True, if the tax of identical size is imposed in two different markets, the tax revenue is higher in the market with more inelastic demand.
What s tax revenue?
- Tax revenues are defined as income taxes, profit taxes, social security contributions, goods and services taxes, payroll taxes, property and property transfer taxes, and other taxes.
- It provides detailed reports of income from various items such as corporate income tax, income tax, property tax, customs duty, union consumption tax, union territory tax such as basic income, stamp registration and more.
- Indirect taxes are taken into account in tax revenue.
- Tax revenue can be viewed as a measure of a government's control of economic resources.
- Taxes collected from both direct and indirect taxes are government revenues.
- It includes the collection of income tax, corporate tax, customs duty, property tax, property tax, etc.
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