A tax charged in proportion to the value of imported goods is?

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

Question 1 Report

A tax charged in proportion to the value of imported goods is?

Answer Details
A tax charged in proportion to the value of imported goods is called ad valorem. Ad valorem is a Latin term that means "according to value." The tax amount is calculated as a percentage of the total value of the imported goods. Ad valorem tax rates vary depending on the type of goods being imported and the country of origin. This type of tax is used by governments to generate revenue and protect domestic industries by making imported goods more expensive than local goods.
Read lesson note on Trade (WAEC)
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