JAMB - Commerce (2025 - No. 34)
Taxes imposed on locally made goods are known as
ad valorem duties
excise duties
import duties
export drawback
Wyjaśnienie
Taxes imposed on locally made goods are known as excise duties. Excise duties are taxes imposed on goods produced within the
country, as opposed to import duties which are taxes imposed on goods coming into the country. Ad valorem duties are taxes
based on the value of the goods, and export drawback is a refund of duties on exported goods, so these options are not correct.
country, as opposed to import duties which are taxes imposed on goods coming into the country. Ad valorem duties are taxes
based on the value of the goods, and export drawback is a refund of duties on exported goods, so these options are not correct.