Used vehicles import crashes 40% with customs’ valuation scheme

Importation of used vehicles dropped by 40 per cent in 2022 following the implementation of the Vehicle Identification Number (VIN) valuation system by the Nigeria Customs Service (NCS). In February, 2022, there was a disruption in commercial activities at the Tin-Can Island Port, Lagos, as freight forwarders protested the implementation of the VIN by customs. […]

The post Used vehicles import crashes 40% with customs’ valuation scheme
appeared first on Daily Trust
.

Importation of used vehicles dropped by 40 per cent in 2022 following the implementation of the Vehicle Identification Number (VIN) valuation system by the Nigeria Customs Service (NCS).

In February, 2022, there was a disruption in commercial activities at the Tin-Can Island Port, Lagos, as freight forwarders protested the implementation of the VIN by customs. The service then suspended the implementation of the scheme.

The importers were then given a grace period to clear the backlog of vehicles grounded during the protest.

Speaking at a press conference to review the activities of the Port and Terminal Multipurpose Limited (PTML), acting Assistant Comptroller General of Customs (ACG), Suleman Bomoi, explained that importation of used vehicles through the terminal dropped by 40 per cent because of government trade policies such as VIN.

He said revenue of the command dropped especially from the PTML terminal where most vehicles were imported.

Bomoi further said that despite this, the command was able to collect N229.5bn revenue from the importation of vehicles from January to December, 2022.

According to him, the achievement was made through dialogue and engagement with clearing agents and their importers.

He explained that, “The figure is a 96 per cent revenue target of N238.3bn set for the command in the review period. The revenue collected is N5bn higher than the N224.5bn revenue collected in the corresponding period of 2021.”

He added that in the year under review, about 80 per cent of the cargo handled in the terminal were vehicles, noting that six suspects were arrested in connection with seizures and had been granted administrative bail.

The post Used vehicles import crashes 40% with customs’ valuation schemeappeared first on Daily Trust.

ANA NEWS WIRE Disclaimer:
The African News Agency (ANA) is a news wire service and therefore subscribes to the highest standards of journalism as it relates to accuracy, fairness and impartiality.
ANA strives to provide accurate, well sourced and reliable information across Text, Images and Video. Where errors do appear, ANA will seek to correct these timeously and transparently.
The ANA platform also contains news and information from third party sources. ANA has sought to procure reliable content from trusted news sources but cannot be held responsible for the accuracy and opinions provided by such sources on the ANA platform or linked sites.
The content provided for on the ANA News Wire platform, both through the ANA news operation and via its third party sources, are for the sole use of authorised subscribers and partners. Unauthorised access to and usage of ANA content will be subject to legal steps. ANA reserves its rights in this regard.
ANA makes every effort to ensure that the website is up and running smoothly at all times, however ANA does not take responsibility for, and will not be held liable for times when the website is temporarily unavailable due to technical issues that are beyond our control.