List of goods subject to 0% import tax rate includes:
The Nigerian Ministry of Finance will periodically provide the Nigerian Customs Service with a list of licensed importers and import quotas to facilitate the importation of the above items under the new policy.
To be eligible to import goods under the new policy, a company must meet the following criteria: (i) be registered in Nigeria and have been in business for at least 05 years; (ii) have complete annual revenue reports and financial statements, and have paid all required taxes in the last 05 years.
For companies importing Husked Brown Rice and millet, they need to own a milling plant with a capacity of about 100 tons per day, have been operating for 04 years and have enough agricultural land for cultivation.
For companies importing corn, wheat and beans, it is necessary to be an agricultural company with sufficient agricultural land or a feed milling/agricultural processing company with cooperative connections with farmers for farming activities.
The new policy requires that at least 75% of imported goods be sold through a recognised exchange with all transactions and storage of goods to be recorded for storage. Importing companies must maintain records of all relevant activities when requested by the Government for verification of compliance with the policy . In the event that a company fails to meet its obligations under the import regulations, the company will lose its duty-free privilege and will be required to pay the prescribed taxes such as import duty, surcharge and VAT. This penalty will also apply to companies exporting the above duty-free goods (either in their original or processed form) outside Nigeria.
According to the Nigerian Government, this new policy aims to achieve the following objectives: (i) regulate food commodity prices in the Nigerian market in a way that enables Nigerians to purchase essential commodities at cheaper prices; (ii) meet the shortage of commodity supply to address the challenge of food security.
However, this policy only aims to solve immediate difficulties without negatively affecting the long-term strategy to protect farmers and domestic production./.
Source: https://moit.gov.vn/tin-tuc/thi-truong-nuoc-ngoai/nigeria-thuc-hien-viec-tam-thoi-giam-thue-nhap-khau-xuong-muc-thue-0-voi-mot-so-mat-hang-luong-thuc.html
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