Public Revenue — Flashcards

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Public revenue is the income of the government from all sources like taxes, borrowings, fees, fines, donations, and similar receipts. In the narrow sense, it refers to non-repayable government income.

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Public revenue is necessary because modern governments perform many functions for the welfare of society. It is the means for public expenditure, just as production is the means for consumption. Witho…

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Government revenue is divided into two groups: tax revenue and non-tax revenue. Tax revenue comes from taxes and other duties levied by the government. Non-tax revenue comes from sources other than ta…

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A tax is a compulsory payment imposed by the government on persons or companies to meet expenditure on common benefits. Refusal to pay tax invites legal action. Tax money is used for general welfare a…

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No quid pro quo means that a taxpayer does not get a direct and equal return from the government for the tax paid. For example, a person paying income tax cannot demand a benefit equal to the exact am…

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A tax is compulsory, collected legally by the government, paid regularly or periodically, used for general welfare, and does not involve a direct quid pro quo. These features separate tax from other k…

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Tax revenue consists of receipts from taxes and other duties levied by the government. Non-tax revenue comes from sources other than taxes, such as interest, dividend, fees, and fines. Tax revenue is …

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Commercial revenues are revenues obtained by government from public enterprises by selling goods and services. They are also called prices. Examples include postage, tolls, prices paid for liquor in g…