Neco 2018 Commerce Question 29
Practice objective / multiple choice question 29 from the 2018 Neco Commerce examination.
An importer brings goods with a CIF value of \(\text{₦}500,000\). Customs duty is 5\% of the CIF value, and a surcharge of 2\% is applied on the duty amount. After duty and surcharge, a value‑added tax of 7.5\% is charged on the sum of the CIF value, duty and surcharge. Compute the total amount payable.
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About This Question
This is Neco 2018 Commerce Question 29. It is one of the objective questions from the 2018 Neco Commerce examination.
Difficulty level: Easy .
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