Neco 2021 Commerce Question 4
Practice objective / multiple choice question 4 from the 2021 Neco Commerce examination.
An importer brings goods with a CIF value of \(\text{₦}500,000\). Customs duty is charged at 5\% of the CIF value, a surcharge of 2\% of the CIF value is also levied, and Value‑Added Tax (VAT) of 7.5\% is charged on the sum of the CIF value, duty and surcharge. Calculate the total amount payable in naira.
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About This Question
This is Neco 2021 Commerce Question 4. It is one of the objective questions from the 2021 Neco Commerce examination.
Difficulty level: Easy .
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