Customs
FG orders Customs to suspend collection of 4 percent FOB levy
by the Nigeria Customs Service on all imported goods.“Following extensive consultations with industry stakeholders. trade experts, and relevant government officiais, it has become clear that the implementation of the 4% FOB charge poses significant challenges to the Nigerian trade facil tation, environment and economic stability.
“Many importers and businesses have raised concerns about the increased financial burden this levy imposes, with potential adverse effects on inflation, trade competitiveness, and the overall business Climate in Nigeria.
“This suspension will provide an opportunity for comprehensive stakeholder engagement and & thorough review of the levy’s framework and its broader economic implications .
“The Ministry of Finance looks forward to working closely with the Service and all relevant parties to devise a more equitable and efficient revenue structure that susports both revenue generation and economic growth and stability.
“Ensure strict compliance. ‘,the memo concluded.
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