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Nigeria Customs : Electric Vehicle (EV), Steel Imports Exempted From VAT
Nigeria Customs Service : Electric Vehicles (EVs), steel imports exempted from value-added tax (VAT).
The VAT exemption of Electric Vehicle (EV) imports will help speed up the adoption of EVs in Nigeria.
The Comptroller General of the Nigeria Customs Service (NCS), Adewale Bashir Adeniyi, has assured Nigerians that the agency would implement all fiscal policies directed by the Federal Government to revive the economy.
Speaking on Arise News Channel on Tuesday, the Customs Boss said the service would implement the Ministry of Finance’s directive to removal import duties on steel and Electric Vehicles (EVs) as well as Value-added tax (VAT) on imports of liquefied petroleum gas (LPG).
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See Also : NCS Didn’t Raise Import Duty, But Only Aligned With CBN’s Official Exchange Rate – Customs Boss
The VAT exemption of Electric Vehicle imports will help speed up the adoption of EVs in Nigeria as the government move to reduce greenhouse gas emissions and pollution from vehicular traffic.
During the interview, Adeniyi also clarified that the Customs doesn’t willfully raise duties paid on imports but only aligned with the new foreign exchange (FX) rate prescribed by the Central Bank of Nigeria (CBN).
“So it is not about Customs increasing the rates. We have nothing to do with whether the rates go up or whether the rates go down. We follow what is prescribed for us by the regulatory authority for monetary affairs, which is the Central Bank of Nigeria,” he maintained.
Adeniyi also mentioned that Nigeria Customs Service has increased its revenues by 37 percent since he assumed office about eight months ago, adding that the agency has set a target of N5.1 trillion in revenues for 2024, which will be +37.2 per cent more than the N3.2 trillion generated in 2023.
