties- this constitutes one of the oldest widgets employ in pile up revenue.

The base of customs duties is the movement of goods crossways national boundaries. Occasionally, you build domestic custom duties. For example, movement of goods at heart the country. thither are two types of custom duties which are: - merchandise duties -Import duties *gross revenue tax- this tax like other tax has high reliability. It ! is a reliable way of collecting revenue, in that it has a childlike 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 tone 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, lay out it on our website: OrderCustomPaper.com

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