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HomeBusinessNigeria Customs slashes duty on imported vehicles to 20% from 35%

Nigeria Customs slashes duty on imported vehicles to 20% from 35%

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The Nigeria Customs Service (NCS) said that it has slashed the duty payable on imported cars 20 per cent from 35 per cent rate.

The Cable quoted the spokesman for NCS, Timi Bomodi as saying; “The new common external tariff (CET) 2022 to 2026 puts the duty for cars at 20 per cent. However, we await further directives from the federal ministry of finance with regards to levies,” he said.

He explained that the CET is the harmonised system for the World Customs Organisation (WCO) for the processing of imports adopted by the Economic Community of West African States (ECOWAS) for common duty rates.

“These rates are reviewed every five years. The old ECOWAS CET expired in 2021,” he added.

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Bomodi also said the new rate applies to both new and used cars imported into the country.

Asked if the new rate has been implemented, he said: “They are already using the 20 per cent duty rate. Finance can still introduce whatever measures in line with the national automotive policy.”

Meanwhile, in a phone conversation, Emmanuel Ogu, a member of the Association of Nigerian Licensed Customs Agents (ANLCA), said no circular has been issued regarding the reduction of import duty on cars.

“We have not gotten any circular. I have not seen an official circular. So, if something is said without an official circular, then it is a rumour,” he said.

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