Custom Duty Calculating Formula on Imported Vehicles In Nigeria

This formula will enable you to know the brake down and the amount you pay on your vehicle,

The Nigeria custom service (NCS),As already implemented the method or formula to calculate the custom duty on imported vehicles based on the model and the year in prescription.With the use of the present USD market rate, which is known as exchange rate (EXC).


CIF:Cost insurance and freight (CIF) is a trade term requiring the seller to arrange for the carriage of goods by sea to a port of destination, and provide the buyer with the documents necessary to obtain the goods from the carrier.

VAT: Valuing your examples barring VAT implies setting a base cost and giving us a chance to include the proper VAT based the purchaser's nation. Assessed on the value added to goods and services. The value added tax is imposed throughout the European Community and European Free Trade Association (EFTA) countries and many other trading nations.
      
     
NOTE: Invoice value of vehicles from the rang of 2014 upward  are not revealed by the Nigeria customs service, this can only be done by the (O C valuation) at the command.

This formula can only give you range of the estimated total value that will be payed. meanwhile, with the approach of the customs valuation unit through a strong and reliable entity with identity, you can get a benchmark or compromised value on your vehicle only with a copy of your bill of lading.

HOW TO CALCULATE YOUR SURFACE DUTY


Invoice value will be multiplied by the present exchange rate multiplied by 35% will give you the surface duty.



    HOW TO CALCULATE YOUR TOTAL DUTY 

 Surface duty will be multiplied by surcharge which is 1282 will give you the total figure,
 ADD ten thousand for the total accuracy.



 FORMULAR:

  1.Toyoyta Camry 2004

Invoice value =. $2466 x 305 x 35%
Will give you the surface duty = N263245
N263,245 x 1282 = N337,481
Total duty is = N337,481



2. Lexus GX 460 2014

Invoice value = 24,000 x 305 x 35%
Will give you the surface duty= N2,562000
N2,562000 x 1282 =N3,285000
Total duty is =N3,285000


3. Ford Explorer 2016

Invoice value = 25,000 x 305x 35%
Will give you the surface duty= N2,668.750
N2,668.750 x 1282 = N3,421338
Total duty is = N3,,421338


NOTE: We offer you the most fastest clearing delivery within the maximum of 2 to 3 working days for saloon cars,containerized 4 to 5 working days, excluding shipment.

FOR AFFORDABLE AUTO-SHIPPING, RATE AND CLEARING COST- REQUEST FOR FREE QUOTE  

About the Blogger: Adedamola Adewoye is a Senior custom relationship officer with VHI Cargo. He has over 15 years experience interfacing with Nigeria custom and other Government agencies at the port.
Contact:
Email:customercare@valuehandlers,com,  autoshippingsolutions@gmail.com
Tel: +234-8032241768, +234 8023032614, +2348182072412,
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