VIN Valuation: Customs to commence implementation of reviewed e-VIN

VIN Valuation: The Nigeria Customs Service, NCS, said on May 19, 2022, that it will commence the implementation of the reviewed electronic vehicle identification number, e-VIN, on May 20, 2022.

VIN Valuation: Customs to commence implementation of reviewed e-VIN

Speaking at the sensitization workshop for stakeholders in Apapa, Lagos, the controller in charge of e-valuation, Abuja, Anthony Udenze, said the application will be launched today and fully deployed on Saturday, May 20, 2022.

Recall that the service had earlier introduced the e-VIN platform, which was opposed by stakeholders because of a lack of consultation and the high value of duty payable on imported vehicles.

Udeze explained that the service took into consideration all the complaints raised by stakeholders during the first attempt to implement the application, and made the necessary corrections before the redeployment.

He said the VIN system is aimed at facilitating trade, stressing that the new values have been unified and simplified.

“Right now, we have cases where values given by various commands are different. There has been an outcry for the unification of value from the valuation unit, and the service deemed it fit to listen to this cry.

Read the Post on how to Buy a Car online and ship it to Nigeria

“Remember that two months ago we deployed this VIN valuation and there was an outcry. The Comptroller-General of Customs, Col. Hameed Ali (Rtd) in his magnanimity, listened to the cry of stakeholders and set up a committee to review the process, and the committee worked assiduously to come up with something that would be acceptable to all.

“We drew up officers from various commands’ valuation units, and today we can tell you that what we are presenting today will be acceptable globally,” Udeze stated.

He noted that the new VIN Valuation System considered all options, including accidental vehicles and salvage vehicles, and that uniformity in values from all the Area Commands had also been achieved. Udenze noted that apart from engagement with stakeholders in the industry, members of the House of Representatives also reviewed the new VIN valuation system and approved it.

What Is VIN Valuation In Nigeria

Nigeria Customs launched the electronic vehicle identification number and VIN valuation system in February 2022. Allowing importers to automatically produce taxes on automobiles coming into Nigeria is the goal.

Why VIN Valuation?

Generating a Vehicle Identification Number (VIN) is the process of the National Vehicle Registry (VREG). VREG is a regulation by the Federal Ministry of Finance, Budget, and National Planning.
Why VREG?:

1. To reduce customs duty evasion.
2. The VREG system will help curb vehicle theft and other vehicle-related crimes.
3. Reduction of human interaction, thus eliminating a manual vehicle registry, as all paperwork will be electronic.
4. Identification of ineffective vehicle insurance coverage.
5. Create a centralized national vehicular information and database.
6. Like every electronic system, generating vehicle identification numbers is easy

To register for VIN, importers or designated agencies will visit the VREG website and input the required information. The basic information required to register a VIN is the tax identification number (TIN) of the consignee.

There is an article on how to calculate the duty to be paid using the exchange rate and other values to get the total cost of clearing cars in Nigeria. (Click here)
Particularly your preferred car or vehicle. With the use of the Nigeria Customs Tariff Book.