Customs redeploys VIN Valuation, insist it has come to stay

The Nigeria Customs Service (NCS), on Friday, re-launched the Vehicle Identification Number (VIN) Valuation policy for imported vehicles which it suspended in March 2022.

It also insisted that the VIN has come to stay, stressing that there is no going back on its implementation.

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Daily Trust had reported that the service decided to suspend its implementation in March, after nearly two weeks of protest by freight forwarders. It however granted the protesters a one-month waiver to enable them to clear their backlog of trapped vehicles.

The service, however, assured that all areas of concern would be addressed as implementation commences.

Recall that the VIN Valuation policy, which was first introduced in January 2022, jacked up the duties payable on fairly-used vehicles by more than 200 per cent.

Customs Area Controller, in charge of Apapa Command of the service, Comptroller Yusuf Malanta, at a stakeholders sensitisation meeting held yesterday explained that the importance of automation on Customs processes cannot be overemphasised, noting that with the implementation of VIN Valuation, agents can sit in the comfort of their offices and process clearance of their vehicles.

Controller of PTML Command, Comptroller Festus Okun, while highlighting the benefits of the policy to both clearing agents and Customs said with the VIN Valuation, there will be uniformity of value, predictability and convenience creating a win-win situation for both parties.