Whenever, you have goods that you want to import into Nigeria, you are expected to pay import duty and taxes.<\/p>\n
The amount payable is based on the CIF (Cost, Insurance, and Freight) valuation method. This method incorporates the cost of the imported goods, the cost of freight as well as the cost of insurance which is the complete shipping value.<\/p>\n
Besides the duty to be paid, some commodities attract sales and other forms of tax.<\/p>\n
Other payments incorporated include:<\/p>\n
A 5-30% excise rate on the sum of the CIF value and duty is charged on some products.<\/p>\n
Automotive levy rate ranging between 10% and 20% is charged on the sum of the CIF value and duty.<\/p>\n
Rice levy is charged at a rate of 20% on the sum of the CIF value and duty.<\/p>\n
Cigarettes levy is charged at rates between 50% and 100% on the sum of the CIF value and duty.<\/p>\n
Sugar levy is charged at rates between 10% and 20% on the sum of the CIF value and duty.<\/p>\n
The duty rates for importation in Nigeria ranges from 0% to 35%, with an average duty rate set at 16.96%.\u00a0 There are some products such as books that can however, be imported for free.<\/p>\n
The Value Added Tax (VAT) set on imports has a standard rate of 5% and this covers the sum of CIF value, duty, work out percentages<\/span><\/a>,\u00a0 excise and other taxes as it applies.<\/p>\n Others are:<\/p>\n In Nigeria, all imports are subject to duty and taxes irrespective of the value of the commodity. This means that there is no minimum import threshold in Nigeria and each commodity is unique.<\/p>\n","protected":false},"excerpt":{"rendered":" Whenever, you have goods that you want to import into Nigeria, you are expected to pay import duty and taxes. … <\/p>\n\n