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Operating leases are leases in which most of the risks and benefits of ownership rest with the lessor

Operating leases are leases in which most of the risks and benefits of ownership rest with the lessor

2.130. Sales of goods and services refers to revenues from the direct provision of goods and services by general government and public corporations, excluding GST. The payday loans Alliance OH item includes:

  • fees and charges for services rendered and sales of goods and services by general government and public corporations;

Interest income can accrue on advances to the private sector, public corporations, building societies and foreign governments, and on bank account balances, fixed deposits held with banks, government securities, intra-sector deposits and short term money market balances

  • fees from regulatory services;

Interest income can accrue on advances to the private sector, public corporations, building societies and foreign governments, and on bank account balances, fixed deposits held with banks, government securities, intra-sector deposits and short term money market balances

  • revenues of general government enterprises for work done acting as an agent for other government and private enterprises;

Interest income can accrue on advances to the private sector, public corporations, building societies and foreign governments, and on bank account balances, fixed deposits held with banks, government securities, intra-sector deposits and short term money market balances

  • rental income under operating leases.

2.131. As previously noted, fees from regulatory services are treated as revenues from sales if the government exercises some proper regulatory function, such as checking the competency or qualifications of a would-be licensee. If there is little or no work involved or if the revenues raised are clearly out of all proportion to the cost of providing the service then the fees are treated as taxation revenue.

2.132. Rental income recorded under sales of goods and services is confined to income from leases of produced assets such as buildings, ships, aircraft, vehicles, buildings, copyrights, patents, trademarks, etc. Income from leases of land and other non-produced assets is recorded as property income.

2.133. Property income refers to income accrued from the ownership of financial assets or tangible non-produced assets (mainly land and sub-soil assets). Property incomes accrue when the owners of such assets put them at the disposal of other entities. Property income on financial assets is in the form of interest, dividends, etc. Property income on land and sub-soil assets is in the form of land rent.

2.134. Interest income refers to income accrued by owners of financial assets such as deposits, securities other than shares, loans and accounts receivable in return for providing funds to other entities. Interest excludes cash settlements of interest swap contracts, which are treated as financial transactions in keeping with the revised SNA93 treatment (see SNA93, paragraph 2.76).

2.135. Property income includes general government returns on their equity in public corporations in the form of dividends and other transfers of income, and dividends received by public corporations from subsidiaries. Dividends are a form of property income to which shareholders are entitled as a result of their ownership of equity in other entities. Also included as property income are dividends from shares held as investments in private and public corporations and income from the IMF (except revenues from the IMF’s gold disbursements). Dividend income is distinguished from sale or other divestment of equity holdings, which are sales of financial assets and not revenues.

2.136. Property income also includes general government income received from public corporations as income tax and wholesale sales tax equivalents. These revenues are treated as property income rather than tax revenue in the GFS system because it is a levy by State and Territory governments (which do not levy income taxes) on their public corporations rather than a levy by the Commonwealth Government on all corporations under income tax legislation.

2.137. Land rent is a form of property income that refers to rent for the use of land and other non-produced assets. It includes rent on leasehold land in the Territories and other leasing of crown lands. Rentals on buildings or other produced assets are not land rent and are recorded with sales of goods and services.

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