Sources Of Revenue In Nigeria

Revenue is the total annual income of the federal administration, state organisation or local government council. In some other words, on the 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 petroleum revenue ar: * Joint venture hard money call royalty (JVC) *Petroleum profit assess * engage *NNPCs earning from film sales, sales of gas (crude crude oil sales). * continue 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 imposees- these are taxes verificatoryly 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 compe l 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 cunnings employ in aggregation revenue.

The base of customs duties is the movement of goods crossways national boundaries. Occasionally, you make 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 duties * sales tax- this tax like other tax has high reliability. It i s a reliable way of collecting revenue, in t! hat it has a simple 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 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, enounce it on our website: OrderEssay.net

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