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Comptroller Yusuf, who said this at a stakeholders sensitization meeting held on Wednesday, August 29, 2023, on Vehicle Identification Number (VIN) valuation dispelled the rumour that the VIN method has been canceled.
He reiterated an earlier position on the matter issued by the Nigeria Customs Service headquarters that the VIN Valuation Process remains fully operational and effective.
The CAC said the trim of vehicles is not the same for all kinds while urging declarants to have their transaction values.
He advised them to apply invoice and transaction values as a way of promoting transparency and building integrity in the trade process of vehicle clearance.
Comptroller Yusuf said Section 24 of Nigeria Customs Service Act (NCSA) 2023 provides for advance ruling for stakeholders to submit to the NCS before a transaction and the ruling will be binding on the service and the importer or agent.
The CAC who described the meeting as being in line with the law also said customs stakeholders partnership is a provision of section 29 NCSA 2023.
According to him, meetings like this is meant to rub minds, identify challenges and jointly work out solutions on how best to resolve the challenges.
He reminded the stakeholders that the use of code 846 for clearing of non-standard VIN has been further modified to reduce human contact through what he called e-846. This saves time and makes trade easier.
“I must commend the system because the reduction of human contact is very effective and beneficial to all as it saves time.
“Wherever you are experiencing a delay in the process under my command, please draw my attention to it.
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