Investor Presentaiton
Difference between taxation and internally generated revenue{IGR}
Taxation is basically the process of collecting taxes within a particular
location. In this regard, we can define tax as "a monetary charge imposed by
the Government on persons, entities, chargeable assets; and transactions or
properties to yield revenue". It can also be defined as 'the enforced
proportional contributions from persons and property, levied by the State by
virtue of its sovereignty for the support of Government and for all public
needs".
*Modern definition of tax
A compulsory contribution to state revenue levied by government on workers'
income and business profits and added to cost of some goods, services and
transactions.
✓Synonyms: levy, tariff, duty, toll, excise, impost, contribution, assessment,
tribute, tithe, charge, fee etc.View entire presentation