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Vin Valuation : Customs Approves 1-month Grace To Allow Importers Clear Backlog Of Vehicles At The Port
Vin Valuation : Customs approves 1-month grace to allow importers to clear backlog of vehicles held up due to strike action.
The one month grace period follows the public outcry over the introduction of the VIN Valuation Policy.
According to reports, over 12,000 vehicles have been trapped at Port, and attracting demurrage and shipping line charges.
Following public outcry, the Nigerian Customs Service (NCS) has approved one (1) month window to enable importers to clear the backlog of vehicles held up in the ports as a result of strike action.
The move was revealed in a statement signed by the Comptroller General Customs and made available to the public by the Custom National Pro, DC Timi Bomidi.
It follows the recent town hall meeting between the Area Controller Nigeria Customs Service Tincan Island Port Command Compt. AdeKunle Oloyede and Stakeholders held in Lagos on Vin-Valuation.
The statement reads :
“Meanwhile, uniform application of rebates will be used for all vehicles using correct values for assessment during the exercise.
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See Also : VIN Crisis : Importers, Ndigbo Amaka Progressive Association, Threaten To Shutdown Lagos Markets
“For the avoidance of doubt, the VIN-Valuation protocol is still in operation as reviews and updates are being captured in our systems to reflect the genuine concerns of stakeholders.
As a responsive and responsible agency, Nigeria Customs Service will sustain its consultations with stakeholders in line with Article 2 of WTO Trade Facilitation Agreement for a smoother Customs Stakeholders relationship.”
The one month grace period follows the public outcry and ongoing strike over the implementation of the VIN Valuation Policy. According to reports, over 12,000 vehicles have been trapped at Port, and attracting demurrage and shipping line charges.
The Nigeria Customs Service (NCS) had earlier explained that the new Vehicle Identification Number (VIN) valuation mode being implemented will increase transparency, raise revenue collection and engender predictability.
