The Digest:
The Nigeria Customs Service Board has announced a new policy setting a $300 de minimis threshold, making imports at or below this value exempt from customs duties and taxes. Effective Monday, September 8, the measure aims to simplify trade, support e-commerce, and align with global standards.
Key Points:
- The threshold applies to low-value consignments, e-commerce shipments, and passenger baggage.
- Restrictions include a maximum of four such importations per year per entity.
- Goods must not be prohibited or restricted items to qualify for exemption.
- The policy is based on the Nigeria Customs Service Act 2023 and international trade agreements.
- Strict penalties, including forfeiture and arrest, will apply for invoice manipulation or duty evasion.
- Customs will establish helpdesks to guide stakeholders and ensure compliance.
- The move is expected to reduce clearance delays and stimulate cross-border online trade.
Rooted in the Storm.
Sources: TheCable
Tags: Nigeria Customs, Import Duty,
