The Nigeria Customs Service has said it will review depreciation on vehicle duty as it begins the rollout of its Vehicles Identification Number platform for the electronic valuation of vehicles on Friday (today).
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.
He stated that the platform would present a uniform duty for all stakeholders in the industry. He disclosed this during a sensitisation meeting in preparation for the redeployment of the VIN platform that was held in Apapa on Thursday.
He said, “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.”