‘no More 35%’ — FG To Slash Levy On Imported Cars To 5% - Politics - Nairaland
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| ‘no More 35%’ — FG To Slash Levy On Imported Cars To 5% by ashacot: 5:31pm On Nov 23, 2020 |
The federal government has concluded plans to slash the levy to be paid on imported cars from 35 percent to five percent. This is contained in the draft bill of the 2020 finance bill to be presented to the national assembly. The bill becomes law after it is passed by the legislature and assented by President Muhammadu Buhari. Details of the bill shared by the presidency also show that the import duty of tractors and motor vehicles for the transportation of goods has been slashed from 35 percent to 10 percent. The bill also grants tax relief to companies that donated to the COVID-19 relief fund under the private sector-led Coalition against COVID-19 (CACOVID). To improve ease of doing business, the bill also proposes that software acquisition now qualifies as capital expenditure. Zainab Ahmed, the minister of finance, budget, and national planning, had previously explained that the reduction in import duties and levies is targeted at reducing the cost of transportation. “The reason for us is to reduce the cost of transportation which is a major driver of inflation especially food production,” she told state house correspondents at the end of the federal executive council (FEC) on Wednesday, November 18. In 2019, Hameed Ali, the comptroller-general of the Nigeria Customs Service had urged the federal government to reduce the levy paid on imported cars to 10 percent. At the time, Ali argued that the levy, which is paid in addition to the 35 percent import duty, has discouraged importers; causing them to divert their importation to neighbouring countries and heightened smuggling. https://www.thecable.ng/ |
| Re: ‘no More 35%’ — FG To Slash Levy On Imported Cars To 5% by Nobody: 6:11pm On Nov 23, 2020 |
Osinbajo and bad policies |
| Re: ‘no More 35%’ — FG To Slash Levy On Imported Cars To 5% by ivandragon: 7:46pm On Nov 23, 2020 |
What about encouraging local production/assemblage of vehicles? |
| Re: ‘no More 35%’ — FG To Slash Levy On Imported Cars To 5% by Saao(m): 7:51pm On Nov 23, 2020 |
I guess it will reduce the cost of cars in real sense of it |
| Re: ‘no More 35%’ — FG To Slash Levy On Imported Cars To 5% by OAUTemitayo: 7:57pm On Nov 23, 2020 |
Juliusmalema:Your demarketinng won't work |
| Re: ‘no More 35%’ — FG To Slash Levy On Imported Cars To 5% by jojomario(m): 8:59pm On Nov 23, 2020 |
Saao:before nko. You too can buy from abroad and ship down here yourself. |
| Re: ‘no More 35%’ — FG To Slash Levy On Imported Cars To 5% by adekolaelect(m): 10:02pm On Nov 23, 2020 |
Juliusmalema:are you sleeping or hatred makes you think and reason upside down ? |
| Re: ‘no More 35%’ — FG To Slash Levy On Imported Cars To 5% by Nobody: 10:09pm On Nov 23, 2020 |
adekolaelect: none |
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