Wednesday 14 June 2017

N30trn Customs Probe: Senate gives CBN 7 days to Recover N536bn lost Revenue


The Senate on Tuesday gave Central Bank of Nigeria (CBN) seven days to return monies received by banks for the benefit of Nigeria Customs Service yet to be remitted.


The request was given by the Committee on Customs, Excise and Tariff at an investigative meeting with the CBN, Ministry of Finance, Federal Inland Revenue Service (FIRS), Corporate Affairs Commission (CAC), business banks and different partners.

Chairman of the committee, Sen. Hope Uzodinma, who declared the final proposal at the meeting, said the senate would include the Economic and Financial Crimes Commission (EFCC) incase the CBN neglect to recuperate the money.

He said, more than N30 trillion is being examined by the council, over N536 billion was enclosed at the different banks yet not dispatched to CBN.

"There are different infractions with respect to import and export duties and we have completed point by point examination concerning the matter.

"Today, we will address the non-settlement of income gathered for the benefit of Customs.

"The main bank that is excluded of this infraction is Zenith Bank. 

"We should recover what we can and pushing ahead, we should stop this infraction that is influencing our economy contrarily," he said.

Uzodinma censured the improvement, saying it was troubling and had influenced the Naira unfavorably.

He said it was humiliating for the Naira to trade for practically N400 to a dollar.

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He gave the banks two weeks to elucidate infractions identifying with used and unutilised Form M and Simple Goods Declaration (SGD), and others, including relinquished assessment of Customs Duties and remote trade assignment control.

Uzodinma said that transported in merchandise overwhelmed the market, rivaling nearby items.

On approaches to stop different enlistment of Tax Identification Number (TIN) by shippers, he called for collaboration among the FIRS, CAC and Customs.

Reacting to shady arrangements with respect to TIN, the Director of Information and Communication Technology (ICT) of FIRS, Kola Okunola, said cooperative energy among important associations had begun.

He included that FIRS has initiated mechanization of its framework.

"Going ahead, any national that needs to enroll an organization would begin from the enlistment entrance of CAC.

"We have likewise examined with Customs to build up their framework to send their infraction rundown to us.

"For each name, we can do information coordinating with the rundown sent to us by Customs, " Okunola said.


SOURCE: Ships and Ports

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About the Blogger: Adedamola Adewoye is a Senior custom relationship officer. 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 8023032614, 09168894238, 

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