Daily life - Education
This is an educational site for increase your general knowledge and relax your mind. - TAXES AND INSURANCE

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TAXES AND INSURANCE

Types of taxes.

the government imposes various taxes to generate state income.

Duty

The government imposes tax on the articles imported to sri lanka and on the articles exported to other countries. This tax
is known as the duty.

Ex :-

The cost of a television set before paying duty is 12000 rupees. If a duty of 40% is charged, what will be its cost after paying that duty?


method 1:


cost of the television set before paying duty = Rs. 12000
Amount paid as duty = Rs. 12000 x (40/100)
= Rs. 4800

therefore cost of the television set after paying duty = (12000 + 4800 )
= Rs. 16 800


method 2:


Cost of the television set before paying duty = Rs. 12000

Duty charged =40%

Value of an article costing 100 rupees after paying duty= Rs. 140

therefore Value of the television set after paying duty = Rs. 140/100 x 12000
= 16800/=






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This is an educational site for increase your general knowledge and relax your mind. - TAXES AND INSURANCE (Daily life - Education)    -    Author : Imalka - Sri Lanka



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Last update : 2014-05-06

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