Duty drawback refers to duties paid on?

Assessment: WAEC SSCE - Commerce - 2015 (Objective) Subject: Commerce

Question 1 Report

Duty drawback refers to duties paid on?

Answer Details
Duty drawback refers to the refund of duties previously paid on goods that are either re-exported or used to produce goods that are exported. In other words, it is a mechanism that allows exporters to recover the duties paid on imported inputs used in the production of goods that are subsequently exported. This helps to reduce the cost of production and makes exports more competitive in the international market.
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