In order to checkmate smuggling of vehicles especially in land borders and boost the revenue generation, the Federal Government has barred all vehicles smuggled into the country from registration by the introduction of registration of automobiles being imported into the country under the Vehicle Identification Number scheme.
In this regard, the Federal Government has fixed March 31, 2017 for the commencement of registration of automobiles being imported into the country under the Vehicle Identification Number scheme, Punch Newspaper reports
It is expected that the scheme will put an end to the smuggling of vehicles into the country through the land borders, and eliminate revenue leakage by ensuring that appropriate duties are paid on imported vehicles.
The Minister of Finance, Mrs. Kemi Adeosun, who disclosed this during the opening of a workshop on the integration of the National Vehicle Identification System held at the Customs Command and Staff College, Gwagwalada, Abuja on Monday, said the initiative aimed to introduce technology to counter the activities of smugglers and boost revenue collection.
In attendance at the workshop were the Comptroller General of the Nigeria Customs Service, Col. Hameed Ibrahim Ali (retd); Secretary of the Joint Tax Board, Muhammed Abubakar; Corps Marshal, Federal Road Safety Corps, Boboye Oyeyemi; and Assistant Inspector-General of Police, Alkali Usman, who represented the Inspector-General of Police.
Adeosun, according to a statement by her Special Adviser on Media, Festus Akanbi, stated that revenue would be increased by reducing leakages through the nation’s porous borders, adding that there would also be a reduction in imports under-declaration and evasion of duty payment.
The minister stated, “Going forward, we are introducing a new system where all vehicles will be registered using the Vehicle Identification Number, effective March 31, 2017. Customs clearance will be linked to the VIN, and this in turn, will be required by each state government at the point of vehicle registration.