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Nairaland Forum / Nairaland / General / Car Talk / PAN Faults FG's Plan To Reduce Import Duty On Vehicles (20595 Views)
Import Duty/clearance / PAN Nigeria Limited Begins The Production Of Higer Bus / Customs Import Duty Has Been Increased (2) (3) (4)
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Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by jornwhite: 10:19am On Nov 20, 2020 |
IBBG: GOD bless you bro ! you nailed it , tbh its mindbugging how nigeria economy is susceptible to economic theories. I listened to kachukwu the petrolum minister then, justifying the #145 per litre with open market & competition to drive the price down ... i could relate i was knodding my head buh what do we have today. Who says greed is not enough to neutralize the most efficient and trusted theories in the world 2 Likes |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by imagrg(m): 10:25am On Nov 20, 2020 |
PAN is selfish. This is Nigeria for you. The greed of the average Nigerians is the problem we have in this country. Very soon the prices of clothes and other essential commodities would rise in the name of Christmas. |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by NaMe4: 10:26am On Nov 20, 2020 |
kingreign: Exactly. The production capacity can't meet up with the demand. And the cost of purchase of their vehicles are just RIDICULOUS! |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by loswhite(m): 10:36am On Nov 20, 2020 |
Elsueno:How do you mean wake up and destroy ur investment? Does ur investment include exploitation? Look at the rice situation..lol local rice is now 30k...I hope ppl stop posting like bunch of idiots on this forum 1 Like |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by IBBG(m): 10:39am On Nov 20, 2020 |
tasalanoni:you nailed it succintly |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by NaMe4: 10:46am On Nov 20, 2020 |
PhiliptheArab: Then such issues should be sorted first, instead of putting the cart before the horse. Life is hell in Nigeria for the common man, he shouldn't be made to pay for the inadequacies of government /policy makers. How many Nigerians can afford this? 1 Like
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Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by NaMe4: 10:53am On Nov 20, 2020 |
Abi this one that looks like a 1980 toyota crown is what someone would spend over 7m on?
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Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by Tango123: 10:58am On Nov 20, 2020 |
kingreign: Do u understand that reducing it will lead to job losses in that sector? |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by AerialMapper: 11:03am On Nov 20, 2020 |
Whether they decrease or don’t decrease import duties, Nigerians do not want to drive the “cartons” being produced locally! High import duties encourages smuggling and the government loses revenue entirely. When the cost of smuggling is higher than the cost of import duties, importers will use the ports rather than smuggling routes. The broke government will get more revenue and we can drive the cars we want to drive. 2 Likes |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by NaMe4: 11:04am On Nov 20, 2020 |
bendike: Very good suggestion 1 Like |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by NaMe4: 11:14am On Nov 20, 2020 |
AerialMapper: Simple |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by texazzpete(m): 11:14am On Nov 20, 2020 |
dalass: If thats what it takes, then let them die |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by texazzpete(m): 11:15am On Nov 20, 2020 |
Tango123: Why would reducing it lead to job losses? That's just silly scaremongering |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by Nobody: 11:22am On Nov 20, 2020 |
CSTRR:shut up idiot na u go give me funds to buy nw... ewu |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by RealAlubarika(m): 11:36am On Nov 20, 2020 |
dalass: We should stop deceiving ourselves, how many average Nigerians can afford a new cars from our local Auto Makers?? If they want to reduce it let them do, 1 Like |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by kingreign(m): 11:39am On Nov 20, 2020 |
Tango123: Tell me more. |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by Elsueno: 11:46am On Nov 20, 2020 |
loswhite: The way u people in this forum come out and boldly call others idiots for stating thier opinion is surprising to me. There is no way a farmer will buy fertilizer, chemicals, pesticides, pay for labour and also invest almost 8 hours daily of his life on a farm. Only to sell a 50kg bag of rice for you at 8k When dollars is almost 400 naira, Fuel above 140 and price of everything in D market don double. DO YOU THINK THE FARMER GETS EVERYTHING ELSE IN LIFE FREE!!! Despite that, they still sell it 100kg at about 10-15k to D processors who double the price. Want cheap Rice, BUY DIRECT FROM THE FARMER OR GROW UR OWN FUCVKING RICE 1 Like |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by DAVE5(m): 11:48am On Nov 20, 2020 |
Xisnin: How do you sleep at night? You forget say you and your family members go buy car too and no be all of una go buy innoson |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by nams77: 11:53am On Nov 20, 2020 |
Elsueno:That is what I tell people. The ultra rich knows where to invest their money. We don't need to tell dem where to go. They know stable economy 1 Like |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by dalass(f): 12:05pm On Nov 20, 2020 |
texazzpete: You do realise that when they die - The people employed there lose jobs and thus can no longer take care of themselves and their families - The taxes paid by such companies and also taxes paid by such workers disappears with all utility bills they pay - This further dents the IGR and in effect Nigerian economy! - We use our hard earned forex to import, in essence boosting other country's economy at our own expense |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by Tango123: 12:23pm On Nov 20, 2020 |
