JAMB - Economics (2017 - No. 28)
Which of the following source of income is spectacular only to Government ?
Payment from business transfer
Bonuses
Tax
Wages
Paliwanag
Tax, government generate income or revenues by taxing individual and corporate bodies. This process is referred to as taxation. Taxation is the act or method of imposing a compulsory levy by the government or it's agency on individuals and firms or on goods and services. Tax is the compulsory levy imposed by the government or it's agency on individuals and firm or on goods and services