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JAMB Commerce 1995 Question 20

Question 20

Foreign Trade

Goods imported into a country for the purpose of re-exporting attracts a rebate known as

  1. A.customs draw back
  2. B.export royalty
  3. C.incentive
  4. D.export rebate.
Show the answer and explanation

Answer: A (customs draw back)

Explanation

Customs drawback is the refund of import duty paid on goods that are later re-exported.