texazzpete: You have simply shown you limited knowledge in economics and international economics If the prices of import duty on imported vehicles is reduced, it will become cheaper to import brand new vehicles, than to assemble in Nigeria. This will mean that PAN, Hyundai, Nissan, and others who are assembling in Nigeria will begin to import fully assembled cars. This will lead to all those working for them to be sacked, apart from those in sales This will lead to more scarcity of dollars (those companies will meed more dollars to import full cars, than to import parts and assemblein Nigeria), leading to more inflation Dont tell me reducong import duty will make second hand cars cheaper. Every country in the world tht has a healthy brand new car market has a cheaper used car market. That is exactly y we run to europe and us to buy used cars. Because used cars are cheap there. I can buy a toyota corolla 2005 model in europe for less than 500k naira. I hope it is making more sense to u now Kingreign |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by Tango123: 12:23pm On Nov 20, 2020 |
dalass: Tell him please. I dont know y people like him dont sit down and think deeply 1 Like |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by Nobody: 1:05pm On Nov 20, 2020 |
Omoslim26: |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by Nobody: 1:09pm On Nov 20, 2020 |
Evil man. I wonder why Nigerians never use their brains see all of them applauding this man's selfish statement The high duty regime is why even tokunbo cars are prohibitively expensive and what does the NCS do with the excess cash they simply steal it. The market is big enough to accommodate PAN, Innoson and whatever brands Nigerians choose to bring in from overseas (mostly 2nd hand anyway). Pricing used imports out of the market is not going to bring manufacturing plants to Nigeria unless we sort out the electricity problem. |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by Nobody: 1:26pm On Nov 20, 2020 |
naijadrivablog:I fully agree with you. |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by texazzpete(m): 2:40pm On Nov 20, 2020 |
dalass: Prior to GEJ's harebrained and illogical move to dramatically increase import duties for new and used cars, PAN et AL were in operation in Nigeria. Innoson too. None of these companies have dramatically expanded since the crazy hikes were implemented. On the other hand, consumers have been increasingly forced into buying ancient, dead, fuel guzzling clunkers or completely foregoing buying newer vehicles altogether. A move back to the 2012 status quo shouldn't change the picture for local assembly. It's not like they've had a dramatic boost in business since then. 1 Like |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by Curvinus(m): 3:19pm On Nov 20, 2020 |
1 Like |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by Seniorwriter(m): 4:36pm On Nov 20, 2020 |
kingreign: I can see you failed to accept your mistake as regards your first comment which is opposite of what the thread is about. My trademark quote is a parabolic reference to motivate in this forum and not solely for this thread! I just hope people like you on the forum read and think before they post their comment! PROACTIVITY Leads To PRODUCTIVITY! ©Seniorwriter |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by kingreign(m): 4:55pm On Nov 20, 2020 |
Seniorwriter: @bolded, is it that you're slow to understand or just plain daft? @ struck out, before you bring that silly stupid comment at me, look at yourself and ask yourself that question. Most probably, I have read much more than you and also thought and discussed with a much wider and learned audience than you have ever done. We do not belong to same demographics. Stay your lane, lemme stay my lane. |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by Seniorwriter(m): 8:38pm On Nov 20, 2020 |
kingreign: People with low reasoning always think highly of themselves....what's your yardstick for your stupid assumption of the kind of people around me...SMH Anyways no matter what you think it's obvious I'm not the only one that noticed the comment that made me to quote you....though you keep using diversionary response. PROACTIVITY Leads To PRODUCTIVITY! ©Seniorwriter |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by fescope: 1:23pm On Jan 21, 2021 |
Economist or Trade experts in the house. Aside Nigeria's volatile foreign exchange issues, how feasible is it to keep duty on imported car components as low as 5%? or That FG charge zero duty to really boost the local car manufacturing industry. Give them tax holidays and all. Also at the same time keep duty on Tokunbo cars low, at maybe 25% to make Nigerians happy? Even if this were to be the case, how sure are we that our dear local manufacturers will not leverage on all the holidays and still fix price beyond affordability to drive profitability? |
Re: PAN Faults FG's Plan To Reduce Import Duty On Vehicles by sultaan(m): 7:20pm On Jan 25, 2021 |
We have to think, and be honest in our reasoning. When you think of the used car market, you have to consider the supplier and the user and you need to define the balance you are trying to achieve. In a sane economy their is constant evaluation of the result of policy and tweaks are added, unlike leaving it untouched for 9 years ending up in a far worse situation than we started with. Who are the biggest importers of used car. Nigerians abroad who ship cars home for family or sale to build house basically mode of transfer of wealth. The buyers are middle class Nigerian who can only afford cars up to a certain price limit. Using a percentage in a system that is mired in corruption is still a problem. Having an open means of assessing valuations, and or limiting duty to engine capacity will reduce corruption. An average 4cyl cost $3000 @ 5%= $150= N75000 So if duty on cars with engine < 2.5l is N75k 10+year and N100k 5+ years old. You get better fuel economy and safety. If 10+ passenger is 2% for the next year up for review next year then we can tweak to increase or reduce the type of cars on the road. If the law that states that personal items of those that lives outside the country should be taxed lower or no tax to encourage transfer of wealth country will be in a lot better shape so the diaspora number of $20bn can easily reach $40bn on goods |
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