Tag: Tokunbo Vehicles

The Minister of Economy and Coordinating Minister of Finance, Mr. Wale Edun, has directed the Nigeria Customs Service to suspend the 25 per cent penalty on improperly imported vehicles. Abdullahi Maiwada, the National Public Relations Officer of the Nigeria Customs Service, announced this suspension in a statement on Friday. The Federal Government recently announced a […]

The Nigeria Customs Service (NCS), has reviewed the duty rate on imported used vehicles, also known as, tokunbo from 35 percent to 20 percent. The duty rate is applicable on Common External Tariff (CET) trade portal, under HS Code 8703 to 20percent duty rate. Clearing agents, however, expressed shock that command officers were not aware […]