Topic Content:
- Value-Added Tax (VAT)
Value-Added Tax (VAT):
Value Added Tax (VAT) is the proportion of money the government gets for payment of certain goods and services.
In Nigeria, the Government charges 5% VAT on the cost of VAT-able goods. The VAT is then used by the government to improve public services such as transportation, healthcare, power, education etc.
Example 1.6.1:
An advertisement for a chair says that its price is ₦35 700 plus 5% VAT. How much does the customer pay?
Solution
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