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Taxes imposed on locally made goods are known as  

Commerce
JAMB 2025

Taxes imposed on locally made goods are known as

 

  • A. ad valorem duties
  • B. excise duties
  • C. import duties
  • D. export drawback
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Correct Answer: Option B
Explanation

Taxes imposed on locally made goods are known as excise duties. Excise duties are taxes imposed on goods produced within the
country, as opposed to import duties which are taxes imposed on goods coming into the country. Ad valorem duties are taxes
based on the value of the goods, and export drawback is a refund of duties on exported goods, so these options are not correct.


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