Question : Which of the following is a source of tax revenue?
Option 1: Penalties
Option 2: Customs
Option 3: Profits
Option 4: Grants
Answer (1)
16th Jan, 2024
Correct Answer: Customs
Solution : The correct option is Customs .
Customs duties are a significant source of tax revenue. They are taxes imposed on goods when they are imported or exported between countries. They are also known as tariffs. The rates of the goods can vary based on the type of goods, their country of origin and the trade agreements in place.
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