Revenue 101
5.87 Property income receivable from export or
import enterprises or marketing boards that do not
represent monopoly profi ts should be recorded as
dividends (1412) or withdrawals of income from quasi-
corporations (1413). Fiscal monopoly profi ts receiv-
able from public enterprises or marketing boards
dealing in commodities domestically, outside of in-
ternational trade, should be recorded under profi ts of
fi scal monopolies (1143).
5.88 Exchange profi ts (1154) include the profi ts
generated when the monopoly powers of government
or monetary authorities are exercised to extract a mar-
gin between the purchase and sale prices of foreign
exchange, other than to cover administrative costs.
Th e revenue derived constitutes a compulsory levy
extracted from both purchaser and seller of foreign
exchange. Similarly, an implicit tax results from the
operation of a multiple exchange rate regime by the
central bank or other offi cial agency. It is the common
equivalent of an import duty and export duty levied
in a single exchange rate system or of a tax on the sale
or purchase of foreign exchange. As in the case of the
profi ts of export or import monopolies, the revenue
represents the exercise of monopoly powers for tax
purposes and is included in tax revenue when re-
ceived by government.
5.89 Under a multiple exchange rate regime, two
or more exchange rates are applicable to diff erent
categories of transactions; the rates favor some cat-
egories and discourage others. Th e net proceeds as a
result of these transactions are calculated as implicit
taxes or subsidies (see paragraph 6.89). Th e amount
of the implicit tax or subsidy for each transaction can
be calculated as the diff erence between the value of
the transaction in domestic currency at the actual ex-
change rate applicable and the value of the transaction
at a unitary rate that is calculated as a weighted aver-
age of all offi cial rates used for external transactions.
5.90 Exchange profi ts are oft en included in a lump-
sum payment from the monetary authorities to gov-
ernment. Such a lump-sum payment should be dis-
aggregated according to the economic nature of the
components, and each component classifi ed accord-
ing to its nature. Th ese lump-sum payments may
include components of dividends, exchange profi ts,
interest, and/or equity withdrawals. Th is category for
exchange profi ts should not include any payments to
government of exchange profi ts realized other than
as a result of maintenance of an exchange rate dif-
ferential. Also excluded from this category are any
payments to government of unrealized revaluation
profi ts, which are in the nature of a book entry re-
sulting from revaluation of foreign exchange or gold
holdings for the owner. As discussed in paragraph
5.115, such payments to government based on hold-
ing gains are classifi ed as a withdrawal of equity rather
than a tax. Any operational profi ts transferred to gov-
ernment should be classifi ed as dividends (1412) (see
paragraph 5.111).
5.91 Exchange taxes (1155) cover taxes that are
levied upon the sale or purchase of foreign exchange,
whether at a unifi ed exchange rate or at diff erent ex-
change rates. Included are taxes on remittances abroad
if the taxes are levied on the purchase of foreign ex-
change that is to be remitted. Remittance taxes that
are not levied on the purchase of foreign exchange
should be recorded under other taxes on international
trade and transactions (1156).
5.92 Other taxes on international trade and trans-
actions (1156) include other taxes levied on various
aspects of international trade and transactions, except
those payable by producers. Th is item includes taxes
levied exclusively on international travel, taxes on in-
surance or investment abroad, and taxes on foreign
remittances, excluding taxes levied on the purchase
of foreign exchange to be remitted abroad, which are
included in exchange taxes (1155).Other taxes (116).
5.93 Other taxes (116) cover revenue from taxes
levied predominantly on a base or bases not elsewhere
classifi ed, and unidentifi ed taxes. Th e item is subdi-
vided into other taxes payable solely by business (1161)
and other taxes payable by other than business or un-
identifi able (1162). Th e item includes taxes on persons
that are not based on income or presumed income,
sometimes referred to as poll taxes, head taxes, or
capitation taxes. Personal taxes based on actual or pre-
sumed income should be recorded as taxes on income,
profi ts, and capital gains (111). Also included are stamp
taxes that do not fall exclusively or predominantly on a
single class of transactions or activities covered by taxes
on fi nancial and capital transactions (11414). Examples
would be revenues from the sale of stamps required
to be affi xed to contracts. Revenues from the sale of