Custom Reintroduces Vin Valuation Policy

This year, the Nigerian Customs Service (NCS) in Nigeria, relaunched VIN- Valuation as of a fully automated tool devoid of human interference, capable of aggregating values from countries of export, consistent in make and model of cars to assess duty.

The good news is that the system uses Artificial Intelligence (AI) to pull together trade data representing a range of values consistent for each car make and model using the Vehicle Identity Number (VIN) and enables easy and fast assessments necessary to process duty payments.

The bad news is that since the implementation of the policy, VIN Valuation has generated a lot of controversies which has led to protests and withdrawal of services by clearing agents at the Ports and Terminals.

The protest was to stand against an increase in duty payable on imported vehicles which has risen by almost 300 percent, making it difficult to process the clearance of vehicles from the port.

After the protest, NCS made some adjustments to the system and relaunched VIN Valuation System in May 2022.  They said the system has been made simple and flexible to be user-friendly, as it has given preference to accident vehicles and depreciation, among others.

Despite the changes, the duty rates for imported vehicles are still on the high side, but the various stakeholders have come to accept the new system.

NCS, therefore, urges well-meaning Nigerians to embrace the electronic services that are being put at their disposal. Importers who have valid Tax Identity Numbers (TIN) can do self-assessment and pay duty by themselves. We implore licensed Customs agents to also be honest in their declarations as it will go a long way in expediting the release of their goods out of Customs’ control.

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *

© Dreamworks Global Logistics 2022 All Rights Reserved.

Your request has been sent

Kindly check your mail for the quote