The suspension of the implementation of the Vehicle Identification Number valuation policy recently introduced on imported (used) vehicles has been announced by the Nigeria Customs Service. According to a circular dated March 7, 2022, titled, ‘Approval Of Grace Period, To Clear Backlog Of Vehicles’.
The suspension took effect from Tuesday, March 8, 2022.
Under this policy, importers would be able to auto-generate tariffs on imported cars — a move which had led to weeks of demonstration and the shutdown of port activities by licensed Customs Agents.
According to the communique, one month window of opportunity has been approved to enable the clearing agents to clear the backlog of vehicles held up in the port due to the strike action. The statement also instructed importers to ensure a uniform application of rebates for all vehicles using the correct values for their assessments.
The statement also read that VIN-valuation protocol is still in operation as reviews and updates are being captured in their system to reflect these adjustments.The circular also directs the affected area controllers to monitor the transition period, whilst ensuring manual assessments are in compliance with extant laws of the land within the one-month grace period, with effect from Tuesday 8 to 22 March 2022.
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