CLEARING AGENTS AND NIGERIA CUSTOMS SERVICE AT LOGGERHEADS OVER VIN VALUATION SYSTEM

There has been series of protest going on by clearing agents at the nation’s port and Terminal Multiservice LTD(PTML) as a result of the introduction of the vehicle Identification number (VIN) valuation system introduced by the Nigeria Customs Service, which has led to about a 50% increase in the duty amount paid on used vehicles. This has crippled port activities in the major terminals with so many imported vehicles trapped inside the ports.

Before now, custom brokers and freight forwarders were clamoring for a standardized valuation system, this they believed would help curb high handedness and extortion through the use of deductive valuation.
Bowing in to the pressure, the Nigeria Customs Service last week introduced an e-valuation system called then VIN-valuation, an artificial intelligence manual that is self-acting, utilizing world class data which drives documentation processes in an electronically digitized format.

However, majority of the stake holders who had earlier demanded for the change are complaining about the process, hence the series of protests.
As at Wednesday 2nd of March 2022, there was no way forward on the issue as the meeting between clearing agents and customs was a deadlock.

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