The Revenue Budget shows the current receipts of the government and the expenditure that can be met from these receipts.
Revenue Receipts
Revenue receipts are divided into tax and non-tax revenues.
Tax revenues consist of the proceeds of taxes and other duties levied by the central government.
Tax revenues, an important component of revenue receipts, comprise of: Direct taxes – which fall directly on individuals (personal income tax) and firms (corporation tax), and;Indirect taxes like excise taxes (duties levied on goods produced within the country), customs duties (taxes ....
