NEW TARIFFS FOR VEHICLES TAKE EFFECT

•SUVs attracts 70% duty; tokunbo 35%
With the ban on importation of vehicles through land borders taking effect, the implementation of new duties for vehicles and some goods have also commenced.
Affected in the new tariff regime are brand new Sport Utility Vehicles (SUVs) and second-hand cars. Also affected are food items, like salt, rice and others, which are produced in the country.
With the commencement of the new duties, SUVs, sports cars, yachts and boats now attract 70 per cent duties. Second-hand vehicles, on the other hand, attract 35 per cent duty. The new policy is in line with the new Economic Community of West Africa (ECOWAS) Common External Tariff (CET) regime.
A circular by the Minister of Finance, Mrs. Kemi Adeosun to the Nigeria Customs Services (NCS) listed other items affected as salt and sugarcane, whose duty rose from 10 per cent to 70 per cent. The duty on alcoholic spirit, beverages and tobacco also rose from 20 per cent to 60 per cent, while rice attracts 60 per cent duty, from 10 per cent
In the new tariff regime, duty on cement was increased from 10 per cent to 50 per cent, while cotton/ fabrics materials attacks 45 per cent duty, from 35 per cent.
Also affected are anti-malarial and antibiotics drugs, tomatoes paste, cassava products, crude palm oil and wheat flour whose duty was reviewed upwards.
There was, however, a downward review of such items, as bolt, industrial oil and other equipment.
Adeosun’s circular said that President Muhammadu Buhari had approved the new tariff regime. The finance minister’s circular on the new tariff stated: “This is to confirm that Mr. President has approved the 2016 fiscal policy measures made up of the Supplementary Protection Measures (SPM) for implementation together with the ECOWAS CET 2015 – 2019 with effect from 17th October, 2016.”
Confirming this, outgoing spokesman of the Customs, Wale Adeniyi, said there is no going back on the new policy, stressing that Customs would begin its implementation. He stated this in a telephone chat with Daily Sun.
-Sun

Buhari is just brain dead

More hardship

Anti malarials and antibiotics too?
Who is making these policies?

So money saved for motor may not be enough again?