Economics · Taxation Structure
Consider the following statements regarding Ad Valorem Duty and Specific Tax: I. Ad valorem duty is levied as a percentage of the value of a good or property. II. Specific tax is imposed based on the quantity of goods irrespective of their value. III. Excise duty is always an example of ad valorem tax and never a specific tax. IV. Ad valorem taxes tend to ensure equity as higher-value goods attract higher tax. How many of the above statements are correct?
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Only three
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