A government collects corporation tax and VAT from the firms in one industry during a financial year. All of the industry's sales are charged VAT at the standard rate, and the sales figure shown includes VAT.
| Tax information | Value |
|---|---|
| Standard VAT rate | 20% |
| VAT-inclusive sales | £72.0 million |
| Corporation tax revenue | £18.0 million |
Calculate the combined revenue raised from these two taxes.
75 exam-style questions on AQA GCSE Economics 2.1 Introduction to the national economy, covering 2.1.1a What an interest rate is, 2.1.1b Interest rates and consumer decisions, 2.1.1c Interest rates, producer decisions and calculations, 2.1.2a UK government revenue and spending, and 2.1.2b Direct, indirect and progressive taxation. Each one has a worked solution and a mark scheme showing where the marks go.