ALL WORKINGS SHOULD BE SHOWN.TAX RATES AND ALLOWANCESTHE FOLLOWING...

3. All workings should be shown.

TAX RATES AND ALLOWANCES

The following tax rates and allowances are to be used in answering the questions

Value added tax (VAT)

Standard rate 10%

Reduced rate 5%

Corporate income tax (CIT)

Standard rate for enterprises 25%

Foreign contractor tax (FCT)

Value added rates as a percentage (%) of taxable turnover: %