July 30, (THEWILL) – With what stakeholders in the automotive sector are passing through presently, Kunle Jaiyesimi, deputy managing director of CFAO Motors, has said that the Nigeria's automotive industry is in a precarious situation and needs urgent attention. Jaiyesimi made the disclosure while making a presentation at the last 7th edition of the Nigeria
An error has been spotted in the new finance bill signed into law by President Muhammadu Buhari on December 31, 2020. The signed bill was published in the Federal Republic of Nigeria Official Gazette No. 4 Vol. 108 of January 4, 2021.
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Section 38(c) of the Finance Act 2020 provides a reduction in import “levy on motor vehicles for the transport of persons [cars] (HS Headings 8703) from 30% to 5%.” The section is an amendment of the customs and excise tariff, etc. (consolidation) act.
Contrary to the content of the signed finance bill, Zainab Ahmed, minister of finance, budget and national planning in an
interview with ChannelsTV on January 22, 2021, said the import levy of cars was reduced from 35% to 5%.