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Reps direct FG to reduce levies on imported commercial buses to 15% from 35%

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Tiamiyu Saheed Oluwatosin
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calendar-icon Posted on: 2020-09-30 18:14:15
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The House of Representatives has asked the federal government to reduce levies on commercial vehicles, especially buses and trucks from 35% to 15%.
The House also directed the reduction of levy on luxurious vehicles to 20% from the original 35%.
According to the Auto policy of the federal government, importation of vehicles attracts 35% duties and another 35% levy bringing the total charges to 70%. With this directive, total charges on importation of vehicles will be 50% and 55% for commercial vehicles and luxurious vehicles respectively.
The decision was taken following the adoption of the recommendations of the House committees on Finance, Appropriations, and National Planning and Economic Development on the 2021–2023 Medium Term Expenditure Framework (MF) and Fiscal Strategy Paper (FSP) by the committee on supply.
It would be recalled that the Controller General of Customs, Col Hammed Ali has also called for the reduction of the charges to discourage smuggling of vehicles.
“On Auto Policy, the Committee recommends downward review of the levy imposed on Imported Vicles to 15% and 20% on both Commercial Vehicles (Buses and Trucks) and Luxury Vehicles respectively.”
Following deliberations on the report, the House passed the MTEF.

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