Cryptic crossword clue
Cheers unknown country losing its first source of income 8

The most common and most likely answer to this crossword clue is the 8 letter word TAXATION

I've seen this crossword clue in The Daily Telegraph
T
A
X
A
T
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Buddy explains!

The straight part
We know that "source of income" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case source of income = taxation.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does TAXATION mean?

TAXATION noun
  1. The act of imposing taxes and the fact of being taxed.
  2. A particular system of taxing people or companies
  3. The revenue gained from taxes

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