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WAEC Commerce 2008 Question 23

Question 23

Foreign Trade

A refund of the duty collected on goods imported into a country which are later re-exported is called

  1. A.excise duty
  2. B.ad valorem tax
  3. C.customs drawback
  4. D.demurrage.
Show the answer and explanation

Answer: C (customs drawback)

Explanation

Customs drawback refunds import duty on re-exported goods.