2.2. Government or Public Revenue
Public revenue refers to the income of the government from all its sources. It includes: receipts from tax revenue and those from non-tax revenue. These are revenue sources of the government i.e. they are sources of the government’s income, which are not subject to repayment by the government. It is different from public receipts in that public receipts refer to all incomes of the government including public borrowing and issue of new currency.
Public Receipts = Public Revenue Receipts + Income from other sources like Public Borrowing and Printing of Currency
Government revenue or receipts can be classified into revenue and capital receipts.
2.2.1. Revenue Receipts2.2.1.2. Meaning of Taxes2.2.1.3. Types of TaxesDirect and Indirect TaxesMerits of Direct Taxes ♤ Equity & reducing inequalities –Demerits of Direct TaxesSpecific and Advalorem Taxes2.2.1.4. Non Tax Revenue2.2.1.5. Characteristics of Good Taxation SystemsA good tax system should meet five basic conditions: fairness, adequacy, simplicity, transparency, and administrative ease.2.2.1.6. Taxation Systems in Developing Economies2.2.1.7. Characteristics of a Good Taxation System for Developing Countries2.2.2. Capital Receipts