Cut Down on Waivers, Exemptions in 2019, Customs Urges FG

Nigeria Customs Service
  • Cut Down on Waivers, Exemptions in 2019, Customs Urges FG

The Nigeria Customs Service has called on the Federal Government to cut down on the amount of waivers and exemptions that will be granted in the 2019 fiscal period.

The agency said it would deploy electronic commerce to address informal trade to boost its revenue as present practice created avenue for loss of revenue.

The service said these in a document containing its 2019-2021 revenue projections which was submitted to the National Assembly.

A former Minister of Finance, Dr Ngozi Okonjo-Iweala, had said the Federal Government lost about N170.74bn to waivers and tax concessions granted to various governments and private businesses in different sectors of the economy between 2011 and 2013.

According to the former minister, a total of N55.97bn, made up of N23.422bn (import duty exemptions) and N33.543bn (waivers) was lost in 2011, while about N55.345bn, consisting N46.789bn (exemptions) and N8.556bn (waivers) was lost in 2012.

A total of N59.417bn, composed of N33.319bn (exemptions) and N26.097bn (waivers), was lost in 2013.

The NCS in the document submitted to the lawmakers explained that it would adopt new measures to improve revenue performance for the 2019 fiscal period.

It said that during the 2019 fiscal year, there would be intensive anti-smuggling campaign beyond common boundary in order to curb trade irregularities and economic sabotage.

The document stated, “There is a need for more stakeholder collaboration with the relevant stakeholders in various economic units.

“This will bridge the gaps and build confidence among players in the trade chain and this encourages meaningful level of compliance.

“The government should be advised to cut down the amount of waivers and exemptions that would be granted within the fiscal year 2019.”

The NCS said in line with its corporate goal, every manifesting opportunity must be utterly exploited while the adoption of new measures that could empower the management of other potential opportunities would be of concern to the service.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

Be the first to comment on "Cut Down on Waivers, Exemptions in 2019, Customs Urges FG"

Leave a comment

Your email address will not be published.


*