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How clause in Finance Act unsettles local auto makers

Local automobile makers have expressed concerns of threat to their growing businesses as provisions in the new Finance Act 2020 slashed the vehicle import duty.

Local automobile makers have expressed concerns of threat to their growing businesses as provisions in the new Finance Act 2020 slashed the vehicle import duty.

They said the implication is that more vehicles may be imported rather than consumers patronising vehicles that are made in Nigeria.

Daily Trust takes a peek at the clauses in the new Act.

Finance Act 2020: Part VI – Customs and Excise Tariff {Consolidation}, etc

38. The first Schedule to the Act is amended by inserting and replacing, as the case may be, the following duties and levies:

{a} Duty on Tractors {HS Headings 8701} from 35 per cent to five per cent.

{b} Duty on Motor Vehicles for the transport of more than 10 persons {HS Headings 8702} from 35 per cent to 10 per cent.

{c} Levy on Motor Vehicles for the transport of persons {cars} {HS Headings 8703} from 35 per cent to five per cent.

{d} Duty for Motor Vehicles for the Transport of Goods {HS Headings 8704} from 35 per cent to 10 per cent.

Provided that vehicles exempt from applicable duties and levies shall continue to enjoy such exemption.

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