Tag
IMPORT DUTIES
The revenue of the Federation Account earnings (FAAC) rose to N6.28 trillion in the second quarter of 2024, driven by significant collections from Value Added Tax (VAT), customs, and excise duties.
The Nigeria Customs Service (NCS) has announced a one-month extension of the verification exercise of recovery of import duties on illegally imported aircraft into Nigeria.
The Centre for the Promotion of Private Enterprise (CPPE) has warned that Nigeria risks losing cargo to neighboring countries over a high exchange rate for import duties collection by the Nigerian Customs Service (NCS).
The Nigeria Customs Service has announced the implementation of the duty waiver on essential food imports, effective from July 15, 2024, through December 31, 2024, to make basic food commodities more affordable.
The Nigeria Customs Service (NCS) has stated that the revenue loss over the six month approved duties free importation of food items could reach N188 billion.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has stated that the federal government is looking at granting outright tax breaks to companies employing more staff.
The exchange rate for the Nigeria Customs Service (NCS) duties collection has risen to N1618.73/$ according to the latest figure from the service’s exchange rate portal.
The exchange rate for import duties collection by the Nigeria Customs Service (NCS) has declined from N1,584/$ on the 22nd of July to N1,541/$ today representing a drop of N43.
The exchange rate for duties collection by the Nigeria Customs Service (NCS) has risen by N3 above the official closing rate of the Naira on the NAFEM window.
President Bola Tinubu has explained his reasons for approving the temporal suspension of import duties on selected food items into the country.
The exchange rate for import duties by the Nigeria Customs Service (NCS) continues to rise as it hits N1549 to the USD according to the latest check on the customs exchange rate portal. This represents an increase of N37 from the previous rate of N1512/$.
The exchange rate for customs duties collection has dropped from N1516/$ to N1512/$ between the 5th of July and 7th of July 2024. This represents a decline of N4 when compared to the previous rate.