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WAEC Commerce 1992 Question 92

Question 92

Foreign Trade

Import duties are imposed for the following reasons except to

  1. A.raise revenue form income tax
  2. B.improve the balance of trade
  3. C.protect infant industries
  4. D.maintain employment
  5. E.prevent dumping
Show the answer and explanation

Answer: A (raise revenue form income tax)

Explanation

Import duties are taxes on goods, not income tax, so they cannot raise income-tax revenue.