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The collection of revenue is the most basic task of a government, as the resources released via the collection of revenue are necessary for the operation of government, provision of the common good (through the social contract in order to fulfill the public interest) and enforcement of its laws; this necessity of revenue was a major factor in ...
Global map of total central government revenues, as share of GDP, 2022 [1] Global map of total central government expenditures, as share of GDP, 2022 [2] This is the list of countries by government budget. The list includes sovereign states and self-governing dependent territories based upon the ISO standard ISO 3166-1.
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]
It involves government spending exceeding tax revenue by more than it has tended to, and is usually undertaken during recessions. Examples of expansionary fiscal policy measures include increased government spending on public works (e.g., building schools) and providing the residents of the economy with tax cuts to increase their purchasing ...
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 ...
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 ...
A balanced budget requirement is a law that requires a government to balance its budget annually, such that government spending equals government revenue. [27] There are two types of balanced budget requirements: ex-post balanced budget requirements, and ex-ante balanced budget requirements.
Revenue increases government's net worth, which is the difference between its assets and liabilities (GFSM 2001, paragraph 4.20). Transactions that merely change the composition of the balance sheet do not change the net worth position, for example, proceeds from sales of nonfinancial and financial assets or incurrence of liabilities.