Get real time updates directly on you device, subscribe now.
The Nigeria Customs Service (NCS) has made available requirements for companies seeking to participate in the duty-free food importation program as approved by President Bola Tinubu’s administration.
This is coming after president Bola Tinubu on July 10 approved the suspension of duties, tariffs, and taxes on the importation of food staples through land and sea borders to reduce inflation.
Meanwhile, the announcement to commence the duty free importation was disclosed in a statement released by Abdullahi Maiwada, the spokesman for the Nigeria Customs Service (NCS), on Wednesday in Abuja.
He said the policy will take effect from July 15 and will remain in force until December 31.
Maiwada outlined the guidelines, stating that only companies that are incorporated in Nigeria and have been operational for a minimum of five years are eligible to participate in the zero-duty importation of the staples.
He said, “The company must have filed annual returns and financial statements and paid taxes and statutory payroll obligations for the past five years.”
“Companies importing husked brown rice, grain sorghum, or millet need to own a milling plant with capacity of at least 100 tonnes per day, operated for at least four years, and have enough farmland for cultivation.”
Related Posts
“Those importing maize, wheat, or beans must be agricultural companies with sufficient farmland or feed mills/agro-processing companies with an out-grower network for cultivation,”
“Companies must keep comprehensive records of all related activities, which the government can request for compliance verification.”
“If a company fails to meet its obligations under the import authorisation, it will lose all waivers and must pay the applicable VAT, levies, and import duties.”
“This penalty also applies if the company exports the imported items in their original or processed form outside Nigeria”.
