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Government revenue or national revenue is money received by a government from taxes and non-tax sources to enable it, assuming full resource employment, to undertake non-inflationary public expenditure. Government revenue as well as government spending are components of the government budget and important tools of the government's fiscal policy.
The government budget balance, also referred to as the general government balance, [1] public budget balance, or public fiscal balance, is the difference between government revenues and spending. For a government that uses accrual accounting (rather than cash accounting ) the budget balance is calculated using only spending on current ...
In economics, the Laffer curve illustrates a theoretical relationship between rates of taxation and the resulting levels of the government's tax revenue. The Laffer curve assumes that no tax revenue is raised at the extreme tax rates of 0% and 100%, meaning that there is a tax rate between 0% and 100% that maximizes government tax revenue. [a ...
Tax revenue is the income that is collected by governments through taxation. Taxation is the primary source of government revenue. Revenue may be extracted from sources such as individuals, public enterprises, trade, royalties on natural resources and/or foreign aid. An inefficient collection of taxes is greater in countries characterized by ...
Government revenue is the income of the government earned by redistribution of the social products. It is the financial resource necessary for the functionality of the government. The contents of government revenue have undergone multiple changes. Today, it mostly consists of the following: [12]
The government budget can be directly introduced into the model. We consider now an open economic model with public deficits or surpluses. Therefore the budget is split into revenues, which are the taxes (T), and the spendings, which are transfers (TR) and government spendings (G). Revenue minus spending results in the public (governmental) saving:
According to World Bank, "revenue is cash receipts from taxes, social contributions, and other revenues such as fines, fees, rent, and income from property or sales. Grants are also considered as revenue but are excluded here. Expense is cash payments for operating activities of the government in providing goods and services.
A balanced budget (particularly that of a government) is a budget in which revenues are equal to expenditures. Thus, neither a budget deficit nor a budget surplus exists (the accounts "balance"). Thus, neither a budget deficit nor a budget surplus exists (the accounts "balance").