Waec Model Questions Vol1 2021 Economics Question 2
Practice objective / multiple choice question 2 from the 2021 Waec Model Questions Vol1 Economics examination.
A corporate tax system charges 20 % on firms whose annual profit does not exceed ₦5 million and 30 % on firms with profit above that threshold. In a given year the aggregate profit of all firms is ₦10 billion, of which ₦2.5 billion comes from the lower‑rate firms. Before tax is levied, a tax holiday reduces the profit of the higher‑rate firms by 12 %. What is the total tax revenue collected after the holiday? Give your answer in Naira, to the nearest million.
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About This Question
This is Waec Model Questions Vol1 2021 Economics Question 2. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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