Neco Model Questions Vol1 2021 Commerce Question 5
Practice objective / multiple choice question 5 from the 2021 Neco Model Questions Vol1 Commerce examination.
An importer intends to purchase 5,000 units of a product priced at US$12 per unit. The exchange rate is \(\text{₦}460\) per US$. Import duty is 12\% of the CIF (cost, insurance, freight) value, and a surcharge of 5\% is applied on the duty amount. A value‑added tax (VAT) of 7.5\% is charged on the sum of the CIF value, duty and surcharge. What is the total amount in naira the importer must pay to clear the goods?
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About This Question
This is Neco Model Questions Vol1 2021 Commerce Question 5. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Commerce examination.
Difficulty level: Medium .
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