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Nairaland Forum / Nairaland / General / Autos / How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way (4399 Views)
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How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by kaysy(m): 7:27pm On May 27, 2022 |
Example of how to calculate the Import Duty of your vehicle, let’s say Toyota Highlander 2015. SOLUTION: Based on the e-Valuation system, the CIF Value of a used Toyota Highlander 2015 is usually around $9,327. Please NOTE that you have to complete your vehicle's VREG through your preferred clearing agent before the Trade Portal can pull out the duty payable for your vehicle, the value given to a similar vehicle can also be used to determine yours. Also NOTE that any agency you used for the VREG will have to be the same agency that will punch and assess the work for duty payment. The exchange rate the Nigerian Custom Service (NCS) uses at the moment is N422.3 and The Rate of Duty for Vehicles is currently 20% of CIF Value. So let’s convert the CIF Value to Naira: $9,327 X 422.3 = N3,938,792.1 Let’s get the 20% of N3,938,792.1 Which is N3,938,792.1 X 0.20 = N787,758.42 Now N787,758.42 is your Import duty which is called the surface value. This surface value is no longer negotiable since the introduction of the e-Valuation, whatever you get is what you pay. After the surface value is known, the next is to add these other charges to get the total amount you will pay as Custom duty. LEVY is 15% of CIF (N3,938,792.1 X 0.15) = N590,818.81 SUR is 7% of Surface Value (N787,758.42 X 0.07) = N55,143.08 ETL is 0.5% of CIF (N3,938,792.1 X 0.005) = N19,693.96 VAT is 7.5% of (CIF + Surface Value + LEVY + SUR + ETL) = N404,415.47 Instead of all these long calculations above, you can simply multiply our surface value with a constant value of 2.36 to get total import duty payable, that will give us N787,758.42 X 2.36 = N1,859,109. This is your total amount payable as import duty to NCS account. Click Here to see CIF values for other vehicles. We will keep coming up with new constant values as the variables changes with time. Other Charges Includes: (Shipping Company & Terminal Charges + Agency Fee) Shipping company & Terminal Charges + Agency Fee. For Vehicles below 15 CBM, Salon Cars of all kinds - Budget N250,000. This also covers for VREG, Punching & Signing, CRFFN and Others (Excluding Demurrage Charges). For Vehicles up to 25 CBM like Vans, SUV, Jeep, Pick-up - Budget N300,000. This also covers for VREG, Punching & Signing, CRFFN and Others (Excluding Demurrage Charges) Visit our office address on this website or meet us at Tincan Island with a copy of your Bill of Lading / Telex Release let’s start the process and clear your vehicle today. Call / WhatsApp us on 08024102554 We'll strongly recommend u visit our office in person or send someone to come and see exactly how everything is being done here, once the car has been cleared and released from terminal, we hand it over to you. We also assist non Lagos resident clients to clear and keep their vehicles till they are available for pick-up 14 Likes 3 Shares |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by abrahambest(m): 7:56pm On May 27, 2022 |
insightful |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by judatech: 8:45pm On May 27, 2022 |
Anything clearing and forwarding dey like abracadabra 1 Like |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by KOLAPO3(m): 8:45am On May 28, 2022 |
kaysy: Information IS VERY CLEAR I can't see The CIF Value of a used ford explorer 2018 on your website will it be calculated based on purchase value |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by kaysy(m): 9:26am On May 28, 2022 |
KOLAPO3: This is a new system that just started, the more I get more values for other vehicles I'll keep updating the website |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by chukel(m): 1:48pm On May 29, 2022 |
This does not apply to the new electronic system |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by tuco02: 7:24pm On May 31, 2022 |
I lease what is the cost of clearing Mercedes GLK 2011 Sallaum Thanks |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by kaysy(m): 8:15pm On May 31, 2022 |
