Tag: Vehicles import

Cargo Clearance: Vehicles, parts’ prices to surge, as Customs 4% FoB levy begins

Aminu Imam
Tokunbo cars at port

Prices of imported goods, such as vehicles and spare parts, are expected to surge as the Nigeria Customs Service (NCS) officially commences the collection of a new four percent Free-on-Board (FoB) levy on all imports. The levy, which took effect Monday, replaced the one percent Comprehensive Import Supervision Scheme (CISS) charge, calculated based on the value of imported goods, including transportation costs to the port of origin. Car dealers, already grappling with high import duties and a volatile Naira, are expected to be among the worst hit. For instance, a…

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Thousands of imported vehicles trapped at seaports over VIN valuation

Aminu Imam

Clearing agents have raised the alarm that several vehicles have been trapped at the Port and Terminal Multiservice Limited (PTML) due to the Vehicle Identification Number (VIN) valuation policy introduced on all imported vehicles by the Federal Government. The agents, under the aegis of the Association of Nigerian Licensed Customs Agents (ANLCA), called for the cancellation of the policy saying the situation is not helping the nation’s economy as it lacks predictability and is not able to drive revenue. Speaking to maritime journalists at the weekend, the ANLCA Vice President,…

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