Customs Speaks on Export Tax on Dangote Refinery as E-Auction Reopens
- The Nigeria Customs Service (NCS) will reopen its e-auction platform, which was earlier suspended some years ago
- The NCS said the government is yet to share any tax proceedings regarding the export of Dangote Refinery products
- It stated that there are ongoing discussions between the national security advisers of Nigeria and the Benin Republic to reopen other borders
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
The Nigeria Customs Service (NCS) has said its e-auction platform, suspended some years ago, is now fortified and will be reopened soon.
Source: UGC
At a press conference in Abuja, Adewale Adeniyi, comptroller general of the NCS, said the initiative will kickstart next week.
Speaking on planned revenue generation through Nigeria's refinery currently test running, he disclosed in a TheNation report that the government has yet to levy any duties on the export of Dangote Refinery's product.
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Export duties on Dangote Refinery
According to Adeniyi, the federal government has not yet released a fiscal strategy on export taxes for the Dangote Petroleum Refinery.
However, he stated that the NCS is ready to implement any fiscal policy the government chooses to implement concerning the export of refined petroleum products.
He said:
“I am not aware of exports which are being charged. This will be a fiscal policy.
“If we are so directed to collect exports for these products on petroleum products from Dangote Refinery or any other refinery, of course, we will. But presently, under the extant policy, there is none”
On border opening
The head of customs disclosed that while parts of the Benin Republic's borders have been formally opened, others are still closed.
He stated that although the borders at Seme and Idiroko have been formally opened, discussions over the reopening of the other borders are still underway between the national security advisers of Nigeria and the Benin Republic.
The comptroller general said:
“There are still discussions ongoing within the country, office of the National Security Adviser and with our counterpart in Republic of Benin to ensure that we put in place the requirements, have the shared understanding of what we need to do and how we have to monitor in case the decision is taken to open the rest of the border.”
No more N770/$: Nigeria Customs announces new exchange rate for importers to clear goods at port
Legit.ng erlier reported that the NCS unveiled a new exchange rate for cargo clearing at the port.
According to Customs' official website information, the exchange rate to clear goods has now increased by N12.29 to N783.174/$ as of November 10, 2023, from the previous rate of N770.88/$.
This is the second exchange rate adjustment the port industry has witnessed in five months.
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Source: Legit.ng
