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

Commerce
WAEC 2000

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

  • A. excise duty
  • B. excise draw back
  • C. preferential duty
  • D. value added tax
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Correct Answer: Option B
Explanation

 Duty drawback is the refund of duties, certain taxes, and certain fees collected upon the importation of goods. Refunds are only allowed on the export/destruction of the imported merchandise or a valid substitute, or the export/destruction of a certain article manufactured from the imported merchandise or a valid substitute.


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