Definition Of Tax Revenue In Economics

Tax revenue is defined as the revenues collected from taxes on income and profits social security contributions taxes levied on goods and services payroll taxes taxes on the ownership and transfer of property and other taxes.

Definition of tax revenue in economics. Technically revenue is calculated by multiplying the price p of the good by the quantity produced and sold q. In algebraic form revenue r is defined as r p q. Read this article to learn about the meaning and concept of revenue micro economics. The amount of money that a producer receives in exchange for the sale proceeds is known as revenue.

Taxes are compulsory contributions imposed by the government on its citizens to meet its general expenses incurred for the common good without any corresponding benefits to the tax payer. It gives a detailed report on revenue collected from different items like corporation tax income tax wealth tax customs union excise service taxes on union territories like land revenue stamp. There are several very common types of taxes. Corporate tax a percentage of corporate profits taken as tax by.

In this article we will discuss about the principles of taxation. Just as there are different types of tax the form in which tax revenue is collected also differs. For example if a firm gets rs. Taxes are levied in almost every country of the world primarily to raise revenue for government expenditures although they serve other purposes as well.

A fund raised through the various taxes is referred to as tax revenue. Revenue in economics the income that a firm receives from the sale of a good or service to its customers. Tax revenue is the income that is gained by governments through taxation. The sum of revenues.

A tax is a compulsory payment made by individuals and companies to the govern ment on the basis of certain well established rules or criteria such as income earned property owned capital gains made or expenditure incurred money spent on domestic and imported articles. The most important source of government revenue is tax. Tax revenue forms part of the receipt budget which in turn is a part of the annual financial statement of the union budget. Definition of tax revenue.

16 000 from sale of 100 chairs then the amount of rs. Total tax revenue as a percentage of gdp indicates the share of a country s output that. A survey produced quarterly by the census bureau that provides estimates of total operating revenue and percentage of revenue by customer class for communication key.