Customs set for vehicle tariff reduction
Following the signing into law, the Financial Bill 2020 that stipulates a downward review of Excise Duty on tractors and motor vehicles, the Nigeria Customs Service is set to commence implementation of tariff reduction on vehicles before the end of this month.
According to the Comptroller-General, Hameed Ali, the Service is set for the policy following the transmission of the directive to the NCS by the Federal Ministry of Finance, Budget and National Planning.
“The Act has been transmitted to us. We received the minister’s mandate this week, to start working on it, although we have to develop certain regulations and measures on how we intend to implement the law.
“We have to change our codes to fit into the new law. You know that commercial vehicles levy is the only levy that has been reduced from 35 per cent to five per cent.
“So we have to change the codes to fit into the new law and we hope we’ll finish that in two days and the minister will have to look at it and agree that yes that is what we should do.
“I hope not too long from now, by next week or next two weeks, this law will come into effect. We will circulate it to our own commands to begin to operate.”
He said that the new law would help the country to have vehicles meant for transportation with reduced duty for the benefit of Nigerians.
He noted that the high duty paid had also resulted to increased smuggling of vehicles into the country.
166 total views