TAXATION: Tax vs. Other terms

 

19.   Distinguish tax from other terms:

a.       Subsidy -- pecuniary aid directly granted by the government to an individual or private commercial enterprise deemed beneficial to the public

b.      Revenue -- refers to all the funds or income derived by the government, whether from tax or from whatever source and whatever manner

*Main difference between taxes and revenue: revenue derived from taxes are exempted from execution of judgment

c.       Internal revenue -- refers to taxes imposed by the legislature other than duties on imports and exports

d.      Customs duties -- taxes imposed on goods exported from or imported into a country

e.      Tariff -- (a) book of rates drawn usually in alphabetical order containing the names of several kinds of merchandise with the corresponding duties to be paid for the same; (b) duties payable on goods imported or exported; (c) system or principle of imposing duties on the importation or exportation of goods