After over a month of suspension of the Vehicle Identification Number (VIN) valuation policy on imported vehicles and subsequent harmonization of grey areas including depreciation value . The Nigeria Customs Service is deploying the controversial policy with immediate effect.
The Service disclosed this on Thursday at the Customs flagship Command in Apapa during a stakeholders sensitization workshop to showcase the procedures and workability of the harmonized VIN policy.
This has come after weeks of engagement of stakeholders at different sensitization meetings at both the Nigeria Customs Service (NCS) headquarters in Abuja and Commands. The updated version which captures accidented vehicles, depreciation in value and other values earlier identified by freight forwarders is to kick- off on Friday, May 20th, 2022.
The NCS Comptroller incharge of Valuation at the Customs Headquarters, Comptroller Anthony Udenze revealed this while addressing stakeholders in Apapa today, noting that the implementation of the new VIN valuation system will commence effectively without delay.
According to Udenze, the VIN valuation system is aimed at facilitating trade and the new values have been unified and simplified.
He noted that the new VIN Valuation system considered all options, including; accidented vehicles and savage vehicles were all built-in, even as uniformity in values from all the area commands has also been achieved.
In his remarks, the Customs Area Controller of Apapa Command, Comptroller Malanta Yusuf described the VIN valiation policy as a testament that Customs will not stay static as the world evolves with automation.
He, however, noted that if there is anything in need of adjustment, the NCS is also willing to make the necessary adjustment on the VIN valuation.
Also speaking, Comptroller Festus Okun of the PTML Command enumerated the basic principles of the VIN to include uniformity, fairness, predictability and to create certainty and convinience giving the expected value and that Importers and their agents can do it at the comfort of their offices or homes. Okun advice the freight forwarders not to see the policy as “we and them”, but to facilitate and promote trade where everybody is a beneficiary.
On his part, Comptroller Oloyede of the Tin Can Island Customs Command said the VIN valuation policy will help the country to keep accurate data of imported vehicles coming into the country with the benefits of accurate statistics, enhanced business, facilitation of trade and integration between the NCS and other Government Agencies.
Speaking on behalf of freight forwarders, Acting President of the Association of Nigeria Licensed Customs Agents (ANLCA), Dr Kayode Farinto, stressed the need for compliance by freight forwarders.
He condemned the Customs approach of arbitrarily increasing the value of Pre-Arrival Assessment Report (PAAR) as it isn’t professional and it encourages stakeholders to attempt to circumvent the process.
The meeting saw a practical demonstration of the VIN using various vehicles manufacturing dates to determine the value and most freight forwarders were satisfied with the process urging it to kick -off.