ADVERTISEMENT

Customs uses depreciation value of 50% on vehicle duty payment -Official

Mr Umar Abubakar, the Deputy Comptroller-General of Customs on Tariff and Trade,  says the customs uses depreciation value method of up to 50 per cent to calculate duties on vehicles.

ADVERTISEMENT

Abubakar told the News Agency of Nigeria (NAN) on Thursday in Abuja that when calculating duty on vehicle, the value and age of such vehicle was taken into consideration.

“We are using depreciation value method, as the vehicle gets  older, the value depreciates; and the depreciation value we use is up to 50 per cent,’’ he said.

ADVERTISEMENT

He said that customs clearance document was valid for seven years, adding that the seven years would start counting from the date of importation not the manufacturing date.

According to him, law empowers customs to backdate any customs offence to seven years and after that, no customs officials can intercept the vehicle.

On the compliance rate since the implementation of restriction on rice through the land border, Abubakar said that there had been high level of compliance.

He said that although many importers had already imported rice and they were trying to smuggle them into the country, adding that the more they tried, the more customs was arresting them.

“You can see the load of rice customs usually sent out to the IDPs and if you go to our warehouses they are all filled up with different types and sizes of rice.

“That is why we are calling for modern technology to help us solve the problem of smuggling; see the number of officers we are losing to these smugglers,’’ he added.

Abubakar said that in smuggling activities, lives were always being lost, either that of the customs officers or the smugglers, adding that all those lives were Nigerians that needed to be alive to contribute to the economy. (NAN)
SUT/GY

Sharing

BREAKTHROUGH NATURAL CURE FOR PROSTATE ISSUES IN JUST 15 DAYS!!! You Can Prevent PROSTATE CANCER!!!

Your PROSTATE ENLARGEMENT Is REVERSIBLE!!! Don't Let It Threaten You!

To SHRINK And NORMALIZE Your PROSTATE Within 15 Days Without Surgery Or Chemical Drugs, Click Here!!!

Join us on


Send DTM to 4900 (MTN) or DTM to 655 (Etisalat) for regular updates and more

Share your story with us: 08189301900 (Whatsapp and SMS only) Email: dtonline@dailytrust.com Or use this form

Complain about a story or Report an error and/or correction: +2348189301900

DISCLAIMER: Comments on this thread are that of the maker and they do not necessarily reflect the organizations stand or views on issues.