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JAMB Economics 2004 Question 28

Question 28

Public Finance

The tax levied on goods and services at each stage of production is

  1. A.surtax
  2. B.VAT
  3. C.ad valorem tax
  4. D.PAYE
Show the answer and explanation

Answer: B (VAT)

Explanation

Value Added Tax is charged on the value added at each stage of production and distribution.