|Join Nairaland / LOGIN! / Trending / Recent / New|
Stats: 2,777,014 members, 6,616,432 topics. Date: Saturday, 04 December 2021 at 02:33 PM
|Cost Of Clearing Cars In Nigeria by stobay: 6:54pm On Sep 13, 2019|
The cost of clearing cars in Nigeria will be determined and made explicit in order for you to make well-informed decisions that will minimize your risk and give you value upon execution of your desires.
The cost and freight (C&F) incoterms value at origin (USA or other countries) is not applicable as a basis for paying duty and other taxes in favour of the Federal government of Nigeria through Nigeria Custom Service. This component is not reflected in the cost of clearing cars in Nigeria.
Upon the arrival of your used vehicle in Nigeria, Ronish Nigeria Limited – Clearing Agent in Lagos “Hereafter” called Clearing Agent in Lagos will apply for Customs valuation on your behalf with Nigeria Custom Service to get the exact and correct value of the vehicle in United States Dollars (USD) currency. The Customs valuation is determined principally by the model and age of the vehicle.
The USD currency value is multiplied by the exchange rate based on the prevailing economic parameters subject to foreign exchange rate fluctuations to get the Nigeria Naira value. This Naira value will form the basis on which the duty and taxes will be paid accordingly. The computed duty and taxes based on Customs valuation will form part of the cost of clearing cars in Nigeria
The percentage of duty to be paid for most vehicles in CET tariff under the appropriate H.S. Code heading (8703) is 35% while other taxes are:
7% Surcharge is on duty computed
1% Comprehensive Import Supervision Scheme (CISS) on FOB value
0.5% ECOWAS Trade Liberalization Scheme (ETLS) on cost, insurance, and freight (CIF)
5% VAT is on duty computed, items (1) to (3) above, and CIF value.
You will observe that the VAT base is quite large and this has a significant effect on the cost of clearing cars in Nigeria.
However, there is an exception. If the vehicle in question is less than 1(one) year old with a mileage of less than 3,000(three thousand), an additional levy of 35% on the CIF value will be applicable. The levy is equivalent to the duty computed. This information is to enable you to do a cost/benefit analysis for completeness, accuracy, and validity to ascertain its effect on the cost of clearing cars in Nigeria.
The duty and taxes are paid in favour of the Federal government of Nigeria through Nigeria Custom Service at the designated bank reflected on the Customs valuation.
The shipping company and terminal handling charges which form part of the cost of clearing cars in Nigeria varies as the vehicle may arrived containerized either 20ft or 40ft container or onboard. In addition, these charges are not the same with all the shipping companies as it also varies from shipping company to shipping company.
While Agency fee is negotiable with Clearing Agent in Lagos. This is quite flexible in determining the cost of clearing cars in Nigeria as various variables will be put into consideration in order to have value for your funds and be satisfied with the service level that will be provided.
The total cost of clearing cars in Nigeria will be the aggregate or summation of duty and taxes, shipping and terminal charges, and Agency fee of Clearing Agent in Lagos.
On another note, motor vehicles above fifteen (15) years from the year of manufacture – H.S. Code 8703.10.0000 – 8703.90.0000 falls under the import prohibition list of Nigeria Custom Service.
Please, kindly contact us to ascertain the cost implications and other issues that might put you on inquiry. In addition, we can handle your Customs clearance at all Nigeria airports, seaports, project logistics, oil & gas support services, and ship's agency. We shall be glad to be of assistance in a capacity of clearing Agent in Lagos.
We look forward to provide you with cost-effective passionate logistics solutions for your future inbound used vehicles from various countries of origins and provide you with the cost of clearing cars in Nigeria that will be final and conclusive.
|Re: Cost Of Clearing Cars In Nigeria by Diane17(f): 2:27pm On Oct 03, 2019|
Can someone please advise the cost of clearing Lexus Rx 350
Respectively as it will help make a decision on which year am buying.
All RORO and to arrive Lagos Jan 2020 (Shallum/Grimaldi)
Thanks in advance
|Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health |
religion celebs tv-movies music-radio literature webmasters programming techmarket
Nairaland - Copyright © 2005 - 2021 Oluwaseun Osewa. All rights reserved. See How To Advertise. 64