Federal Government To Slash Levy On Imported Cars From 35% To 5%

The Nigeria Customs Service (NCS) has proposed a reduction from 35% to 5 or 10% in the cost of importing used and new vehicles into the country.

The Comptroller-General of Customs, Mr. Hameed Ali disclosed while defending the Service’s 2020 budget before the House Committee on Customs recently.

According to him, the proposal was made to swell revenue and discouraging smuggling as Nigerian importers currently ship their containers to neighboring ports where duties and levies are very low compared to what obtains in Nigeria.

“We have forwarded a proposal for the downward review of vehicle tariff to our supervising Ministry, which is the Finance Ministry, for consideration so that Customs duty on imported vehicles remain 35%, while the levy is reduced from the current 35% to 5 or 10%.

This position, if approved, will encourage compliance and boost revenue because the 70% duty and the levy is encouraging smuggling of vehicles,” he said.

Instablog9ja


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