Revenue collection refers to the steps taken by a government agency to pursue unpaid debts owed by citizens. Taxes, license fees, fines, and fees for using state facilities are just a few examples of the many ways money can be made. The general and extensive collection of money for debts or money owing to corporations or individuals is known as revenue collection.
Why is the collection of money valuable? To ensure enough money is available to cover operating expenses, all governments must have efficient systems for revenue collecting in place. A yearly evaluation of all points of revenue collection, as well as the implementation of laws and regulations, are best practices.