NEW analysis shows Islamic State raised an estimated $80 million a month with half of the money coming from taxation.

Analyst IHS has calculated the figure based on open source intelligence including through monitoring Arabic-language social media.

While there has been a focus on IS’s oil revenue, it only makes up 43 per cent of its funding and is less than what it gets from taxation and confiscation, which provided 50 per cent of its funding this year.

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