ceragon123:
This poliicy will hurt the Igbos and make motor spare parts expensive.

Dialpad:
Can someone explain the policy here, is it making the system more transparent or what exactly

Dialpad:
Can someone explain the policy here, is it making the system more transparent or what exactly

Dialpad:
Can someone explain the policy here, is it making the system more transparent or what exactly

Nonpartisan1:

https://www.google.com/amp/s/thenationonlineng.net/vin-crisis-importers-threaten-to-shutdown-lagos-markets/amp/

aieromon:


It is supposed to make the system more transparent.

The service is trying to eliminate under-declaration of vehicle value by dubious agents and compromised/ignorant valuation officers.

Using the Hyundai Elantra as an example, each model is manufactured within a 5/7 year period. During that period, there might be cosmetic changes but the platform remains the same. The 2006-2010 models share the same chassis. A clearing agent might import a 2010 Elantra yet fraudulently declare the vehicle with a valuation of the 2006 model. The valuation officer might know the difference but connive with the agent to under-calculate the customs duty.

With the new automated VIN valuation, human interference is bypassed, loophole is blocked and the correct assessment can be made.

aieromon:


It is supposed to make the system more transparent.

The service is trying to eliminate under-declaration of vehicle value by dubious agents and compromised/ignorant valuation officers.

Using the Hyundai Elantra as an example, each model is manufactured within a 5/7 year period. During that period, there might be cosmetic changes but the platform remains the same. The 2006-2010 models share the same chassis. A clearing agent might import a 2010 Elantra yet fraudulently declare the vehicle with a valuation of the 2006 model. The valuation officer might know the difference but connive with the agent to under-calculate the customs duty.

With the new automated VIN valuation, human interference is bypassed, loophole is blocked and the correct assessment can be made.

ednut1:
many of the cars imported to Nigeria are accidented or stolen. is this why they are afraid

2T215:

@aieromon, thanks for your clarification but I would like to ask some simple questions. Knowing that many of the cars we buy and ship from abroad are fairly used, accidental and flooded that you buy on auction, what price would the VIN rely on in computing the duties, taxes and levies. Is it the price at Auction or the Current market value of the car.
let's use an example. A Toyota corolla 2013 was bought at auction for $4000, mileage is 100,000 miles. The current market value of the same car; brand new is , $15,000. What will the valuation be based on, on the brand new value or on the auction value?

aieromon:


Valuation will be based on the auction value of the vehicle. Now the issue is this: a clean title might cost $4,000 while one with a flooded title will cost way less. With the automated valuation, both titles will be assessed using the same parameter regardless of the final auction price.

erico2k2:

You can not get a true valuation from Auction's final price as AI would not see below the hood. However there is an initial valuation of all cars b4 Auction, that's the Blue Book.Im a 100% sure this is what they will go with and its usually higher than final auction price.

erico2k2:

You can not get a true valuation from Auction's final price as AI would not see below the hood. However there is an initial valuation of all cars b4 Auction, that's the Blue Book.I am 100% sure this is what they will go with and its usually higher than final auction price.

erico2k2:

You can not get a true valuation from Auction's final price as AI would not see below the hood. However there is an initial valuation of all cars b4 Auction, that's the Blue Book.Im a 100% sure this is what they will go with and its usually higher than final auction price.

ednut1:
many of the cars imported to Nigeria are accidented or stolen. is this why they are afraid

kuntash:


Which points to the insensitivity of those in customs shouting ITS DEVOID OF HUMAN INTERFERENCE as if the database where the figures are sources wasn't inputed by humans ...


What baffles me in all these is that the CBN or customs do not seem to put into consideration lots of factors as SALVAGE brands and the cost of repairs for imported vehicles..

Based on the artificial intelligence they are noising about , we all know computer is garbage in garbage out .... The system interprets what it's directed to search , they should not assume everyone is stupid in this reagrd

If you input your VIN on Google and add valuation to it especially for cars 2004 up, you are likely to see results of ACV (actual cash value) and ERC (estimated repair cost) .. why is the artificial intelligence not queried to do such computations ?

A clean title vehicle is what seem to be considered by their systems whereas over 80% of vehicles imported to Nigeria are salvage ..

If it's uniformity and elimination of fraud they seek , they should make the valuation rates open enough for the public to know ,,as a matter of fact they know how to sanitize it ,

ednut1:
many of the cars imported to Nigeria are accidented or stolen. is this why they are afraid

erico2k2:

I think the are heading to the right direction however this whole broh haha, has failed to mention one group of persons ahah the Clearing agents, this is taking food from their mouth, so I was wondering if they are behind this so called protest or shoting down lagos.If one buys a salage car, Im hoping this costing system bills the duty as that of a salvage car rather of a clean tittle.

FreeStuffsNG:
Is it true that you want to continue to buy USD at negotiated valuation of N272 per US dollar?

Is it really sustainable for these importers to keep enjoying some very significant subsidy while other sectors do not have such leverage against our dwindling fx?

In one breadth, we want the port system sanitized and in another, we want to keep having an opaque system that takes revenue away from FG and put in the pockets of corrupt officials and unscrupulous unpatriotic business folks.

Dialpad:
Can someone explain the policy here, is it making the system more transparent or what exactly

Sequel to recent Customs/Stakeholders town hall meeting held in Lagos on VIN-Valuation, the Comptroller General of Customs having listened to public outcry, has approved one (1) month window to enable clearing the backlog of vehicles held up in the ports as a result of strike action.

Meanwhile, uniform application of rebates will be used for all vehicles using correct values for assessment during the exercise.

Customs National Public Relations Officer, DC Timi Bomodi, made this known in a press statement on Monday.

Bomodi, said ‘‘For the avoidance of doubt, the VIN-Valuation protocol is still in operation as reviews and updates are being captured in our systems to reflect the genuine concerns of stakeholders.

As a responsive and responsible agency, Nigeria Customs Service will sustain its consultations with stakeholders in line with Article 2 of WTO Trade Facilitation Agreement for a smoother Customs Stakeholders relationship.’’ He concluded.