Goods imported into a country for the purpose of re-exporting attracts a rebate known as

Assessment: JAMB UTME - Commerce - 1995 Subject: Commerce

Question 1 Report

Goods imported into a country for the purpose of re-exporting attracts a rebate known as
Answer Details
When goods are imported into a country with the intention of re-exporting them, a rebate known as "customs draw back" can be obtained. This is a refund of the customs duty paid on the imported goods when they are exported. The purpose of this rebate is to encourage and facilitate the re-export of imported goods, which can help to stimulate international trade and promote economic growth. Customs draw back is particularly relevant for businesses that engage in international trade, such as exporters, importers, and freight forwarders. By allowing them to recover the customs duty paid on imported goods that are later re-exported, customs draw back can reduce the cost of doing business and make it more competitive. Therefore, the correct answer is "customs draw back".

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