₦airaland Forum

Recently the 2020 Finance bill was passed by NASS and signed into law by Pres Buhari.

The bill contained provisions reducing vehicular import levy from 35% to 5%.

I am waiting for all the car dealers here to begin to reduce the cost of their comparable vehicles in the months to come.

At least more Nigerians can now own cars 3 to 4 yrs of production..

I am interested in this

davillian:
At least more Nigerians can now own cars 3 to 4 yrs of production..

Indeed. Hopefully we can now afford more recent cars. Like 10 years ago quite a number of Nigerians could afford new cars, especially if you worked in a bank or oil company. But with devaluation and these import duty and import levy, accord of N5.2mln in 2013 went as high as N17mln in 2019.

A good expectation one would say. Please can someone detailed how the the total would seems like with a typical example of a $6,5k valued sedan from texas.

All these thieves here won’t adjust till next year

COMPAQ:
Recently the 2020 Finance bill was passed by NASS and signed into law by Pres Buhari.

The bill contained provisions reducing vehicular import levy from 35% to 5%.

I am waiting for all the car dealers here to begin to reduce the cost of their comparable vehicles in the months to come.

By the time you see additional information relating to this subject matter , you will start calming down ...you will see strange conditions ....

vRendoh:
A good expectation one would say. Please can someone detailed how the the total would seems like with a typical example of a $6,5k valued sedan from texas.

It’s wierd how one can hardly find anyone who claims to be an auto importer or clearing agent to provide a clear mathematical formular about how to calculate what you should pay? Ideally it should be cost of car in USD * govt e rate of 390 *1.40 (40% being custom duty of 35% and import levy of 5%), or something like that.

Point is that, it should be undeniably clear what the charges should be, even if they have a means of reducing it, which will typically be by somehow reducing the value of the car itself. But most people dance around the issue of explaining the calculation formula.

If anyone here knows it, please explain.

I also saw a thread somewhere where it was cost of vehicle *e rate *1.282. Not sure if that is accurate also.

COMPAQ:
Indeed. Hopefully we can now afford more recent cars. Like 10 years ago quite a number of Nigerians could afford new cars, especially if you worked in a bank or oil company. But with devaluation and these import duty and import levy, accord of N5.2mln in 2013 went as high as N17mln in 2019.

Yeah at least they can keep thier vehicles not worth being on their roads to themselves....
It's really a good news....