FreeStuffsNG:
" The CBN stated that the e-invoicing guidelines require that products that are more than 2.5 per cent around the vertical price would be queried and will not be allowed successful completion of Form M or Form NXP as the case may be. "

This Federal Government has thinking folks on board.
From the new Finance Act that compels the big techs that have not been remiting tax to start remiting tax now to the ETO that cleared the almost unsolvable problem of congested Apapa ports and now this e-invoicing to block leakages, I must commend those patriots behind these initiatives PDP could never ever attempt to block. May God bless all our patriots out there doing their best for our fatherland. May God bless you and your families.

All the enemies of Nigeria will lose las las. They always lose. God bless Nigeria forever

The first part of your submission was making sense until you tainted it with politics.

Policies of these nature exposes the ignorance of many Nairalanders who are only here to read headlines and bash Buhari

They are confused here.

This a strategic way of fighting corruption without guns

candidbabe:
Hahahaha
APC milking Nigerians the more

mytime24:
Dead on arrival

Yu're both dull

greatiyk4u:
Policies of these nature exposes the ignorance of many Nairalanders who are only here to read headlines and bash Buhari

They are confused here.

This a strategic way of fighting corruption without guns

It will affect a lot of clearing agents and a lot of corrupt NPA staff and Custom officers.

But is a win for Nigeria

omonla10:
let me explain to u..

If a car was supposed to pay 3million duty... U bribe customs with 700,000 and u pay 1.5miliion duty.

Even at that, patrol customs(FOU) extort money from u from 50,000 upwards on the road for the next few months or years.

But with the e-invoice, u get the 3million invoice and pay the correct duty.. No more bribes and settlement at the ports or on the road..

To me as a clearing agent, I will be loosing over 80% of what I normally see as profit cos of these bribes..

But as a Nigerian, for the greater good, its the best thing that can happen to customs issues cos the fraud too much.

NB.. This my explanation applies to car imports alone which is my area of specialisation..

I will need your services one day.

There will be ways to circumvent this. This is Nigeria.
There is loophole in every government policy.


Smart Nigerians have already started how to beat this policy.

he CBN disclosed this in a circular signed by the Director, Trade and Exchange Department, Dr. O. S. Nnaji, dated January 21, 2022, to all authorised dealers and the general public titled ‘Guidelines on the introduction of e-valuation, e-invoicing for import and export in Nigeria’ on Friday.

It stated that ‘Further to the circular referenced TED/FEM/FPC/GEN/01/005 dated August 05, 2020, all authorised dealers and the general public are hereby informed of the introduction of e-valuator and e-invoice which replaces hard copy final invoice as part of the documentation required for all import and export transactions.

“Effective February 1, 2022, all import and export operations will require the submission of an electronic invoice authenticated by the authorised dealer banks on the Nigeria single-window portal- Trade Monitoring System.

“This new regulation is primarily aimed at achieving accurate value from import and export items in and out of Nigeria.”

The CBN stated that the e-invoicing guidelines require that products that are more than 2.5 per cent around the vertical price would be queried and will not be allowed successful completion of Form M or Form NXP as the case may be.

It stated that an importer/exporter of goods into Nigeria must ensure that the purchase/sale contract with a foreign supplier/buyer stipulates compliance with the obligations set out in this regulation and that the supplier’s/seller’s invoice must be submitted in electronic format and authenticated by authorised dealer bank as part of the documentation for payment.

“No importer/exporter may effect payment to the credit of any foreign supplier unless the electronic invoice has been authenticated by authorised dealer banks presented together with the relevant document for payments,” it stated.

I dont understand the bolded. I thought what most importers do is to fraudulently reduce the value of their import so as to pay less duty.
Do they really increase the prices as conveyed by the bolded?

Naijabad:


I will need your services one day.

amen

omonla10:
Omooo.. This will reduce bribes at port by over 80%

You wish

Time reveals all

What's the difference between this e-invoice and the proforma invoice that is already a requirement in FORM M applications

A good development for the Digital Economy

The target is the importer and his agent, who would reduce values in their invoice in order to get lesser amount of money to pay as duty than is supposed.

The end product is that the prices of goods would skyrocket in the market.....because before a container must leave the port, the importer through his agent must still drop "something hooge" for the custom officers and other agencies involved in clearing a container. This is still Nigeria.

