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May 2nd, 2018, 10:04 AM   #1
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How is the value 13 is obtained?

Year 2015

Corporation tax - 26%

Income tax - 29.6%

Wealth tax - 2.6%

Customs duty -

Excise duty -

Service tax - 14.8%

In 2015, if the amount collected through excise duty was 11.7 crore, which was 50% of corporate tax, what was the amount collected through customs duty? (Ans: 12.6 crore)
Note:1 crore mean 10 million.

Solution: g = 11.7

f + g = 27%

f = 27 - 13 = 14%

13% = 11.7

14% = ?

11.7 × 14/13 = 12.6 crore

How is the value 13 is obtained?
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May 2nd, 2018, 10:36 AM   #2
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Well, 50% of corporate tax at 26% would do it.
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May 2nd, 2018, 01:04 PM   #3
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Quote:
Originally Posted by v8archie View Post
Well, 50% of corporate tax at 26% would do it.
ARCHIE! That should be "corporation tax"!
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May 2nd, 2018, 02:00 PM   #4
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Why does f + g = 27%? This 27% figure seems to appear from nowhere.
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May 2nd, 2018, 02:57 PM   #5
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Quote:
Originally Posted by Ganesh Ujwal View Post
Year 2015

Corporation tax - 26%

Income tax - 29.6%

Wealth tax - 2.6%

Customs duty -

Excise duty -

Service tax - 14.8%

In 2015, if the amount collected through excise duty was 11.7 crore, which was 50% of corporate tax, what was the amount collected through customs duty? (Ans: 12.6 crore)
Note:1 crore mean 10 million.

Solution: g = 11.7

f + g = 27%
This makes no sense! In the first place you haven't said what "f" is. More importantly because g is not a percent and it makes to sense to say that g added to anything is a percent. If the excise tax was 11.7 crore and that was 50% (1/2) of the corporate tax, the corporate tax is 2(11.7)= 23.4 crore.
We were told that the corporate tax is 26% (of some amount) that "amount" would be 23.4/0.26= 90. The excise tax is 11.7 which is 13% of 90. The taxes so far are 26+ 29.6+ 2.6+ 13+ 14.8= 86%. That leaves 100- 86= 14% for "customs duty".


Quote:
f = 27 - 13 = 14%

13% = 11.7

14% = ?

11.7 × 14/13 = 12.6 crore

How is the value 13 is obtained?
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May 2nd, 2018, 06:23 PM   #6
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Quote:
Originally Posted by Denis View Post
ARCHIE! That should be "corporation tax"!
Bite me!
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May 2nd, 2018, 06:25 PM   #7
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Quote:
Originally Posted by skipjack View Post
Why does f + g = 27%?
Customs duty(f) + Excise Duty(g) = 27%

100 - (corporation tax+ income tax + wealth tax + service tax) = 100 - 73 = 27.
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May 3rd, 2018, 08:37 AM   #8
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Quote:
Originally Posted by Ganesh Ujwal View Post
Corporation tax - 26%
Income tax - 29.6%
Wealth tax - 2.6%
Customs duty -
Excise duty -
Service tax - 14.8%
In 2015, if the amount collected through excise duty was 11.7 crore, which was 50% of corporate tax.
You're TOLD excise duty is 13% (half of 26%).
So you can right away complete the breakdown:
Corporation tax - 26%
Income tax - 29.6%
Wealth tax - 2.6%
Customs duty - 13.0%
Excise duty - 14.0%
Service tax - 14.8%
Add them up - 100.0%

Is that simple enough?
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May 3rd, 2018, 09:15 AM   #9
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There's no reason why they should total 100%.
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May 3rd, 2018, 09:26 AM   #10
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Well, hmmm...to me, "year 2015" being the "header",
the breakdown then represents ALL the 2015 items...

BUT lazy me should have stated that...to protect me ass
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