Tolu purchase goods from Yemisi and is to pay custom duties before collection. The goods are likely to be collected from.

Assessment: JAMB UTME - Commerce - 1999 Subject: Commerce

Question 1 Report

Tolu purchase goods from Yemisi and is to pay custom duties before collection. The goods are likely to be collected from.
Answer Details
If Tolu has to pay customs duties before collecting the goods, it means that the goods have been imported into the country and have not yet been cleared by the customs authorities. Therefore, the goods are likely to be stored in a bonded warehouse. A bonded warehouse is a secure warehouse approved by customs authorities for storage of imported goods until the necessary customs duties and taxes have been paid, and the goods have been cleared for delivery to the importer or his agent.

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