Question

Match the following
i. Excise duty
ii. Sales tax establishments.
iii. Customs duty
iv. Income tax
v. Corporate tax

a) levied on the yearly income of individuals.
b) levied on the yearly profit of companies and business
c) levied on the production or manufacture of goods
d) levied when goods are sold.
e) levied on goods brought from abroad

Answer 1

The correct match of the given parts is as follows:

(i) Excise duty – (c) levied on the production or manufacture of goods

(ii) Sales tax establishments – (d) levied when goods are sold  

(iii) Custom duty – (e) levied on goods brought from abroad (also sent to abroad, custom duty is for both imports and exports)

(iv) Income tax – (a) levied on the yearly income of individuals

(v) Corporate tax – (b) levied on the yearly profit of companies and business