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For your own country describe the main components of Government revenue
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- Words:
- 1216
- Submitted:
- Thu Nov 04 2004
... For your own country describe the main components of 1) Government revenue 2) Government expenditures 1) The sources of government revenue are plenty. There are the taxes, national insurance Contribution, borrowing (government Stock and treasury bills, bonds etc), there are also trading surpluses and rent, interest and dividend receivable, privatization proceeds and so on. But the main, and most important component are the taxes. There are two types of taxes: Direct taxes which are taken directly from people's and organization's income, which is collected from the Inland Revenue. The most popular direct tax is the income tax. It is a progressive tax, this means that the proportion (%) of income paid in tax increases as income increases, for people's income. Another important and similar tax, is the corporation tax. The only difference with the income tax is that it is specified for company's income tax. But for multinationals that set
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