SOURCES OF REVENUE

SOURCES OF REVENUE - SOURCES OF REVENUE Sources of...

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SOURCES OF REVENUE Sources of Government Revenue: The taxation powers of the individual levels of government are laid out in the Constitution Act of 1867 The act allowed unlimited taxing power for the federal government and restricted powers to the provincial Provincial government can only collect direct taxes Direct taxes (Income Tax) o Is one composed on the person who should pay the tax o Ex. income tax the particular i o Individual who is receiving the income should pay the tax Indirect tax eventually became the responsibility of the federal government because back in 1867 indirect tax was not popular Indirect taxes (Income Tax) o Is one levied against one individual but is expected to be paid by another o Ex. excise tax or a customs duty tax o The supplier in theory pays the tax but passes the tax onto the consumer by charging a higher price The tax collection process has changed since 1867 Corporation Tax o
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This note was uploaded on 02/05/2011 for the course ECON 011 taught by Professor Yezer during the Fall '07 term at GWU.

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SOURCES OF REVENUE - SOURCES OF REVENUE Sources of...

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