Follow us on :

Has the Customs Began 30% Reduction In Vehicle Duty?
By Wale
Posted on Feb 23, 2021

The Nigeria Customs Service (NCS) has begun the implementation of five per cent duty on importation of Fully Built Vehicle (FBV) as approved by the President in the 2020 Finance Act.

This is coming despite the recent suit filed to stop the implementation. However, Customs said yesterday it was not aware of any suit filed on it.

In the Act, FBU duty was slashed from 35% to 5% while Semi Knocked Down (SKD) vehicles duty is 10%.

The auto manufacturers said the 30% reduction put investment in vehicle assembling at jeopardy.

The implementation was contained in a Customs circular to the various commands, signed by the Deputy Comptroller-General, Trade and Tariff (T&T), T.M. Isa, and dated February 18, 2021  on behalf of the Comptroller General of Customs, Col. Hameed Ali (Rtd).

Spokesman of the Customs, Mr. Joseph Attah confirmed the commencement of implementation as approved by the President in a chat with our correspondent but said he was not privy to any suit filed to stop it.

Read More Here.

Replied by: admin

Ask A Question

Don't just assume, verify the authenticity of it.