By Amaka Akachukwu
The Federal Government has released the details of new duties and levies payable on imported new and used cars as well as imported new and used tyres into the country from next year. The tariff was raised from 20% to 70%.
A two-page document dated November 14,2013 and signed by the Minister of Finance , Dr Ngozi Okonjo –Iweala, gave the new import tariff on cars as 70% (of the cost of each vehicle).
In a bid to encourage local production and assembling of new vehicles, the Federal Executive Council had last month, approved a new national automotive policy with a high import tariff on fully built vehicles.
In essence, prices of imported cars currently selling for N3m and N5m will rocket to N4.8m and N8m; while second hand cars (Tokunbo) will go for N800, 000 – N1.28m.