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Nairaland Forum / Nairaland / General / Autos / Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts (14197 Views)
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Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by AutoJoshNG: 3:44am On Feb 04, 2019 |
Exactly six days ago, we made a post on how the Nigerian Customs Service (NCS) are working towards the reduction of the current vehicle import duty from 70% to 45%. The Comptroller-General of Customs, Col Hameed Ali (retd.) has urged the federal government to reduce the 35% levy on imported vehicles , saying the move is necessary to check the rising cases of smuggled vehicles into the country. You can read all through the link here. An automobile expert thinks otherwise; he proposes that reducing the import duty of these used cars can be dangerous to the economy. The Vice-President, Business Development, Dana Motors, Mr Olu Tikolo, on Saturday said that the recent call for the reduction of import duties on used cars portends danger to the 2013 Nigeria Auto Policy. Mr Olu Tikolo made the call at a media parley at his office, Akin Adesola, Victoria Island, on the partnership between Cars45 and Dana Motors. Tikolo, on the heels of the recent call made by some stakeholders demanding a reduction on the tariff for imported vehicle by 15 per cent said such reduction could derail the existing auto policy. Saying it is anathema to the desired economic prosperity of the country. “We must understand the prospect of the 2013 Auto Policy by the previous government which is aimed at encouraging local manufacturing of cars in Nigeria. “The call for the reduction in the tariff for the importation of used cars portends great danger to the economy and also for investors’ confidence in our economy. “Only the manufacturing sector can contribute effectively to the Gross Domestic Product (GDP) of the country which cars assembly and manufacturing can contribute up to 7 per cent. “In other advanced countries, car manufacturing contributes up to 12 per cent of their economy, examples are South Africa and Brazil,’’ he said. https://autojosh.com/reduction-import-duty-cars-danger-economy/ 1 Like 1 Share |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by ipobarecriminals: 4:04am On Feb 04, 2019 |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by chido20(m): 5:46am On Feb 04, 2019 |
una papa.... abeg mak dem reduce am mak i knw weda i go cop this benz wey dy hungry me 30 Likes 1 Share |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by OBTMOS(m): 5:46am On Feb 04, 2019 |
Cars |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by GR8ST(m): 5:46am On Feb 04, 2019 |
Here we go again. No need asking about, who maked such policies. The best I can ask, is the reason for such, but unfortunately, this administration is marred with keeping silence on salient matters. 3 Likes |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by damola1: 5:47am On Feb 04, 2019 |
Who made such a stupid policy? Since they made it? How has it affected Nigeria’s adoption of locally made vehicles? How can one buy a 1m car and pay 700k to govt? Which Nigerian manufacturer sells brand new car for less than 5m? Again. Who made such stupid policy need to be shot 66 Likes 2 Shares |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by olatunji0607: 5:47am On Feb 04, 2019 |
I wish and hope! |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by Nobody: 5:47am On Feb 04, 2019 |
True... although it has left us with old generation cars. |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by helinues: 5:48am On Feb 04, 2019 |
Experts or local car manufacturers By reducing the import duty, who will benefit more? The masses or car manufacturers? Yet all blames go to FG 11 Likes 1 Share |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by Chuks9000: 5:48am On Feb 04, 2019 |
Lubbish What we have here are assembling companies. Besides, how many average Nigerians can afford brand new cars? We should focus on Agric, mining, tourism, etc until such a time when it will be truly beneficial to protect the car manufacturers. But for now, 35% tariff is still too high. 35 Likes 2 Shares |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by Pavore9: 5:48am On Feb 04, 2019 |
People want affordable cars. 2 Likes |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by martineverest(m): 5:49am On Feb 04, 2019 |
has he forgotten the impact in this reduction in import duties on the revenue?..he should consider the fact that custom revenue will shoot upward he should be concerned about there will be sudden increase in umber of cars on congested Lagos roads,which will definitely make Lagos navigation more stressful. |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by incogni2o: 5:49am On Feb 04, 2019 |
