Customs & ExciseHeadlinesPorts Management VIN valuation: Customs promises review of system. By maritimemag March 2, 2022 ShareTweet 0 Segun Oladipupo The management of Nigeria Customs Service (NCS) has promised to look into the several complaints of the freight agents over the Vehicle Identification Number (VIN) valuation system that led to weeklong protest in Tincan port last week At a stakehokders’ meeting conveyed by the service in Lagos on Tuesday, the Customs management represented by the Assistant Comptroller General of Customs (ACG) Modupe Aremu, ACG, T&T, they promised to get back to the agents before end of the week after intimating the Customs hierarchy with their complaints. Freight forwarders had accused absurd valuation of cars imported into the country with the new technology employed by the Nigeria Customs Service (NCS), Vehicle Identification Number (VIN) valuation. Speaking at the Customs/stakehokders’ meeting in Lagos on Tuesday, the Tincan Chapter Chairman of National Council of Managing Directors of Licensed Customs Agents (NCMDLCA),Comrade Abayomi said that a Venza 2013 model imported into the country is slammed with the duty of 21,000 dollars. He marvelled how such humongous sum amounting to about N8 Million could be charged as a duty on a vehicle that has a market price of N7 Million. Among those that also complained the strange introduction of VIN valuation is Ojo Peters, chairman, Association of Nigeria Licensed Customs Agents (ANLCA) who lamented that some of the conventions like salvage consideration and 10 percent depreciation value were not imputed into the system as part of the considerations for valuation of vehicles While commending the Comptroller General of Customs for initiating the meeting, the freight forwarders called on the Customs to go back to the drawing board to amend the system to accommodate the challenges raised. In view of the foregoing, some freight forwarders have threatened to head to court for resolution of the lingering VIN valuation imbroglio. © 2022, maritimemag. All rights reserved.