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How much revenue was realised from (i) direct taxes: (ii) indirect taxes?

Economics

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Step-by-step solution

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(a)(i) Direct taxes

Direct taxes are levied directly on income or profits: company tax and workers' income tax.

  1. Formula for total direct taxes.

    Total direct taxes = company tax + workers' income tax

  2. Substitute the given values (in JS millions).

    Total direct taxes=240+180\text{Total direct taxes} = 240 + 180

  3. Simplify.

    240+180=420240 + 180 = 420

    Revenue from direct taxes is 420\mathbf{420} JS millions.

    420 JS millions

    (a)(ii) Indirect taxes

    Indirect taxes are levied on goods and services: taxes on exports, value added tax, and import duties.

  4. Formula for total indirect taxes.

    Total indirect taxes = taxes on exports + value added tax + import duties

  5. Substitute the given values (in JS millions).

    Total indirect taxes=80+150+40\text{Total indirect taxes} = 80 + 150 + 40

  6. Simplify step by step.

    80+150=23080 + 150 = 230 230+40=270230 + 40 = 270

    Revenue from indirect taxes is 270\mathbf{270} JS millions.

    270 JS millions

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