Tax reform committee proposes N800/$ as customs import duty rate

The Presidential Committee on Fiscal Policy and Tax Reforms has announced that it has asked the federal government to adopt an exchange rate of N800 per dollar for customs import duty.

Presenting some recommendations of the committee on Thursday, May 30, Taiwo Oyedele, chairman of the committee, expressed concern over the import duty rate which constantly changes due to the volatility of the foreign exchange (FX) market.

Oyedele said this does not allow for adequate planning by businesses. He said; 

“When we did the budget, we said naira to dollar will be N800, now it is 1,000 something. People need to plan.

”So now, we’re saying dear government can you please sign an order that says for the purpose of paying import duty, we shall use N800… for the rest of the year till December. So, we have proposed N800.”