2: Here are some import figures for Turkey. (i) The CIF price of importing a new completely built up (CBU) 1.3-liter car into Turkey is about TL 180,000. Transport, marketing and other domestic costs come to about TL 65,000. Import duty was levied at 40%, and VAT at 25%. [Note: VAT is levied on top of import duty and at each stage of sale] a. b. How much tax would be collected per imported car? Calculate the retail price of the car. (ii) The CIF price of a completely knocked down (CKD) kit was about TL 140,000 per car. Local components (radiators, tires, etc.) cost about TL 30,000 per car. The cost of transport, marketing, and other domestic costs came to about TL 110,000. Import duty was levied at 30% and VAT at 25%. a. b. How much tax would be collected per car? Calculate the retail price of the car. (iii) Calculate the effective rate of protection on local car assembly. (iv) What changes, if any, would you recommend in this tax structure? Why