Tag: imported vehicles
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Worldwide outcry as Trump imposes 25% tarrifs on imported vehicles
World powers on Thursday slammed US President Donald Trump’s steep tariffs on imports of vehicles and car parts, vowing retaliation as a widening trade war intensifies. Major car exporter Germany called for a firm response from the EU, while Japan said it “will consider all options.” Stock markets across Asia and Europe skidded into…
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GOOD NEWS! Customs suspends 25% penalty on improperly imported vehicles
The Nigeria Customs Service (NCS) has announced the suspension of the 25 per cent import duty penalty on improperly imported vehicles. The directive for the suspension came from the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and is said to be part of strategies to help rejuvenate the economy and ensure…
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Customs gives update on vehicle identification number valuation
The Nigeria Customs Service (NCS) says the suspended Vehicle Identification Number (VIN) Valuation on imported vehicles to be deployed on Friday has been imputed with human face values. The Controller Valuation of NCS headquarters, Comptroller Anthony Udenze, made this known at a sensitisation programme ahead of the relaunch of VIN valaution on Thursday in Lagos.
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Customs to commence reduction on imported vehicles’ duties next week
The reduction in the duties on vehicles and tractors from 35 to about 10 per cent may take off next week, the Nigeria Customs Service said on Tuesday. Comptroller-General of Customs, Hameed Ali, who disclosed this to journalists in Abuja, said the management of the service was expecting an official communication from the finance ministry…