Do you know that the New tariffs on imported cars has commenced since January 2017? So, here below are the new Import duties Cars/vehicles and other Items in Nigeria.
- Sport Utility Vehicles (SUVs) attracts an import duty of 70%
- Tokunbo Cars attracts 35% duty
Importation of vehicles through land borders has been banned. There are now new import duties for vehicles and some goods imported in Nigeria.
Brand new Sport Utility Vehicles (SUVs) and second-hand cars’ import duties are change. The import duties for food items, like salt, rice and others, which are produced in the country, are also change.
Sport Utility Vehicles (SUVs), sports cars, yachts and boats now attract 70 per cent duties. Second-hand vehicles, on the other hand, attract 35 per cent duty.
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The import duty of salt and sugarcane rose from 10 per cent to 70 per cent.
The duty on alcoholic spirit, beverages and tobacco also rose from 20 per cent to 60 per cent, while rice attracts 60 per cent duty, from 10 per cent
In the new tariff regime, duty on cement was increased from 10 per cent to 50 per cent, while a cotton / fabrics material attracts 45 per cent duty, from 35 per cent.
Anti-malarial and antibiotics drugs, tomatoes paste, cassava products, crude palm oil and wheat flour whose duty was reviewed upwards.
The items such as bolt, industrial oil and other equipment are reviewed downwards.
President Muhammadu Buhari had approved the new tariff regime.
The new policy is in line with the new Economic Community of West Africa (ECOWAS) Common External Tariff (CET) regime.
According to the finance minister’s circular on the new tariff, “This is to confirm that Mr. President has approved the 2016 fiscal policy measures made up of the Supplementary Protection Measures (SPM) for implementation together with the ECOWAS CET 2015 – 2019 with effect from 17th October, 2016.”
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