News
Customs Explains Why New VIN Valuation Being Used Will Increase Its Revenue, Transparency
Comptroller Festus Okun says that the new VIN Valuation being implemented will increase Customs revenue, transparency.
Okun said the improved mode of duty collection on vehicular cargo will bring uniformity of value across all Commands in Nigeria.
The Custom boss added that the new system will eradicate human contacts as well as remove discretionary duty value.
The Customs Area Controller advised Licenced Customs Agents not to be caught on the wrong side of the law.
The Nigeria Customs Service (NCS) says that the new Vehicle Identification Number (VIN) valuation mode being implemented will increase transparency, raise revenue collection and engender predictability.
The Customs Area Controller Customs Port Terminal Multiservice Limited (PTML) Command, Comptroller Festus Okun, made this in a press statement signed by DSC Yakubu Muhammad, Customs Public Relations Officer PTML Command on Thursday.
Okun said the improved mode of duty collection on vehicular cargo is in line with modernisation of the Service processes and will bring about uniformity of value across all Customs Commands in Nigeria.
According to him, it will eradicate human contacts, remove discretionary duty value borne out of sentiments and address the problem of having variations in the value of the same vehicle model and age in various Commands of the NCS.
While urging importers, Licensed Customs Agents and Freight Forwarders to open up their minds to the new reality, Okun said it will not only increase collection as it will facilitate trade by saving time.
He advised Licenced Customs Agents not to be caught on the wrong side of the law as the robust audit system in the Service will unveil infractions and demand for revenue evaded.
He said :
“By using it to generate appropriate duties and taxes to be paid, it means that it is predictable and there is harmonization between all ports and terminals across the country. The human interface will be removed, and this brings integrity into the system. How does this encourage revenue generation?
There will be harmonization and absence of discretion because discretion is what has been causing a lot of issues, where people bring emotions into official transactions. More revenue is expected, also, when there is predictability in the system, people will be encouraged to trade more, leading to more revenue.’’
The CAC added that with the VIN valuation, longer time spent on raising value will be saved and more importation processed within a short time. Comptroller Okun also advised them to embrace the change as efforts have begun to enlighten them on the VIN.
“I appeal to them to continue engaging in the area of misconceptions and understanding, to let us know things that are confusing to them. Our doors are wide open, and they can always walk into any of these offices to get clarification on any of the issues. And when they have any legitimate complaint, probably from a declaration, they can just come forward”.
