Following the Nigeria Customs Service’s decision to increase duty on imported vehicles by 10%, freight forwarders have warned that there may be a backlog of vehicles at the country’s seaports – The PUNCH.
The agents charged the service with enacting a 10% duty increase but failing to apply the 10% yearly depreciation value on imported used vehicles in an exclusive interview with our correspondent in Lagos.
Timothy Adebowale, a licensed Customs agent, questioned why the service was unable to affect the depreciation value rate on 2014 vehicles.
According to him, the service was created to reduce the value of vehicles’ yearly depreciation. National Public Relations Officer for NCS Timi Bomodi responded by stating that the development was based on government fiscal policy.