The Federal Government of Nigeria has approved new policy for Nigeria Customs Service on the ground that Vehicle dealers will now enjoy the privilege of clearing their goods from the ports and paying the duty later.
The new policy required people to clear their vehicles from the ports and take them away for 28 days before paying the import duty on them.
The NCS had earlier said that it would issue licences for the establishment of inland bonded vehicle terminals across the country.
The establishment of inland bonded terminals means that dealers will not necessarily have to go to Lagos to clear their vehicles.
According Nigeria Customs Service Acting Public Relations Officer Mr. Joseph Attah said, “When a dealer imports his vehicles and he manifests them for destinations in the inland areas, the dealer will only provide some logistics and the Customs will escort them down to the terminal without paying the Customs duty yet.”
The aim of the policy is to ensure ease of doing automobile business and increase commercial activities by giving a boost to the economy.
NCS is set to commence the issuance of licences to interested auto dealers or any person who wanted to operate bonded vehicle terminals with ownership of fenced landed space with designated building for Customs outpost within the terminal and a N50m bond after detailed study of the company’s profile before issuing licences to an dealer.
Operators will be allowed to take delivery of their vehicles to their terminals under Customs escort and pay duty as the cars are bought within a 28-day grace period.
“Customs will only approach the dealers for duty payment at the expiration of the 28-day period as the operators now make sale from imported cars before duty payment at their bonded terminals.”
Attah added that, apart from removing the burden of duty payment at the ports of discharge for the operator, full Customs functions of examination, assessment for value and prevention of smuggling of products through any form of concealment in vehicles would not be compromised under the new regime.
This will improve positive multiplier effects of bonded terminals like the establishment of spare part shops he added:.