Sources Of Revenue In Nigeria

Revenue is the total annual income of the federal administration, state administration or local government council. In other words, all 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 crude revenue ar: * Joint venture hard cash call royalty (JVC) *Petroleum profit assess * accept *NNPCs earning from film sales, sales of gas (crude oil colour sales). * rejoinder from the domestic market *punishment from gas fl ared *Pipeline licences and other fees *Excise duties and VAT on domestic crude oil -Non-oil revenue- the sources of these include: -Indirect valuatees- these are taxes substantiatingly 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 selec ted 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 infant industries from foreign competition. *Custom duties- this constitutes one of the oldest frauds employ in pile up revenue. The base of customs duties is the movement of goods crossways national boundaries. Occasionally, you project domestic custom duties. For example, movement of goods at heart the country. in that respect are two types of custom duties which are: - merchandise duties -Import duties * sales tax- this tax like other tax has high reliability. It is a reliable way of collecting revenue, in that it has a bulky 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 fibre of sales tax is that it is an effective tool for unequivocal inflation. It is an anti-in flationary device in that it reduces the dis! posable...If you want to get a bounteous essay, golf-club it on our website: OrderCustomPaper.com

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