Customs, CAC Brainstorm On Downward Review Of Levy Of Imported Vehicles
LAGOS OCTOBER 11TH (NEWSRANGERS)-The Nigeria Customs Service, NCS, and the National Automotive Council, NAC, are currently in talks over a possible downward review of the NAC levy paid by vehicle importers.
Under the NAC, a levy of two percent of Cost of Insurance and Freight, CIF, is imposed on new vehicles imported into Nigeria while 15 percent is on fairly used vehicles.
Indicating the downward review last weekend the Comptroller General of NCS, Mr. Adewale Adeniyi, said that Customs has written to the NAC seeking for the review of the levy on new vehicles.
He however, noted that while Customs has initiated the review process the final policy decision is beyond the Customs.
He stated: “NAC levy goes beyond Customs, we are engaging the National Automotive Council, and we have written to the government to address it.
“If the Comptroller General can take action on it today, I will but I cannot because the Comptroller General did not introduce it. The levy was introduced by the Federal Government; we have to engage them explaining to them the need, the reason to review it and that is an ongoing process.
“We have a listening government and I believe they will review some of these policies.”
Meanwhile, the immediate past Vice President of the Association of Nigerian Licensed Customs Agents, ANLCA, Mr. Kayode Farinto, has faulted the continued existence of the NAC saying that the Council has failed to achieve the purpose for which it was established.
According to Farinto, some vehicle assemblers have taken advantage of the NAC waivers by the government to enrich themselves.
Vanguard
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Short URL: https://newsrangers.com/?p=116339
Posted by News Rangers
on Oct 11 2023. Filed under Business, National.
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