Here is what is shocking to clearing agents about the crash of duty on Tokunbo vehicles from 35 per cent down to 20 per cent.
Nigeris has reviewed the duty payable on imported used vehicles, popularly called Tokunbo by 15 per cent.
Platforms Africa reports that the Nigeria Customs Service (NCS), which made this known, maintained that the reduction was from 35 per cent to 20 per cent.
READ ALSO: Microsoft Opens New $127m Tech Hubs in Lagos, Nairobi
Why More Men Die During Sex Than Women
UNILAG Prof. of Insurance, Tajudeen Yusuf, Unearths 17 SDGs From Qur’an
After Platforms Africa report, Nigerian Police To Get 20% Salary Upgrade
Oil Minister confirms Platforms Africa Exclusive News on DPR, PPPRA, PEF scrapping, CEOs’ sack
The duty rate is applicable on Common External Tariff (CET) trade portal, under HS Code 8703 to 20percent duty rate.
Clearing agents, however, expressed shock that command officers were not aware of such development until they called their attention to it.
In a statement by the National Vice President of the Association of Nigeria Licensed Customs Agents (ANLCA), Dr. Kayode Farinto, he said, the service must make an official statement announcing the reduction in duty.
“The proper HS Code for used vehicles before now is 8733320, at 35percent. Meanwhile this negates the CET tariffs, where it was agreed that all member states should allow vehicle at 20percent untill we reported to the ECOWAS.
“I have noticed that some agents have been capturing vehicles under HS Code 87033319 which is reserved for other Fully Built Units (FBU), for assemblers. NCS must make a categorical statement between now and Monday to inform people to continue to capture on 87033320 which has been reduced to 20 percent rate of duty.
“In view of this development, we urge our members not to force themselves to capture on 35percent rate of duty for vehicles henceforth, vehicles will be on 20percent.
The National Secretary of ANLCA, Babatunde Mukaila Azeez told the members to remain calm, saying the change was not an error but the extant regime.
“Dear Professional Colleagues, it has been observed that Nigeria Customs service (NCS) has reviewed the duty rate applicable on Common External Tariff (CET) trade portal on vehicles under HSCode 8703 to 20% Duty rate.
“Members are enjoined to remain calm as this is not an error but the extant regime. This has gone a long way to buttress ANLCA position that information and communication gap between NCS and General trading community is still at the lowest ebb. We shall continue to abreast members of this development real time.”
