Customs introduces new valuation system for imported vehicles

A new valuation system, Vehicle Identification Number (VIN), has been introduced by the Nigeria Customs Service (NCS) for the purpose of allocating standard values to all imported vehicles coming into the country. The new valuation system is for both used and new vehicles coming to the country through the seaports. With the new system, Customs will be able to automatically determine the value of import duty that an importer would pay after the vehicle has passed through a dedicated scanning machine.

The service explained that the automated system would aid the valuation of imported vehicles entering into the country through all Nigeria’s approved entering points. According to an Assistant Comptroller General of Customs, ICT/Modernisation, Saidu Galadima, who gave an insight into the VIN on the Nigeria Customs Broadcasting Network (NCBN), the idea behind the development of the VIN was to address the agitation of clearing agents and other port users, who had been calling for a standardised valuation system in the country.

He noted the system uses artificial intelligence to allocate appropriate value and taxes to vehicles using the Vehicle Identification Number. Galadima explained: “The only thing Customs needs from the importer or his agent is the Vehicle Identification Number, and the system will automatically evaluate based on the available data across the world. It will bring out all data regarding the vehicle including the make, the model, and the year.