After nearly two weeks of protests, the Nigeria Customs Service (NCS) has officially announced the suspension of the implementation of Vehicle Identification Number (VIN) valuation policy recently introduced on imported used vehicles.
The suspension, according to the circular dated March 7, 2022, and tagged, ‘Approval of grace period, To Clear Backlog of Vehicles’ begins from Tuesday, March 8, 2022.
It was reported on Thursday that the management of the Nigeria Customs Service (NCS), suspended the VIN, for 30 days. The policy, which created an impasse between Licensed Customs Agents and the Service had led to the shutdown of port activities for the past two weeks.
However, in a circular dated March 7th, 2022, with circular number, NCS/T&T/ACG/008/S.100/VOL 111, issued on Monday and a copy of which was obtained by Daily Sun, the Service said it has approved one month window to enable the clearing agents clear backlog of vehicles held up in the port as a result of the strike action.
The circular reads: “Sequel to the recent Customs, stakeholders town hall meeting held in Lagos on the VIN-valuation, the Comptroller General of Customs (CGC), Col. Hameed Ali (rtd) having listened to public outcry, has graciously approved one month window to enable clearing the backlog of vehicles held up in the ports as a result of the strike action.
“Meanwhile, you are requested to ensure the uniform application of rebates for all vehicles using the correct values for your assessments. The VIN-Valuation protocol is still in operation as reviews and updates are being captured in our system to reflect these adjustments.”