PTML Records 60% Drop In Vehicle Importation Betw Jan And June 2004, Blames High Duties And Taxes

PTML records 60% drop in vehicle importation between Jan and June 2024, blames high duties and taxes.

In the first half of 2024, vehicle importation reached 18,000 units, compared to 45,000 units received in the first half of 2023.

Customs boss had earlier revealed that vehicle importation dropped by 45% in the first quarter (Jan-Mar) of 2024, blaming the forex crisis.

The Ports & Terminal Multipurpose Limited (PTML) has blamed high import duty and taxes and the imposition of import levy on used vehicles for the 60 per cent drop in vehicle importation it experienced in the first half of 2024.

In the first half of 2024, vehicle importation reached 18,000 units, compared to the 45,000 units received in the corresponding period last year, according to document obtained by Sunday PUNCH from the General Manager of PTML, Mr Tunde Keshinro.

• See Also : Vehicle Importation : Customs List Smuggling, Valuation And Under-declaration As Some Of Its Challenges

Keshinro, who blamed high import duty and taxes and the imposition of import levy on used vehicles for the drop in vehicle importation in the first half of 2024, said :

“This unprecedented decline in the volume of used vehicles importation into Nigeria can be located around high import duty and taxes for used vehicles, imposition of import levy on used vehicles, restriction of rebate on ex-factory prices used for assessment of import duty to 10 years whereas the law allows importation of 12-year old vehicles.

“Vehicles above 10 years of age are forced to pay higher import duties, and high exchange rates resulting in excessive-high landing costs above the affordable level for the majority of Nigerians, who depend on private vehicles for private and commercial transportation. These are some of the reasons there was a drop.”

The Comptroller General of the Nigeria Customs Service (NCS), Adewale Adeniyi, had earlier revealed that vehicle importation dropped by 45 per cent in the first quarter (Q1) of 2024, blaming the forex crisis.

• See Also : Vehicle Importation Dropped By 45% In The First Quarter Of 2024 Due To Forex Crisis – Customs Boss