Cars to Become More Expensive as Customs Introduced Controversial Electronic Valuation Policy from Friday

• Nigerians will have to pay more to drive their favourite vehicles, no thanks to customs new electronic valuation policy
• The new policy will be introduced on Friday despite protests against the policy it was said to increase the cost of imported cars
• The Nigeria Customs Service (NCS) has a revenue target of N4.1 trillion in 2022 compared to N2.3 trillion revenue in 2021

The electronic valuation policy suspended by the Nigeria Customs Service (NCS) would be reintroduced on Friday, 20 May 2022, the Punch Reports.

This decision is despite protests against the policy which was claimed would increase cost of imported cars.

The policy, meant for Vehicle Inspection Number (VIN) on imported vehicles, was previously suspended after the house of representatives intervened to avert protest by the freight forwarders or clearing agents.

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What is the e-valuation policy

The e-invoicing and e-valuation policy was introduced by the Central Bank of Nigeria (CBN), with support from the customs service.

It would monitor the value of exports and imports trade in Nigeria, a report from Proshare revealed.

The policy became effective on February 1, 2022, but was later suspended after protest that the cost of clearing a vehicle at the port would rise to N800,000, from about N300,000.

What is custom saying

In a letter signed by NCS’ Deputy Controller, Administration, Ajibola Odusanya, and dated May 17, it was stated that there would be sensitisation of the stakeholders to ease the deployment of the VIN valuation.

The letter reads:

“In line with the planned nationwide deployment of the VIN Valuation on Friday, 20 May 2022, and the need to continually enhance the platform for optimal performance and service delivery, the sensitisation which is scheduled to take place on Thursday, May 19, 2022, at 11:00 am is to hold at the Apapa Command conference hall.

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“The Deputy Controller Administration, A Y. Odusanya, on behalf of the Customs Area Controller requested that clearing agents should send their representatives to attend, saying the session would benefit everyone and further clarify any question.”

Nigeria Customs speaks on fake auction

Meanwhile, Legit.ng reported that the Nigeria Customs Service (NCS) has warned the general public against the activities of internet fraudsters operating fake recruitments and auctions.

The NCS in a statement released by its spokesman, Joseph Attah, and sighted by Legit.ng said its attention has been drawn to the spike in fake social media accounts impersonating senior customs officers to advertise the fake auctions and recruitment exercise.

The NCS in a statement released by its spokesman, Joseph Attah, and seen by Legit.ng said its attention has been drawn to the proliferation of fake social media accounts impersonating senior customs officers to publicise fake auctions and recruitment exercise.

Source: Legit.ng