Nigerian Custom Service (NCS) forced to revert to the old Tariff on imported used cars

                     

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The Nigerian federal government directed its Customs Service department (NCS) to end the new tariff for imported used cars and continue with the old tariff, following protest by automobile clearing agents not to clear any vehicles on new duty and levy rates. The federal government in November last year raised duty and levies on imported cars by 50 per cent from 20 per cent to discourage importation of cars. Here is the breakdown; the duty on buses was also raised by 10 per cent, and cars pay up to 70 per cent of cost of the car. For example, under the old tariff, it will cost about N280,000 ($1,700) to clear a 2002 Toyota Camry but with new tariff, the cost goes up as high as N840,000 ($5,100) under the new regime. Outrageous! Isn’t it? Now due to the protest by clearing agents at Lagos ports, the federal government had to revert to the old tariff today until July 2014. Good one guys, keep it up.