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WAEC Commerce 2015 Question 24

Question 24

Foreign Trade

Duty drawback refers to duties paid on

  1. A.exported goods produced with local content.
  2. B.re-exported goods previously imported.
  3. C.imported goods for sale locally.
  4. D.locally manufactured good for sale locally.
Show the answer and explanation

Answer: B (re-exported goods previously imported.)

Explanation

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