Public Revenue — Chapter Summary

Public revenue means the income

Public revenue means the income of the government from all sources such as taxes, borrowings, fees, fines, donations, and other receipts. In the narro

Government revenue is divided into tax

Government revenue is divided into tax revenue and non-tax revenue. Tax revenue comes from taxes and other duties levied by the government. Non-tax re

A tax is a compulsory payment

A tax is a compulsory payment imposed by the government on persons or companies to meet expenditure for common benefits. It is legally collected, paid

A direct tax is paid by

A direct tax is paid by the same person on whom it is imposed, so the burden cannot be shifted. Examples include income tax, corporation tax, gift tax

An indirect tax is imposed on

An indirect tax is imposed on one person but the burden can be partly or wholly shifted to another person. Examples include excise duty, VAT, sales ta