On Friday, the Nigeria Customs Service will begin the rollout of its Vehicles Identification Number platform for the electronic valuation of vehicles. The Nigeria Customs Service has stated that it will review depreciation on vehicle duty (today).
According to the Controller Valuation of the Service, Comptroller Anthony Udeze, the depreciation value of vehicles has not been calculated accurately up until this point. As the commission prepares to redeploy its VIN platform, he added that a large number of variables were also considered.
He stated that the platform would impose a uniform obligation on all industry participants. Thursday in Apapa, he disclosed this during a sensitisation meeting in preparation for the redeployment of the VIN platform.
He stated, “We have examined the various vehicle values. Observe the items displayed here, and you will notice that a human touch has been applied. Prior to the protest, the value had not been properly depreciated.
“Accordingly, the committee has implemented the auto policy and performed a linear depreciation from 2021 to 2013.” It must be stated at this time that the requirement of being at least 12 years old remains in effect. Therefore, if you bring in a vehicle that is older than 12 years, you will see the 2013 value.
“We have given the values a human face, and we have accounted for all possibilities, including accident vehicles and salvage vehicles. Today, we are presenting the standardisation and unification of all area command values.
“And today we are here to demonstrate and inform all stakeholders that VIN valuation is here to stay.” We are rolling out VIN valuation over the weekend, and if you capture data on Saturday, you will apply the VIN valuation by Monday.
Moreover, he assured stakeholders that they would appreciate the platform. As a result of taking into account the depreciation value of imported used cars, he asserts that the duty value of cars will become advantageous for industry participants.
The Customs Area Controller in charge of Apapa Command, Yusuf Malanta, stated at the event that the commission must embrace automation in order to keep pace with globalisation. He stated that on the platform, checks, controls, and errors will be quickly identified.
The vehicle valuation platform was not out of place, as he disclosed that automation was crucial. He added that with the platform, agents can clear their vehicles from the comfort of their own homes.
He stated, “Now some agents can process cargo clearance from the comfort of their bedrooms.” The world is digitising.
“The new digital PAAR is an additional improvement. Nigeria will not passively observe as others utilise digital technology for business facilitation. If there is anything we need to modify, please let us know and we will do so.”
Festus Okun, the Comptroller of the Ports and Terminal Multipurpose Limited command, added, “The Customs service has recently incorporated into our processes and procedures the fundamental principles of taxation, which include uniformity, fairness, and predictability, among others. With this VIN valuation, uniformity and predictability would exist.”
According to Kayode Farinto, the acting National President of the Association of Nigerian Licensed Customs Agents, agents must comply so that clearance processes are expedited.
Auto-release is an agent right, and customs must address it to ensure a smooth process, he added.
According to him, the NCS’s indiscriminate increase in Pre-Arrival Assessment Reports has also allowed stakeholders to circumvent its process.
