8th March, 2022
The Nigeria Customs Service has announced the suspension of the implementation of the Vehicle Identification Number (VIN) valuation policy.
This is contained in a circular dated March 7th, 2022, and titled, ‘Approval Of Grace Period, To Clear Backlog Of Vehicles’.
Beginning today, Tuesday, March 8th, 2022, the service approved one month window to enable the clearing agents to clear a 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.”
It directed the affected area controllers to monitor the transition period and ensure manual assessments comply with extant laws of the hand.
“Area Controllers are expected to monitor this transition period and ensure manual assessments are in full compliance with extant laws. This grace period is for one month, beginning from Tuesday 8 Mar 22.
“You are to bring the contents of this circular to your Officers and the General public for their information and guidance, please.”
Clearing agents have applauded the management of the Customs Service for suspending the controversial VIN valuation policy.