Following Presidential directives to alleviate the hardship faced by Nigerians due to high food prices, the Nigeria Customs Service (NCS) has released guidelines for the implementation of a zero percent duty rate and Value Added Tax (VAT) exemption on selected basic food items......READ THE FULL STORY>>.....READ THE FULL STORY>>
According to Customs National Public Relations Officer, Abdullahi Maiwada, the policy takes effect from July 15, 2024, and will remain in force until December 31, 2024. This measure aims to make essential commodities more affordable for citizens and address food security challenges.
Maiwada said to participate in the zero-duty importation, companies must meet specific criteria, including being incorporated in Nigeria, operational for at least five years, and meeting tax obligations. Additional requirements apply for companies importing specific food items, such as owning milling plants or farmland.
He said the Federal Ministry of Finance will provide the NCS with a list of approved importers and quotas to facilitate the importation of these basic food items. Companies must sell at least 75% of imported items through recognized commodities exchanges, keep comprehensive records, and comply with government regulations to avoid penalties.
He said the NCS, under the leadership of its Comptroller General, Bashir Adewale Adeniyi, remains committed to supporting government policies to enhance food security and promote economic stability.
The Service sought the full cooperation of all stakeholders in implementing the initiative.
