Paul begins by saying that every person is to be subject to the governing authorities, for there is no authority except from God, and those that exist have been instituted by God. Whoever resists the authorities resists what God has appointed, and those who resist will incur judgment. Rulers are not a terror to good conduct but to bad. The authority is God's servant for your good, and does not bear the sword in vain: he is an avenger who carries out God's wrath on the wrongdoer.
Therefore it is necessary to be in subjection, not only to avoid punishment but also for the sake of conscience. For the same reason believers pay taxes, for the authorities are ministers of God, attending to this very thing. Paul sums up: pay to all what is owed to them, taxes to whom taxes are owed, revenue to whom revenue is owed, respect to whom respect is owed, honor to whom honor is owed.
In verses 8 to 10 he turns to love: owe no one anything, except to love each other, for the one who loves his neighbor has fulfilled the law. The commandments about adultery, murder, theft and coveting are summed up in loving your neighbor as yourself. Love does no wrong to a neighbor, and so love is the fulfilling of the law.
Finally, Paul speaks of the hour in which they live: it is already time to wake from sleep, for salvation is nearer now than when they first believed. The night is far gone and the day is at hand. They must cast off the works of darkness and put on the armor of light, walking properly as in the daytime, not in orgies and drunkenness, not in sexual immorality and sensuality, not in quarreling and jealousy. Instead, put on the Lord Jesus Christ, and make no provision for the flesh to gratify its desires.