Customs urged the FG to reduce import duty on vehicle from 70% to 45%

Customs urged FG to reduce import duty on vehicle from 70% to 45%

The Nigeria Customs Service ( NCS) is routing for a reduction in import duty on imported vehicles from the current duty rate of 70% to 45% of the cost of the vehicle.

The hint was dropped, on Monday, by the Comptroller General of the Service, Col. Hameed Ali( rtd).

According to him, the high rate of vehicle smuggling across Nigeria’s border is influenced by a high rate of vehicle duties.

He described the 70%, being charged by the government, as high, adding that time had come for it to be reduced to 45%.

“With that, we will eventually get an increase in volume of vehicles that are imported, smuggling will be reduced and therefore we will realise more revenue and the lives of our people will be saved,” he noted.

 

Source: IB9JA

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