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JAMB Commerce 1997 Question 23

Question 23

Government and Business

Excise duties are paid on goods that are

  1. A.imported into the country
  2. B.manufactured within the country
  3. C.exported to other countries
  4. D.kept in bonded warehouses.
Show the answer and explanation

Answer: B (manufactured within the country)

Explanation

Excise duty is a tax on goods produced in the home country; import and export duties are customs duties.