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WAEC Commerce 2000 Question 14

Question 14

Foreign Trade

A refund of the duty collected on goods imported and processed for re-export is

  1. A.excise duty
  2. B.excise draw back
  3. C.preferential duty
  4. D.value added tax
Show the answer and explanation

Answer: B (excise draw back)

Explanation

A drawback is a refund of duty paid on imported goods that are later re-exported.