Definition: Income account

Category: National accounts

The income account covers two types of transactions: compensation of employees paid to non-resident workers or received from non-resident employers, and investment income accrued on external financial assets and liabilities.
The current transfers account includes general government current transfers, e.g. transfers related to international cooperation between governments, payments of current taxes on income and wealth, etc., and other current transfers, e.g. workers’ remittances, insurance premiums - less service charges - and claims on non-life insurance companies. http://epp.eurostat.cec.eu.int/pls/portal/docs/PAGE/PGP_PRD_CAT_PREREL/PGE_CAT_PREREL_YEAR_2005/PGE_CAT_PREREL_YEAR_2005_MONTH_06/2-10062005-EN-AP.PDF