IMPORTED VEHICLE DUTY TARIFF CUT VERY SOON – CUSTOMS

The arranged reduction on duty tariffs on finished vehicles and tractors from 35%-10% will be active very soon, the Nigerian Customs Service highlighted last week.

Mr Hameed Ali, Comptroller General of Customs, informed journalists in Abuja, stating that the management of the service was awaiting a response on the matter from the Finance Ministry any day now.

Highlighted in the 2020 Finance Act, the vehicle tariff reduction was initiated by the Nigerian Customs Service to relieve the cost of transportation in Nigeria.

“Now, it has become a law. We are now waiting for the finance minister to give us a formal conveyance of that Act. Once we receive it, we commence implementation immediately and inform our commands.” stated Ali.

Regarding the new African Continental Free Trade Agreement, Ali highlighted that all aspects of the agreement which involves the Nigerian Customs Service are being held.

Source: This Day, January 2021