Customs remodels VIN valuation system to capture accidented vehicles, depreciation in value

After rigorous engagements  with the stakeholders, Nigeria Customs Service (NCS) has put all in place to  implement an updated version of the Vehicle Identification Number (VIN) valuation system, which will capture accidented vehicles, depreciation in value and other challenges earlier identified by clearing agents.

NCS said that redeployment and the implementation of the new VIN valuation system would commence on Monday

Recall that VIN valuation policy, which was first introduced in January 2022, hiked the duties payable on fairly-used vehicles by more than 200 per cent and was resisted by clearing agents.

This led to protests that had the ports and activities around it shut down for about two weeks, and created a backlog of uncleared vehicles at the PTML and Tin-Can Island ports, thereby forcing the NCS to suspend the policy for 30 days .

Addressing stakeholders in Apapa on Thursday, the Area Controller of Apapa Customs Command, Comptroller Malanta Yusuf described the VIN validation policy as a testament that Customs will not stay static as the world evolves with automation.

“The world is going digital. We cannot afford to stay behind. We have done a lot of checks and control on VIN. Automation of Customs process is very essential and valuation of vehicles is not out of place.

“Today, agents can sit down in their bedroom and process clearance of their cargoes. The new digital PAAR is another good development. Ngeria is not going to stay behind watching people take advantage of digital technology for business facilitation,” he said.

Source: The Sun


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