Pls Pls Pls. When are they reducing it. I am eagerly anticipating. 1 Like |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by lomprico(m): 5:49am On Feb 04, 2019 |
Dana motors is only trying to protect its business interest! How many nigerians dey use locally made cars? And how much are they? 7 Likes |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by contigiency(m): 5:50am On Feb 04, 2019 |
I totally disagree with the federal government on this one if this news is true. By such action, they would have simply killed Innoson and other car manufacturers business in Nigeria. 1 Like |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by wristbangle: 5:51am On Feb 04, 2019 |
Companies like cars45 will be in hot soup considering the fact that people will go for more tobunko cars against Nigerian used cars. This might also lead to decrease in price of new cars and profit shrink for automobile assemblage companies in Nigeria 2 Likes 1 Share |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by martineverest(m): 5:54am On Feb 04, 2019 |
contigiency:compare the revenue increase that will be made when this reduced occurs to the revenue of innoson ventures 1 Like |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by akpunda86: 5:58am On Feb 04, 2019 |
contigiency: How many citizens buy new cars.apart from gov't ministries and our thief politicians. It is not killing any policy.people still buying new cars will still be buying new cars. 10 Likes 1 Share |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by Toosure70: 5:58am On Feb 04, 2019 |
Sure, because it will encourage more buyers and it will definitely tell on the economy. |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by itiswellandwell: 6:11am On Feb 04, 2019 |
Everything about this country should be about the common man. Since 35 percent doesn't change anything for the common man neither does it affect the economy positively which the common man had benefitted from hence its high time its reduced. 8GB Atm card flash drive for #1000 only. Check link https://www.nairaland.com/4972442/clearance-sales- quality-8gb-atm 2 Likes |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by CarGuideNG: 6:16am On Feb 04, 2019 |
www.nairaland.com/attachments/8494994_img20190114095147492_jpeg5d289080ef5a1bc4069bb2bc1f59e09b https://www.nairaland.com/4857533/carguideng-toyota-siennas/ Verify that appropriate duty was paid for your vehicle: https://www.nairaland.com/4942722/free-limited-offer-verify-custom 1 Like 1 Share |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by timilehing(m): 6:19am On Feb 04, 2019 |
Imagine buying & shipping a car at 1.1m and then pay a whole 6-700k as duty for government. Same government that want people to import vehicle below years! Products under DANA motors should be avoided 1 Like |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by kingthreatz: 6:19am On Feb 04, 2019 |
Reduce am abeg. Even Ndigbo no dey buy Innoson. Na other Nigerians go dey patronize sub-standard products? Abegi 2 Likes |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by antagonist: 6:29am On Feb 04, 2019 |
timilehing: which car did you buy for 1.1m and the duty was 6-700k? |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by antagonist: 6:30am On Feb 04, 2019 |
Toosure70: what is this one saying? 1 Like |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by Raskasal(m): 6:30am On Feb 04, 2019 |
GR8ST: So you mean import duties should be high? When importers have all been lamenting 2 Likes |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by antagonist: 6:39am On Feb 04, 2019 |
contigiency: wrong target, even with high duty innoson still costs more than the tokunbo, and nobody really buys them. the people you should worry for are Dana and Coscharis and the rest |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by Wilstino: 6:42am On Feb 04, 2019 |
chido20: I Boy no go steal people pant ooo, as e dey hungry u so.. |
Re: Reduction Of Import Duty On Used Cars Poses Danger To The Economy – Experts by DeNovo: 6:50am On Feb 04, 2019 |
AutoJoshNG: The Dana spokes person should go and sit down. They convinced the government to raise import duty on used cars so that they can be encouraged to manufacture vehicles in Nigeria. They dont manufacture NOTHING as far as I know. Because if they did, the Kia cerato bought for 3.1million in 2011 cannot be costing more than double that price today!!! Common picanto sef the cost of about 1.8 million in 2011 is now beyond reach! EXPLOITATION OF NIGERIANS! The people are afraid of competition... see dia face. Do they know how many direct and indirect employment a reduced tariff would create? Do you know our car sellers would enjoy increased patronage because the most basic of cars could then become affordable to more and more citizens making for a boom in business? Abeg customs carry on with the reduction jare! 7 Likes 2 Shares |
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