N10bn revenue expected from detained Kano textiles

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The Nigeria Customs Service says it has commenced assessment of Customs duty and other charges on Textile materials currently in detention in Kano.
The exercise being coordinated by a Special Task Force comprising operatives of the Nigeria Customs Service and the Economic and Financial Crime Commission, according to a statement, is expected to rake in N10 billion revenue into government coffers.
The directive to collect duty on the textile products was given by the Comptroller-General of Customs, Dikko Inde Abdullahi, following consultations with the Federal Government and importers of the items.
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The imported items are currently discharged in warehouses sealed by the Nigeria Customs Service in various areas of Kano metropolis.
In the first warehouse opened for the exercise, 14 importers turned up for assessment and duty payment for their textile items valued at about N1.5 billion in the first week.
The importers were expected to pay a combined import duty of N373, 307, 242.16.
The assessment also showed that the goods are liable to the following additional charges; N26,569,253.73 for seven percent surcharge, N14,243,212.64 for one percent CISS levy; N6,767,022.49 for 0.5 percent ETLS levy; N59,154,231.65 for Textile levy and N95,527,905.15 for Value Added Tax
Total revenue payable on the first set of assessment stands at N576,161,369.17, while another set of assessment worth over N600 million is pending on the outstanding textiles in the same
warehouse.
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The assessed items include 20,878 bales of printed African fabrics, 21,980 bales of high grade brocade materials, 6,127 bales of Lace materials , 554 bales of polyester materials and 30 rolls of curtail materials.
The statement stressed that the Comptroller-General of Customs’ decision to allow the importers of the detained goods pay duty is based on recent fiscal policy review removing textile fabrics from import prohibition list.
The move is also …Read More

Source:: New Mail