Almost all countries derive revenue from government revenues and government borrowing. Government revenue includes money that the government is not obligated to return to the party from whom it was obtained. Public borrowing, on the other hand, involves the obligation of the government to repay the money to the people from whom it was obtained. In this chapter, public sector revenue sources, public sector borrowing, intergovernmental transfers and revenue administration will be discussed. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”?Get the original essayThe financial management system (FMS) distinguishes between two main types of government revenue: own revenue and transfers from other sub-funds. government sectors. Own-source revenue is defined as revenue generated by a government through its own imposition of a tax, license, royalty or other charge. Personal income tax, consumption taxes and contributions to social insurance schemes are all part of this group. On the other hand, a transfer from another government subsector is a sum of money received directly from another party without direct tax from the receiving party. At the same time, transfer payments fall into two categories: for general purposes, for which no restrictions are imposed on their use, and for specific purposes, for which certain conditions must be met in order to benefit from the transfer which govern the transfer. use of transfer. Equalization payments are classified as general transfers, while transfers from the provincial government to help municipalities operate and upgrade local road and bridge networks are classified as specific transfers (FMS. 2009) . Personal income tax – these are general levies on the income of individuals and unincorporated businesses, as well as special levies on income, such as the surtax that governments impose from time to time. Likewise, any capital gains tax proceeds from individuals and unincorporated businesses are included here. Corporate Income Tax - Includes federal, provincial and territorial taxes on taxable corporate profits. It also includes special taxes levied on corporate profits. Mining and forestry taxes – These are specific taxes levied on the profits of natural resource-based industries. Taxes on payments to non-residents – These may include federal withholding tax on corporate profits. payments to non-residents (individuals and companies) of dividends, interest, rents, royalties, amounts from trusts and estates as well as withholdings from foreign insurance companies. Other income taxes - These income taxes, which do not fall under any of the other classifications..Consumer taxesSales tax - The proceeds of the federal goods and services tax (GST) and provincial taxes on retail sales is recorded in this category. Tobacco Tax – These are special levies such as excise tax, excise duty and specific provincial taxes on the production and sale of tobacco products. Entertainment tax – Includes tax revenues from admissions to theaters, cinemas, recreational, cultural or other entertainment activities, horse racing. gaming activities of the slopes and casinos. Gasoline and fuel taxes –.