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WAEC Economics 2015 Question 39

Question 39

Public Finance

Use the table below to answer the question.
EXPECTED REVENUE
Items | Amount ($ m)
Rents and royalties | 75.00
Company income tax | 150.00
Customs and excise duties | 300.20
Personal income tax | 80.00
Fees and fines | 60.80
Value added tax | 100.00
What is the total revenue from indirect taxes?

  1. A.$686.00 m
  2. B.$400.20 m
  3. C.$135.80 m
  4. D.$100.00 m.
Show the answer and explanation

Answer: B ($400.20 m)

Explanation

Indirect taxes = customs and excise 300.20 + VAT 100.00 = $400.20 m.