tuco02: I don't have the surface value for that now but budget like N1.3m Chat me on WhatsApp so I can let u know as soon as I get the value |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by Itsrm(m): 8:24pm On May 31, 2022 |
kaysy: 1.3 ke E350 on your site is about 2.1m |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by kaysy(m): 8:45pm On May 31, 2022 |
Itsrm: Once I get the exact value for Mercedes Benz GLK 2011 I'll update it here |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by bfn1: 8:13pm On Jun 01, 2022 |
This is a very educative post. Thank you! |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by tuco02: 8:27pm On Jun 01, 2022 |
kaysy: Wow 1.3. This is insane. .. and that is the beat price I presume? Anyway thanks a lot for your response |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by Itsrm(m): 10:08pm On Jun 04, 2022 |
Kaysy your website needs some new updates |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by kaysy(m): 5:59am On Jun 05, 2022 |
Itsrm: I'll update as soon as am chanced please, besides am gathering resources for it 1 Like |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by Itsrm(m): 7:56am On Jun 05, 2022 |
kaysy: Okay boss |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by Mrkumareze(m): 11:07am On Jun 14, 2022 |
Someone told me he got informed it ll cost him 700k to clear Venza, I laughed in Spanish 1 Like |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by Danthemariner: 10:29pm On Jul 03, 2022 |
kaysy: Thanks for your insight... Pls wat the cost of buying honda crv 2008 now? |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by kaysy(m): 11:28pm On Jul 03, 2022 |
Danthemariner: We only handle cost of clearing here Clearing Cost for Honda CR-V 2008 is N1,050,720 |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by Gentlelord(m): 5:54am On Jul 04, 2022 |
What's the Total cost of clearing a 2011 Lexus ES350 with full duty payment?? |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by Danthemariner: 5:58am On Jul 04, 2022 |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by 6280kole: 12:36pm On Jul 04, 2022 |
Hello sir, please what is cost of clearing 2008 Honda Accord. |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by EEA1(m): 1:45pm On Jul 04, 2022 |
Pls what's the current value to clear a 2008 Skoda Fabia |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by Y2ffarms: 2:04pm On Jul 04, 2022 |
Thanks for the breakdown. Please what's the cost of clearing Lexus #330 2006 ? Thanks. |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by kaysy(m): 7:57pm On Jul 04, 2022 |
Y2ffarms: N1,800,000 |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by Ekenem123: 3:32pm On Jul 22, 2022 |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by kaysy(m): 4:34pm On Jul 22, 2022 |
Ekenem123: N1,673,000 |
Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by kaysy(m): 4:15pm On Jul 26, 2022 |
Toyota Corolla 2015 Cleared @ N1,210,000 - Grimaldi Surface Value: N419,071 CIF Value: $5,125 Exchange Rate: 408.77 Rate of Duty: 20%
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Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by kaysy(m): 4:19pm On Jul 26, 2022 |
Lexus RX 350 2010 Cleared @ N1,811,000 - Grimaldi Surface Value: N674,389 CIF Value: $8,249 Exchange Rate: 408.77 Rate of Duty: 20%
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Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by kaysy(m): 4:20pm On Jul 26, 2022 |
Lexus RX 350 2013 Cleared @ N1,811,000 - Grimaldi Surface Value: N674,389 CIF Value: $8,249 Exchange Rate: 408.77 Rate of Duty: 20% 1 Like
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Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by kaysy(m): 7:56am On Oct 09, 2022 |
Lexus RX 350 2013 Cleared @ N1,960,000 - Grimaldi Surface Value: N696,711 CIF Value: $8,249 Exchange Rate: 422.3 Rate of Duty: 20%
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Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by kaysy(m): 3:16pm On Oct 22, 2022 |
LEXUS GX 470 2004 Cleared @ N2,370,000 - Sallaum Surface Value: N873,570 CIF Value: $10,343 Exchange Rate: 422.3 Rate of Duty: 20%
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Re: How To Calculate Total Cost Of Clearing Vehicles - The E-valuation Way by kaysy(m): 10:56pm On Dec 15, 2022 |
More works ongoing
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