Cars will become more expensive as Customs implements a contentious electronic valuation policy beginning Friday.

Published:

  • Thanks to customs’ new electronic value policy, Nigerians would have to pay more to drive their favorite vehicles.
  • Despite complaints, the new policy will take effect on Friday. It is expected to raise the cost of imported autos.
  • The Nigeria Customs Service (NCS) aims to generate N4.1 trillion in revenue in 2022, up from N2.3 trillion in 2021.

According to the Punch Reports, the Nigeria Customs Service (NCS) will restore its electronic valuation regime on Friday, May 20, 2022. Despite complaints, the decision was made despite claims that the program will raise the cost of imported autos.

The measure, which applies to imported automobiles with a Vehicle Inspection Number (VIN), was earlier delayed after the House of Representatives intervened to prevent protests from freight forwarders and clearing agents.

What is the policy for e-valuation?

The Central Bank of Nigeria (CBN) implemented the e-invoicing and e-valuation policy with the help of the customs agency. According to a Proshare article, it would track the value of Nigeria’s export and import commerce.

The proposal went into effect on February 1, 2022, but was later delayed following complaints that the cost of clearing a car at the port would increase to N800,000 from around N300,000

What does custom say?

In a letter signed by NCS’ Deputy Controller, Administration, Ajibola Odusanya, and dated May 17, it was stated that there would be sensitisation of the stakeholders to ease the deployment of the VIN valuation.

“In line with the planned nationwide deployment of the VIN Valuation on Friday, 20 May 2022, and the need to continually enhance the platform for optimal performance and service delivery, the sensitisation which is scheduled to take place on Thursday, May 19, 2022, at 11:00 am is to hold at the Apapa Command conference hall.

“The Deputy Controller Administration, A Y. Odusanya, on behalf of the Customs Area Controller requested that clearing agents should send their representatives to attend, saying the session would benefit everyone and further clarify any question.”

- Advertisement -
Noble Otto
Noble Ottohttps://ceo.bs-hubonline.com/
Noble Otto is the founder of BS-Hub. Noble Otto has been running BS-Hub for 3 Years alongside he is a Web Designer, Social Media Manager & Content Creator. With over 5 Years of experience he has worked with big brands in Nigeria.

Related articles

Recent articles

Open chat
Hello,
How Can we help you?