Duties charged as a fixed sum irrespective of the value stated in the instrument are described as:
AAd valorem duties
BFlat rate dutiesCORRECT
CComposite duties
DProgressive duties
ICANTaxationStamp Duties and Other Taxes2023
AI
Toaster Teacher
Why the answer is B, and why the others tempt you.
Flat or fixed duties are a set amount per instrument, such as on a power of attorney. Ad valorem duties are charged as a percentage of the consideration, as on a conveyance on sale.
Want this in Pidgin, Yoruba, Igbo or Hausa? Sign up free →
Practice more Taxation questions
ICAN Taxation has thousands more questions like this — with Worked answers on every one.