Business
Customs To Enforce New Ban On Vehicle Importation
The Nigeria Customs Service (NCS) has reiterated its readiness to enforce the ban on the importation of vehicles through land borders despite the National Assembly’s objection to the Federal Government’s policy.
In a statement issued on Friday and singed by its acting Public Relations Officer (PRO), Joseph Altah the NCS said that the Comptroller-General of Customs, Col Hameed Ibrahim Ali (rtd) has directed the services compliance team and federal operation units to join the land borders team to tackle violators of the new policy.
Attah explained that over 10,000 vehicles are reportedly trapped within 10 days of the policy enforcement, stressing that vehicles properly imported through the land boarders between January 2014 and December 2016 were only 209,691 with N38.5 billion paid as duty, while the service seized a total of 5,998 with duty paid value at N10.2 billion.
The statement added that the service anti smuggling squads would ensure total blockage such that no desperate vehicle importer can smuggle any trapped vehicle.
He said the policy will ensure that vehicles are channeled to sea ports to suppress smuggling and create business and job opportunities with the emergence of bonded car parks in the country. He said that the benefits to be derived from the policy further include emergence of bank branches, and mechanic villages around the bonded car parks to create more jobs, optimal use of port facilities resulting from high vehicles cargoes, higher revenue for government and promote collaboration for agencies, vehicle licensing and security agencies.
He added that statistics has shown that more than 90 per cent of vehicles imported to neighbouring countries are normally on transit to Nigerian market, maintaining that although duty rates for vehicles at both land borders and seaports are the same, some, importers exploit the informality of land border trade and smuggle through the porous borders.
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Sugar Tax ‘ll Threaten Manufacturing Sector, Says CPPE
In a statement, the Chief Executive Officer, CPPE, Muda Yusuf, said while public health concerns such as diabetes and cardiovascular diseases deserve attention, imposing an additional sugar-specific tax was economically risky and poorly suited to Nigeria’s current realities of high inflation, weak consumer purchasing power and rising production costs.
According to him, manufacturers in the non-alcoholic beverage segment are already facing heavy fiscal and cost pressures.
“The proposition of a sugar-specific tax is misplaced, economically risky, and weakly supported by empirical evidence, especially when viewed against Nigeria’s prevailing structural and macroeconomic realities.
The CPPE boss noted that retail prices of many non-alcoholic beverages have risen by about 50 per cent over the past two years, even without the introduction of new taxes, further squeezing consumers.
Yusuf further expressed reservation on the effectiveness of sugar taxes in addressing the root causes of non-communicable diseases in Nigeria.
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