BREAKING: FG Reduces Customs Duty On Tokubo Vehicles

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The Nigeria Customs Service (NCS), has reviewed the duty rate on imported used vehicles, also known as, tokunbo from 35 percent to 20 percent, 9news Nigeria learnt.

The duty rate is applicable on Common External Tariff (CET) trade portal, under HS Code 8703 to a 20percent duty rate.

Clearing agents, however, expressed shock that command officers were not aware of such development until they called their attention to it.

In a statement by the National Vice President of the Association of Nigeria Licensed Customs Agents (ANLCA), Dr. Kayode Farinto, he said, the service must make an official statement announcing the reduction in duty.

 Dr. Kayode Farinto
Dr. Kayode Farinto

“The proper HS Code for used vehicles before now is 8733320, at 35percent. Meanwhile this negates the CET tariffs, where it was agreed that all member states should allow vehicle at 20percent untill we reported to the ECOWAS.

“I have noticed that some agents have been capturing vehicles under HS Code 87033319 which is reserved for other Fully Built Units (FBU), for assemblers. NCS must make a categorical statement between now and Monday to inform people to continue to capture on 87033320 which has been reduced to 20 percent rate of duty.

“In view of this development, we urge our members not to force themselves to capture on 35percent rate of duty for vehicles henceforth, vehicles will be on 20percent.

The National Secretary of ANLCA, Babatunde Mukaila Azeez told the members to remain calm, saying the change was not an error but the extant regime.

“Dear Professional Colleagues, it has been observed that Nigeria Customs service (NCS) has reviewed the duty rate applicable on Common External Tariff (CET) trade portal on vehicles under HSCode 8703 to 20% Duty rate.

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“Members are enjoined to remain calm as this is not an error but the extant regime. This has gone a long way to buttress ANLCA position that information and communication gap between NCS and General trading community is still at the lowest ebb. We shall continue to abreast members of this development real time.

9news Nigeria

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