- Federal Government targets N1.6 trillion revenue from Customs duty and VAT on imports between 2024 and 2025
- Liquefied Petroleum Gas (LPG) exempted from VAT and customs duty
- Proposed revenue from Customs duty expected to be N818.7 billion in 2024-2026
- Proposed revenue from VAT expected to be N445 billion in the same period
- Central Bank of Nigeria has raised exchange rate for calculating import duty multiple times
- Customs agents and Association of Nigerian Licensed Customs Agents express concerns over frequent increase in customs exchange rate
- Increase in customs exchange rate leading to business uncertainties and loss of confidence between importers and customs brokers
Source: newtelegraphng.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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