The Nigeria Customs Service has said that the implementation of a new tariff regime on imported vehicles would take-off next week, and that vehicles would now pay 10% tariff as against 35%.
Comptroller-General of Customs, Hameed Ali, disclosed this on Tuesday at the 2021 International Customs Day with a theme “Customs bolstering recovery, renewal and resilience for sustainable supply chain”.
He said the management of Customs is awaiting directives from the Ministry of Finance and the Ministry of Budget and National Planning before implementing a new law that mandates a reduction in tariffs on imported vehicles.
President Muhammadu Buhari signed the Finance Bill on December 31, 2020, which stipulates a downward review of Excise Duty rates on tractors and motor vehicles for transportation.
“The president has signed the bill now; we are now waiting for the Minister of Finance to formally send to us directing for implementation. If that is done today, by tomorrow, we will inform all our commands to fully begin to implement the Act,” he said
“The only thing that is holding it now is that we have not received the formal conveyance of that Act and we are a law-abiding organisation. Once we receive the directive to commence implementation, we will immediately begin that. I hope and pray it will come this week or next week.
“We are the proponent of the tariff on vehicles, it was engineered by us and pushed forward by us. I have seen publications where I have been criticised that I use my position to push for this.
“They do not realise that it is in the overall interest of Nigerians and we thank God and thank the president as well as members of National Assembly for accepting the proposal. Today it has become a law,” Mr Ali said.
The customs boss commended the officers and men for their commitment and determination in boosting revenue generation for the country, adding that their resilience in the face of life-threatening risks kept the supply chain active.
According to him, in the year 2020, the service generated N1.5 trillion revenues as against the N1.3 trillion target set by the government as well as seized 4,304 assorted items valued at N28.2 billion.