The Federal Government has banned the importation of used vehicles manufactured more than 12 years ago.
It issued this order along with a revised list of imports that were prohibited. Among banned items are chloroquine tablets and syrup, paracetamol tablets and syrup, cotrimoxazole tablets and syrup, folic acid tablets, metronidazole tablets and syrups, and tablet and syrup forms of paracetamol among many other drugs.
The government also introduced a new set of taxes system on imported vehicles with effect from June 1, 2023, via a circular sent to all Ministries, Departments, and Agencies, MDAs on April 20, 2023 by the Federal Ministry of Finance, Budget, and National Planning.
The new tax law indicated that imported vehicles with engines ranging in size from 2 to 3.9 litres will be subject to an additional tax known as Import Adjustment Tax, IAT, which is levied at a rate of 2 percent of the vehicle’s value for engines ranging in size from 4 litres and above.
Also, the Federal Government will charge 75 naira per litre for imported wine, stout, and beer in 2023 and 100 naira per litre in 2024.
