“We are rolling out VIN valuation over the weekend and by Monday if you are capturing on Saturday, you are going to apply the VIN valuation.”
The Nigeria Customs Service (NCS), today reintroduced the Vehicle Identification Number (VIN) valuation policy for imported automobiles. This is coming months after the service had suspended the policy in March 2022.
According to the Controller Valuation of the Service, Comptroller Anthony Udeze, the depreciation value of vehicles has not been done properly prior to now. He added that a lot of variables had also been considered as the commission sets out to redeploy its VIN platform.
The kickoff of VIN was announced by Controller Valuation of the Service, Comptroller Anthony Udeze, at a sensitization workshop in preparation for the redeployment of the VIN platform that was held in Apapa on Thursday.
What Customs is saying
Comptroller Udeze who stated that the VIN is here to stay, emphasizing that it cannot be reversed added that the platform would present a uniform duty for all stakeholders in the industry.
“We have looked at the various values of vehicles. Look at the ones here and you will see the human touch that has been applied to them. The value before that led to the protest was not properly depreciated.
“So, the committee have applied the auto policy and done a linear depreciation from 2021 to 2013. It must be stated at this point that the provision of over 12years of age is still applicable. So, if you are bringing a vehicle that is over 12 years, the value you are going to see is the value for 2013.
“We have given a human face to the values, we have considered all options, accidented vehicles, salvage vehicles were all built-in. What we are presenting today is uniformity and unification of values from all the area commands.
“And today, we are here to showcase and sensitise all stakeholders that the VIN valuation has come to stay. We are rolling out VIN valuation over the weekend and by Monday if you are capturing on Saturday, you are going to apply the VIN valuation.”
Comptroller Anthony Udenze believes the VIN valuation regulation when implemented will make commerce easier.
Back story
- The Nigeria Customs Service (NCS) implemented a VIN-valuation policy on imported vehicles in February, but customs agents rejected it.
- Following over two weeks of protest, NCS gave freight forwarders a one-month waiver to allow them to clear their backlog of stranded vehicles.
- However, at the conclusion of the sensitization workshop, clearing agents, automobile importers, and the NCS agreed that the suspended VIN valuation policy would be implemented on Friday.
- The policy was suspended to give room for adjustments in the values imputed in the system.
