….Urges FG To Review Exemption Of Multinationals From Import Duty Payment.
Worried about the dwindling fortune of local industries in the country and lull in revenue drive, the National Association of Government Approved Freight Forwarders (NAGAFF), 100% Compliance Task Team on Thursday, called on the Federal Government to review the exemption granted to multinationals from import duty payment.
Apparently dissatisfied with the drop in revenue collection by the Nigeria Customs Service due to favourable policy for multinationals, the NAGAFF task team re-echoed for the ministry of finance to look inward towards encouraging local industries in Nigeria.
Addressing journalists in Lagos, National Coordinator NAGAFF Task Team, Alhaji Ibrahim Tanko disclosed that the compliance finance intelligence unit has discovered that customs revenue dropped by 7% in the last four months of the year 2023, due to the flip flop policies introduced by the Minister of Finance under the present administration.
Tanko accused the Ministry of Finance for creating problems for the customs which in turn has affected the lull in revenue and imports.
He called on the Finance Ministry to stop the blame game on the customs service noting that her policies were responsible for the lull in revenue collection calling the government to be proactive duty collection for the multinationals.
According to him, the multinationals are allegedly abusing the window thus, the need to revisit the policies for trade to thrive in favour of local industries.
“We have tried to make the minister to understand why revenue collection of customs is dwindling and we are calling on the minister to review the exemption of multinationals non duty payment., he noted.
The coordinator lamented that duty exemption granted to the multinationals played significant role in the revenue lull of the customs adding that such policies will continue to kill local industries if not reviewed.
He maintained that Nigerians should not depend on importation of foreign commodities while neglecting local manufacturing industries but for government promote balance of trades for economy benefits.
While expressing concerns about the recent exemption of First Bank of Nigeria from non duty payment on Form M, Tanko suggested for an alternative area code for zero duty payment.
He also expressed worry about the impending change in government noting that shippers are afraid of goods importation due to uncertainty of the incoming government and it’s trade policies .
The NAGAFF Chieftain who also doubles as Deputy President reiterated that “The first bank non duty collection also contributed to the drop in revenue. We suggest the alternative area code to zero duty payment and reconcile transaction thereafter using other banks.
“Due to the impending change in government,importers are afraid of bringing in goods,not sure of the new administration policies.
However, the NAGAFF Compliance Task Team appealed on the Comptroller General of Customs to assist in the training of freight agents pointing out that capacity building will help young freight forwarders to facilitate trade.
Tanko recalled that the NAGAFF Academy has contributed in the training of freight forwarders adding that manpower development will further enhanced customs clearance processes and procedures.
By Roland Ekama
