Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News Business

FG says slash on import duties for tractors, vehicles to start next week

Chike Olisah by Chike Olisah
January 27, 2021
in Business
Customs revenue rises by N200 billion to hit N1.5 trillion in 2020, Nigeria losses billions over importation of iron and steel
Share on FacebookShare on TwitterShare on Linkedin

The Federal Government has said the implementation of the reduction of import duty on vehicles and tractors from 35% to about 10% may take off next week.

This is part of the provision of the newly signed Finance Act 2020 which was introduced by the federal government as part of the measures to ease the cost of transportation across the country and reduce the impact of the coronavirus pandemic.

According to a report from Punch, this disclosure was made by the Controller General of Nigeria Customs Service, Hameed Ali, during an interaction with journalists on Tuesday, January 26, 2021, in Abuja.

RelatedPosts

Customs seizes N1.3bn worth of smuggled goods in Ogun between May and June

Customs sign “e-Customs concession” agreement with China’s Huawei to generate $176 billion in 20 years 

The customs boss said that the management of the service was expecting an official communication from the finance ministry on the matter any moment from now.

What the Controller General of Customs is saying

Ali said that the vehicle tariff reduction, which is part of the 2020 Finance Act, was initiated by the Nigeria Customs Service to ease the cost of transportation in Nigeria.

News continues after this ad


He said, “We are the proponents of the new tariff. I’ve been torn apart by many people criticising it, saying I used my connection to get it done. But it is in the overall interest of Nigeria.

“Now, it has become a law. We are now waiting for the finance minister to give us a formal conveyance of that Act. Once we receive it, we commence implementation immediately and inform our commands. We are hoping that latest by next week, it will become operational.”

News continues after this ad


What you should know

  • It can be recalled as part of its bid to introduce tax incentives in the face of economic downturn, the Federal Government in November 2020, proposed a bill to slash import duties for tractors, buses and other motor vehicles and others from 35% to 10% and 0% to further help cushion the socio-economic conditions in the country.
  • The Minister for Finance, Budget and National Planning, Zainab Ahmed, had explained that the need to reduce food inflation figures through one of the causative factors of high production cost, which is transportation, inspired the bill.

Related

Tags: Finance Act 2020Nigeria Customs Service

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Lagos announces partial closure of Third Mainland Bridge
    • Five jobs in Nigeria’s fashion industry that are not design-related
    • Insecurity: N6.5 billion demanded in kidnapping ransoms in Nigeria since July 2021 – SBM

    Follow us on social media:

    Recent News

    Third Mainland Bridge is intact and safe for commuters - FG

    Lagos announces partial closure of Third Mainland Bridge

    August 13, 2022
    Five jobs in Nigeria’s fashion industry that are not design-related

    Five jobs in Nigeria’s fashion industry that are not design-related

    August 13, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com