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This paper, describes a prey-predator fishery model incorporating prey refuge. The proposed model reflecting the dynamic interaction between the net economic revenue and the fishing effort used to harvest the prey species in the presence of predation and a suitable tax. The steady states of the system are determined and the dynamic behavior of the model system is discussed. The occurrence of Hopf bifurcation of the proposed model system is examined through considering density-dependent mortality for the predator as bifurcation parameter. The optimal taxation policy is formulated and solved with the help of Pontryagin's maximal principle. The objective of the paper is to maximize the monetary social benefit as well as prevent the predator species from extinction, keeping the ecological balance. Results are illustrated with the help of numerical examples.