The Nigeria Customs Service (NCS) on Tuesday announced the suspension of the implementation of the Vehicle Identification Number (VIN) valuation policy recently introduced on imported (used) vehicles.
The Service, in a circular dated March 7, 2022, titled ‘Approval Of Grace Period, To Clear Backlog Of Vehicles’, stated that the suspension took effect from today, Tuesday, March 8, 2022.
Under this policy which had led to protests and shutdown of port activities by licensed customs agents, vehicle importers will be able to auto-generate tariffs on imported cars.
According to the Service, despite the immediate commencement of the policy implementation, clearing agents are to enjoy one month window to enable them clear the backlog of vehicles held up in the ports due to the strike action.
The circular instructed used car importers to ensure a uniform application of rebates for all vehicles, using the correct values for their assessments.
It stated: “The VIN-valuation protocol is still in operation as reviews and updates are being captured in our system to reflect these adjustments.”
Also, the circular also directs the affected customs area controllers to monitor the transition period while also ensuring manual assessments are in compliance with relevant extant laws within the one-month grace period, effective from Tuesday 8 to 22 March 2022.