Sources Of Revenue In Nigeria

Revenue is the total annual income of the federal administration, state organization or local government council. In another(prenominal) 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 petroleum revenue ar: * Joint venture hard money call royalty (JVC) *Petroleum profit assess * pursue *NNPCs earning from film sales, sales of gas (crude anoint sales). * return 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 tax incomees- 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 are com pel 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 catchs employ in lay in revenue.

The base of customs duties is the movement of goods crossways national boundaries. Occasionally, you go domestic custom duties. For example, movement of goods at heart the country. at that place are two types of custom duties which are: - merchandise duties -Import duti es * sales tax- this 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 dead demand, it is a reliable source of revenue. some other fictional character 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, orderliness it on our website: OrderCustomPaper.com

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