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Question 3 A. General Consumption Tax (GCT) is a value added tax. Explain the term value added tax using appropriate examples. (5 mks.) B. Explain

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Question 3 A. General Consumption Tax (GCT) is a value added tax. Explain the term "value added tax using appropriate examples. (5 mks.) B. Explain the following terms: i. Output tax ii. Input tax iii. Zero-rated supplies iv. Exempt supplies Taxable supplies (15 mks.) V

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