According to the founder of the National Council of Managing
Directors of Licensed Customs Agents, Mr Lucky Aniwero, while reacting to the
recent order by the President for the suspension of the five per cent excise
duty on telecommunications and the import tax adjustment levy on vehicles from
2,000 cubic capacity upwards, said the removal of the tax would increase
importation of vehicles by 15 per cent.
“You know the exchange rate has been affected. So, the boost
in car importation won’t be much. We are looking at between a 10 per cent to 15
per cent boost because the exchange rate would actually reduce importation,” he
explained.
Amiwero said the tax removal would also increase the
movement of vehicles into the country.
“It is for specific vehicles, I think it is from 2,000 cubic
capacities upwards vehicles like Toyota Corrolla are going to enjoy that. And
it means it is going to increase the movement of vehicles into the country. So,
the removal of this tax will boost the importation of vehicles because Nigeria
needs vehicles.
“It will help to stabilise the system and increase the
importation of vehicles.”
Also speaking, the Acting National President of the
Association of Nigerian Licensed Customs Agents, Mr Kayode Farinto, lauded the
President for the removal of vehicle tax.
He urged the government to also ensure the review of the 7
per cent port development levy.
He said, “Because we have been having forex challenges, the
government is supposed to bring out palliatives. It is one of our prayers that
the government should bring out palliatives to reduce the suffering of the
people. So, this is one of them. The import adjustment tax that has been
removed is also one of them.
“We also want the government to look at the 7 per cent port
development levy so that it will ameliorate the suffering of the people.”
According to Farinto, market forces are now determining the
foreign exchange.
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