PRESS RELEASE Nigeria Customs Service 4% Duty Increment on FOB Value – What You Need to Know to Avoid Unexpected Costs
The Nigeria Customs Service (NCS) has acknowledged the significant contributions of stakeholders in shaping the Nigeria Customs Service Act (NCSA) 2023. This landmark legislation replaces the outdated Customs and Excise Management Act (CEMA) and other related laws, providing a robust legal framework that enhances efficiency, promotes innovation, and strengthens transparency in customs operations.
The NCSA 2023 is a product of extensive consultations, constructive dialogue, and collaborative efforts with key industry players, government agencies, and other stakeholders. Their insights, expertise, and unwavering commitment have been instrumental in ensuring a balanced approach to customs operations, aligning with international best practices.
Key Provisions of the NCSA 2023
– 4% FOB Charge : In line with Section 18 (1) of the NCSA 2023, the NCS is implementing a 4% charge on the Free On-Board (FOB) value of imports. This charge is essential to driving the effective operation of the Service.
Comprehensive Import Supervision Scheme (CISS) Fee: The NCS acknowledges concerns raised by stakeholders over the sustained collection of 1% CISS fee alongside the 4% FOB charge. Extensive consultation is ongoing with the Federal Ministry of Finance to address these concerns.
Commitment to Transparency and Fair Trade Practices : Under the leadership of the Comptroller General of Customs, Bashir Adewale Adeniyi, the NCS reaffirms its commitment to transparency, fair trade practices, and efficient revenue management.
The NCSA 2023 has far-reaching implications for clearing and freight forwarding agents in Nigeria and other stakeholders in the import and export industry. As the NCS continues to implement the provisions of the Act, it is essential for stakeholders to stay informed and adapt to the changing regulatory landscape.
The Nigeria Customs Service Act 2023 is a significant step towards enhancing efficiency, transparency, and fairness in customs operations. As the NCS works to implement the provisions of the Act, stakeholders are urged to support this initiative and work together to facilitate trade, reduce costs, and enhance the overall efficiency of Nigeria’s import and export processes.
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