However, no matter how rough the waves may be, there would surely be calm later. We only pray that this "later" won't be too far

@the bolded: if the goods imported are not contraband and the importer has paid all the legally required dues I see no reason the importer should settle any corrupt customs official or any other agencies involved in the clearing process again. We Nigerians are the ones creating room for corruption and nurturing it.

Jeferious:
The target is the importer and his agent, who would reduce values in their invoice in order to get lesser amount of money to pay as duty than is supposed.

The end product is that the prices of goods would skyrocket in the market.....because before a container must leave the port, the importer through his agent must still drop "something hooge" for the custom officers and other agencies involved in clearing a container. This is still Nigeria.

However, no matter how rough the waves may be, there would surely be calm later. We only pray that this "later" won't be too far

omonla10:
let me explain to u..

If a car was supposed to pay 3million duty... U bribe customs with 700,000 and u pay 1.5miliion duty.

Even at that, patrol customs(FOU) extort money from u from 50,000 upwards on the road for the next few months or years.

But with the e-invoice, u get the 3million invoice and pay the correct duty.. No more bribes and settlement at the ports or on the road..

To me as a clearing agent, I will be loosing over 80% of what I normally see as profit cos of these bribes..

But as a Nigerian, for the greater good, its the best thing that can happen to customs issues cos the fraud too much.

NB.. This my explanation applies to car imports alone which is my area of specialisation..

This means that valuation money, release and gate we no go dey am again including all those custom officers disturbing on the road, but duty will go up Ooo.... I pray they reduce the 35% to like 10 % or 15% so that everything will balance, that will make other shippers that uses Cotonou route to start using Nigerian Ports

bitbillionaire:
@the bolded: if the goods imported are not contraband and the importer has paid all the legally required dues I see no reason the importer should settle any corrupt customs official or any other agencies involved in the clearing process again. We Nigerians are the ones creating room for corruption and nurturing it.

Have you ever bailed someone in Police custody free of charge before? Lemme start from there

Their business

kaysy:


This means that valuation money, release and gate we no go dey am again including all those custom officers disturbing on the road, but duty will go up Ooo.... I pray they reduce the 35% to like 10 % or 15% so that everything will balance, that will make other shippers that uses Cotonou route to start using Nigerian Ports

ur first sentence is very correct and ut the second one not likely

FreeStuffsNG:

How? This your remark is strange and bizzare.

It's not even only meant to address rent seeking and import business that most of my igbo brethren fancy, it's for exports too ,especially the potential for this policy to stop our precious natural mineral resources like gold, zinc ore etc being illegally exported which the Mining Act is trying to curb.
This is a great synergy and I honestly wish all the stakeholders the best.

That's even secondary. The major reason is foreign exchange by this policy over invoicing which a lot of nigerian businesses does and thereby buying FX from cbn to pay for such invoice values, then arrange to get the excess from the exporter

NwaNimo1:


Expect to see a shortage of goods and higher prices in the market for anything imported...

[img]https://c./gnbcyZsc5BUAAAAd/columbo-cookie-eat.gif[/img]

Expect job losses for those into exporting goods as it will become impossible.

How does this increase the price of goods?

omonla10:
Omooo.. This will reduce bribes at port by over 80%

It will also ensure adequate money go the government purse

gwinaB:


That's even secondary. The major reason is foreign exchange by this policy over invoicing which a lot of nigerian businesses does and thereby buying FX from cbn to pay for such invoice values, then arrange to get the excess from the exporter

You get the game plan

FreeStuffsNG:
" The CBN stated that the e-invoicing guidelines require that products that are more than 2.5 per cent around the vertical price would be queried and will not be allowed successful completion of Form M or Form NXP as the case may be. "

This Federal Government has thinking folks on board.
From the new Finance Act that compels the big techs that have not been remiting tax to start remiting tax now to the ETO that cleared the almost unsolvable problem of congested Apapa ports and now this e-invoicing to block leakages, I must commend those patriots behind these initiatives PDP could never ever attempt to block. May God bless all our patriots out there doing their best for our fatherland. May God bless you and your families.

All the enemies of Nigeria will lose las las. They always lose. God bless Nigeria forever

Na so tinubu go follow lose woefully