Waec Model Questions Vol1 2021 Commerce Question 24
Practice objective / multiple choice question 24 from the 2021 Waec Model Questions Vol1 Commerce examination.
A consignment has a CIF value of ₦2,000,000. Import duty is charged at 5 % of the CIF value. A surcharge of 2 % of the CIF value is also levied. If the duty amount exceeds ₦80,000, a rebate of 10 % on the duty is granted (the rebate is applied before VAT). VAT is charged at 7.5 % on the sum of the CIF value and the net duty (after rebate). Compute the total tax payable (duty after rebate + surcharge + VAT).
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About This Question
This is Waec Model Questions Vol1 2021 Commerce Question 24. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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