Customs
House of Reps. threatens to suspend Customs’ VIN over uncoordinated valuation method
The House of Representatives Committee on Customs and Excise has picked holes in the controversial Vehicles Valuation policy (VIN) policy of the Nigeria Customs Service.
Presenting the report, Hon. Abejide, disclosed that the committee had observed how the impasse over VIN valuation was causing
The committee also lamented how the issue was affecting revenue generation at Tin Can Island Port, Lagos which depends more on vehicle imports revenues.
“Revenue of the command is fluctuating due to VIN Valuation that is said to be of two types: standard and non-standard.
“This creates problems for operators of the command being an automobile port as importers abandoned their vehicles while some diverted to other neighbouring countries.
“Some refused to ship. The command may face dwindling revenue in a short while. If the VIN can’t be streamlined into one within this week, the committee will recommend for its suspension pending (the time) it works as one system.” the report stated.
Based on their years of manufacturing, VIN is the system used by customs to collect duty on vehicles imported into the country.
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