Accounting for the Revenue in the National Accounts
There are specific rules for the accounting of tax refunds, as well as revenue charged through a tax amnesty, tax credits, and deferred tax assets. The sale of a financial asset (either directly or indirectly) is treated as a financial operation, with no impact on the deficit. The direct sale of a nonfinancial asset has impact on the deficit. In the case of indirect sales, these will only have an impact on the deficit if the selling entity distribute dividends. There are specific rules for revenues from leasing, licences, and concessions, as well as from leaseback operations.
- ESA (2010) European System of Accounts 2010. https://ec.europa.eu/eurostat/cache/metadata/Annexes/nasa_10_f_esms_an1.pdf
- Eurostat (2016) Manual of government deficit and debt. https://ec.europa.eu/eurostat/documents/3859598/7203647/KS-GQ-16-001-EN-N.pdf/5cfae6dd-29d8-4487-80ac-37f76cd1f012. Accessed 1 Nov 2016