The import duty varies from 5% to 60%, averaging 12%. All imports are also subject to a 7% port surcharge and a 5% value-added tax (VAT). The paperwork necessary for exporting and importing is lengthy.
How is Nigeria Customs duty calculated?
In order to get your CIF, simply add the cost of the items imported, the insurance value (0.5% of FOB), and the cost of transportation, which is Freight. VAT = 7.5% x (CIF + ID + Surcharge + CISS + ETLS). Where; Surface Duty (ID): This is often commonly referred to as import duty.
How do I calculate customs duty?
Once you have found the rate, you can calculate the duty on your shipment. To do this add up the value of the goods, freight costs, insurance and any additional costs, then multiply the total by the duty rate. The result is the amount of duty you’ll need to pay customs for your shipment.
What is import duty in Nigeria?
The import tariff rate is 5％ for primary products， 10％ for semi finished products（such as raw materials and other industrial products）， 20％ for finished industrial products， and 50％ for luxury goods.
How much are customs duty fees?
Duty rates in the United States can be ad valorem (as a percentage of value) or specific (dollars/cents per unit). Duty rates vary from 0 to 37.5 percent, with a typical duty rate about 5.63 percent.
How many percent is custom duty?
Basic Customs Duty varies for different items from 5% to 40%. The duty rates are mentioned in the First Schedule of the Customs Tariff Act, 1975 and have been amended from time to time under the Finance Act. The duty may be fixed on ad –valorem basis or specific rate basis.
Is Nigeria a duty free country?
Intra-Africa import tariffs
Nigeria subscribes to the ECOWAS ETLS enabling all qualifying goods sourced from approved producers in the other ECOWAS member states to be imported into Nigeria duty-free.
How do I avoid custom charges?
Currently, you can send a parcel to any destination in the UK and throughout Europe without any additional customs charges or documentation being required. However, if you are sending a parcel outside of the European Union, such as to China, USA, India or Australia, you will need to complete customs documentation.
Will I have to pay customs charges?
Custom duties are a fee placed on gifts or goods sent to the UK from outside the EU. This only becomes payable if your order is over £135. The courier will pay this to HMRC on your behalf but you will likely have to pay this back when receiving your purchase.
Why are customs charges so high?
They are high because they are used to fund public services. Some products are particularly heavily taxed because they create social ills or pollution. Import fees generally just cover the costs of processing or handling a product and are usually levied by the business or organisation providing services to you.
How much is car custom duty in Nigeria?
The Nigerian Customs receive duty for the importation of cars, these duties vary by the size, capacity, and the year of manufacture of the car. Used vehicles will pay 35% duty while newer cars from 2016 will attract a levy charge of 35%, duty 35% which totals 70%.
Why do we pay import duty?
Import duties have two distinct purposes: raise income for the local government and to give a market advantage to locally grown or produced goods that are not subject to import duties. … The Harmonized Tariff Schedule (HTS) lists the rates for imports and is published by the International Trade Commission (USITC).
What is custom duty exemption?
exempt from payment of duty, any goods on which duty is leviable only under circumstances of an exceptional nature to be stated in such order. Further, no duty shall be collected if the amount of duty leviable is equal to, or less than, ` 100.