Public revenues and especially tax revenues can be considered as the lifeline of every modern state. Public revenue may be realized from taxation of the various entities and activities within. This includes the concepts of governmental revenue, revenue transactions between governments, and funds of the same government. It includes the tax from public enterprises, private corporate bodies, individual income tax, profit tax, property tax, etc. An assessment framework for revenue risk 2 sharing mechanisms in transportation publicprivate partnerships 3 ting liu1,2, michael bennon3, michael garvin4, shouqing wang5 4 1. Public revenue can be broadly classified into three heads. The three sources of public revenue are tax revenue, nontax revenue and foreign grants. Public expenditure has been classified into various categories. It is the most important and major source of public revenue. It is an important tool of the fiscal policy of the government and is the opposite factor of government spending. Governments at all levels national, regional and local need to raise revenue from a variety of sources to finance publicsector expenditures. It requires that all revenues or other moneys raised or received for the purposes of the government, unless exempted by an act of parliament. Revenue service when a revenue vehicle is in operation over a route and is available to the public for transport. The success of airline revenue management was widely reported, and this stimulated development of revenue management systems for other transportation sectors and in other areas of the service sector.
The income of the government through all sources is called public income or public revenue. For general government units, there are four main sources of revenue. Government may require the members of the community to contribute to the support of governmental functions through the payment of taxes. Public revenue reporting and monitoring 2 the main sources of public revenue are. Revenue expenditure is a current or consumption expenditure incurred on civil administration i. The impact of demographics on public revenue sources. Certain specific items to be recognized as revenues are addressed in other standards and are excluded from the scope of this standard. Interest in enhancing revenue mobilization in developing countries is increasing. Government revenue is the money received by a government from taxes and nontax sources to enable it to undertake government expenditures government revenue as well as government spending are components of the government budget and important tools of the governments fiscal policy seignorage is one of the ways a government can increase revenue, by deflating the value of its currency in. Non tax revenue sources of public revenue tax revenue non tax revenue 14. Dalton has defined the public revenue in two senses broader and narrow senses. This standard uses the term revenue, which encompasses both revenues and gains, in place of the term income. As the public is an important part of fiscal policy, certain principles or canons are laid down to which public expenditure should conform.
Tax revenue collection and administration in zimbabwe 2. Public investment has tended to increase as a consequence of. According to dalton, however, the term public income has two senses wide and narrow. Definition the income of the government through all sources like taxes, borrowings, fees and donations etc is called public revenue or public income. The government collects revenue from both direct and indirect taxes.
Sources of public revenue the sources by which a government earns its income are classified into two categories. This chapter also contains the complete definition of revenue categories used in the. Linkages between public sector revenues and expenditures. Current expenditures for public elementary and secondary education across the nation increased by 3. Public investment, investment by the state in particular assets, whether through central or local governments or through publicly owned industries or corporations public investment has arisen historically from the need to provide certain goods, infrastructure, or services that are deemed to be of vital national interest.
Wikipedia, lexilogos, oxford, cambridge, chambers harrap, wordreference, collins lexibase dictionaries, merriam webster. The subject matter of public finance includes public revenue, public expenditure and public debt. Revenue introduction this chapter explains the concept of revenue as it is used in the government finance statistics. Sections 101 and 102 of the constitution of zimbabwe designate the ministry of finance as the responsible authority in the collection of all fees, taxes and other public revenue. Government public revenue government revenue is money received by government. In its wider sense it includes all the incomes or receipts which a. Public sector organizations may exist at any of four levels. Most developing countries are emerging from the crisis with their fiscal prospects broadly intact imf, 2010a, but with many still facing a fundamental need to raise more revenue from their own tax bases. In the field of public finances, the issue of potential links between government revenue and. Every government, therefore, tries to meet its annual expenditure from taxes and from sources other than taxation. The first is in section 141 which is an accounting rule. A public company is a company that has issued securities through an initial public offering ipo and is traded on at least one stock exchange or the overthecounter market. Government needs to perform various inthe field of political,social and economicactivities to maximize social and economicwelfare.
The mobilization of own revenues is pivotal to ensure independent governments and policies. For the performance of these functions, money is needed. Current expenditures for public elementary and secondary education across the nation increased by 2. After reading this article you will learn about the meaning and classification of public revenue. For the purposes of this emergency order, public revenues shall include revenues accruing to the state budget, the state social security budget, local budgets, the budgets of special funds, including that of the health insurance fund, the budget of the public treasury, revenues from the reimbursement of external loans and also interest and commission associated with the public treasury. To define tax, it is said that tax is a mandatory imposition of duty on public authority by government organizations to meet requirements of general public as a whole. The details of taxation are guided by two principles. Public revenue is the income realized by the government for purposes of financing public administration. Government or public revenue may be defined as the total income accrues to all levels of administration local, state and federal or government from various. Chapter xi, which is devoted to public finance, mentions public revenue only twice. The investment into the nature and principles of state expenditure and state revenue is called public finance. A sample of related literature is listed in table i. Public finance, according to the traditional definition of the subject, is that branch of economics which deals with, the income and expenditure of a government.
Candidate, department of construction management,hang lung center for real estate,tsinghua 5 university,beijing 84,china 6 2. According to dalton, public finance is concerned with the income and expenditure of public authorities and with the adjustment of one with the other. Several theories of taxation exist in public economics. Revenue definition of revenue by the free dictionary. It is about the revenue, expenditure and debt operations of the government and the impact of these measures to the society. Notes on public finance, public revenue and public. It includes the following sources of government revenue. Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. Tax revenue is the income that is gained by governments through taxation.
States cannot spend money they dont have, at least not over the long run. Revenue definition is the total income produced by a given source. The intelligent use of revenue management principles can be used to increase top line revenue and bottom line profitability in any service industry possessing the following characteristics 2. Tax is the major source of public revenue of a government. You can complete the definition of public revenue given by the english definition dictionary with other english dictionaries. Systems, processes and challenges of public revenue. Any person working for a public employer after july 1, 1991, who is not covered by a public retirement system that meets the requirements discussed above, or the defined benefit system. Module 2 public revenue public finance is the study of the financial operations of the state.
Classification of public revenue the public revenue can be broadly classified into two. Search public revenue and thousands of other words in english definition and synonym dictionary from reverso. Public revenue tax and non tax save big dialabank 2020. In order to perform these dutiesand functions government require largeamount of resources. The nist definition characterizes important aspects of cloud computing and is intended to serve as a means for broad comparisons of cloud services anddeployment strategies, and to provide a baseline for discussion from what is cloud computing to how to best use cloud computing. In the broad sense it includes all incomings or receipts. Local a municipallevel body such as a city or county. As a subject, public finance is a study of public sector economics. According to dalton income of a public authority may be defined either in a broad or in a narrow sense. Revenues and expenditures for public elementary and. Modern states have to perform multifarious duties for promoting the welfare of their citizens. The definition of public utility property is unchanged. The service area for seattle public utilities seattle public utilities provides direct retail water service to about 630,000 people in the city of seattle, parts of.
595 44 1568 1041 1617 206 1315 1007 862 1420 1234 1644 56 661 1636 820 1459 507 847 1207 1408 1337 121 486 1069 228 208 617 1270 710 91 643 95 1325