Used Vehicles to Get Very Expensive As Customs Implements New Age Limit

Used Vehicles to Get Very Expensive As Customs Implements New Age Limit

  • Nigerian Customs Service has reviewed the age limits on used vehicles from Europe and other parts of the world
  • The Adjustment is set to make the clearing of vehicles more expensive for Nigerians
  • While the clearing of used vehicles in Nigeria is more expensive than in Ghana, Benin, Togo

Prices of imported secondhand automobiles, popularly known as Tokunbo vehicles are set to go up and beyond the reach of the average Nigerian battling with low income.

According to a report the Nigeria Customs Service has adjusted the age limit of vehicles coming into the country from 2013 to 2014.

The implication of this is that any vehicle year lower than 2014 would be made to pay import duty payable on vehicles of 2014 vehicles.

Used vehicles import into Nigeria
Used vehicles is set to get very expensive Photo credit: @customs
Source: AFP

The Adjustment has raised tension at the two Roll-on Roll-off vehicle terminals in Lagos; Tin Can Island Port and PTML Terminal.

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Clearing agents have accused Customs authorities of hurrying to begin the calendar year in 2023 in January when it is normally April every year.

In June last year, the Nigeria Customs Service reduced the age restriction of automobiles entering the nation from 15 to 12 years, resulting in the lowest duty amount payable on any vehicle imported being the 2013 duty, the Cable report shows.

Vehicles imported are now subjected to the 2014 import duty charge.

Clearing agent reacts to the adjustment

Remilekun Sikiru a Youth Leader of the Association of Nigerian Licensed Customs Agents (ANLCA) at Tin Can Island Port, and Coordinator of Five Star Terminal confirmed the development.

According to him, NCS on the 2nd of January 2023 automatically switched to the next calenders year which ordinarily should have been done by April 2023, Dailytrends reports.

He said:

“On this note, the lowest duty now is 2014 applicable to all vehicles, for example, the lowest duty of a Corolla now is N334,000 against N299,000 we are paying before as the lowest.

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Source: Legit.ng

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