Can anyone corroborate this? I just heard through the grapevine that dutes will be increased and the memo has been approved.

This is definitely confirmed. Custom duties starting from January will be more than double on imported vehicles!!!! You are advised to get your bill of ladings dated before January 10. A word is enough for the wise

http://sunnewsonline.com/new/national/car-prices-rise-250/

FG slams 70% duty on imported cars, 35% on buses
Wednesday, 20th November, 2013

The Federal Government has hiked the import duty payable on both new and fairly used vehicles to 70 per cent, SHIPS & PORTS DAILY can authoritatively reveal.
A memo by the Coordinating Minister for the Economy/Finance Minister, Dr. Ngozi Okonjo-Iweala, sent to the Comptroller-General of Nigeria Customs Service (NCS), Dikko Inde Abdullahi, last week, directed that imported fully built unit (FBU) cars shall now attract 35 per cent duty and 35 per cent levy, totalling 70 per cent charges.
The increase in duty, from the present 20 per cent, is in line with the Federal Government’s new automotive policy announced recently by the Minister of Trade and Investment, Mr. Olusegun Aganga.
Aganga said the policy, which had attracted mixed reactions from Nigerians, is aimed at encouraging local production of vehicles and reviving the auto industry.
The prices of imported vehicles are expected to rise astronomically as a result of the increased import duty while some vehicle importers have expressed fears that the new policy could promote smuggling activities. Some analysts have predicted as much as 250 per cent rise in imported vehicle prices from January next year when the new duty regime comes into force.

The Finance Minister’s memo also stated that the duty on buses has also been raised from 10 per cent to 35 per cent without levy.
The minister’s directive dated November 14, 2013, and also sent to Federal Inland Revenue Service, destination inspection service providers namely Cotecna Destination Inspection Limited, Global Scan System and SGS Nigeria Limited stated that approval for the introduction of the new fiscal measures was granted by President Goodluck Jonathan.
On the other hand, as part of the policy, local auto manufacturers, like Innoson Vehicle Manufacturing Ltd, Nnewi; VON Automobile (formerly Volkswagen), Ojo; National Trucks Manufacturers, Kano; PAN Nigeria, Kaduna and other auto makers in the country, will no longer pay duties or levies on their Completely Knocked Down (CKD) sets imported from their overseas partners while Semi-Knocked Down (SKD) components for the local production of vehicles shall attract only five per cent duty without levy.
The memo explained that the new measures, coming about six weeks after the Federal Executive Council approved a far-reaching automotive industry development plan, were designed to boost activities in the industry and also attract foreign investments.
“The above measures are to create an environment to support existing assembly plants and attract other Original Equipment Manufacturers who have expressed interest in Nigeria”, the minister remarked.

I honestly thought this policy was left to die a quiet death.

I guess they meant business....

Order your used vehicles NOW to avoid high tariff in January.

The Federal Government has raised tariffs on imported cars and buses, with the increase in tariffs on both new and used cars reaching 50 per cent. The increase will take effect from January 2014.

Imported fully built unit (FBU) cars, which total tariffs stood at 20 per cent in the past, will now attract 35 per cent duty and 35 per cent levy, totalling 70 per cent charges.

The new policy was contained in a memo issued by the Coordinating Minister for the Economy and Finance Minister, Dr. Ngozi Okonjo-Iweala, which was sent to the Comptroller-General of Nigeria Customs Service (NCS), Dikko Inde Abdullahi, in which the minister also stated that the duty on buses had also been raised from 10 per cent to 35 per cent without levy.

FG aims at cutting down importation of automobiles to encourage production of cars and buses in the country. The government also hopes this would create an environment to support existing assembly plants and attract other Original Equipment Manufacturers who have expressed interest in Nigeria

As part of the policy, local auto manufacturers will no longer pay duties or levies on their Completely Knocked Down (CKD) sets imported from their overseas partners while Semi-Knocked Down (SKD) components for the local production of vehicles shall attract only five per cent duty without levy.

“We welcome the initiative. It was long overdue. This is one policy that will help the local industries discover themselves,” said Stallion Motors spokesman, Mr. Manny Philipson, who spoke with LEADERSHIP correspondent on the issue on November 21, 2013, Thursday.

With the policy becoming effective in January next year, prices of imported cars and buses are expected to rise astronomically as a result of the increased import duty. Analysts predict as much as 250 per cent rise in prices of imported vehicles.

Some importers have expressed fears that the new policy could promote smuggling activities.

The minister’s directive dated November 14, 2013, was also sent to Federal Inland Revenue Service, destination inspection service providers at the nation’s seaports and airports, namely Cotecna Destination Inspection Limited, Global Scan System and SGS Nigeria Limited.

It stated that the approval for the introduction of the new fiscal measures was granted by President Goodluck Jonathan.
READ MORE: https://news.naij.com/52606.html

I hope the new rates won't affect bicycles.

I hope the new rates won't affect condoms

Just a simple question, if they r looking only for how to create jobs !!! So why raising d tax on Autos n removing d tax on Textile

For every 1 car factory to open another 10 textile factories were shut down


Wallahi I no understand anytin againoooooo

Its all azonto

sir/ma all this afe rumorr on %70 duty and levy on importation,no body can pay that huge amount into the federal government account,so are they telling me that ordinary toyota tiny will be sold at the rate of #3000000 if the duty will be set to %70,sir/ma i am an agent this is wat they say every year in mr aganga come out on radio and said they only want to building nigerian cars via ckd inportation not to compound wahala for the massive but the said nigerian vehicle is yet to be decided so i believe no body is ready to buy an old car at a huge amount
relaxe and feel free and order ur goods az normal duty

ccaramel:
FG slams 70% duty on imported cars, 35% on buses
Wednesday, 20th November, 2013

The Federal Government has hiked the import duty payable on both new and fairly used vehicles to 70 per cent, SHIPS & PORTS DAILY can authoritatively reveal.
.........
On the other hand, as part of the policy, local auto manufacturers, like Innoson Vehicle Manufacturing Ltd, Nnewi; VON Automobile (formerly Volkswagen), Ojo; National Trucks Manufacturers, Kano; PAN Nigeria, Kaduna and other auto makers in the country, will no longer pay duties or levies on their Completely Knocked Down (CKD) sets imported from their overseas partners while Semi-Knocked Down (SKD) components for the local production of vehicles shall attract only five per cent duty without levy.
The memo explained that the new measures, coming about six weeks after the Federal Executive Council approved a far-reaching automotive industry development plan, were designed to boost activities in the industry and also attract foreign investments.
“The above measures are to create an environment to support existing assembly plants and attract other Original Equipment Manufacturers who have expressed interest in Nigeria”, the minister remarked.

First, before l delve into this "duty and tax regime palaver", allow me to digress a little, about you (ccaramel).
Somehow, you saw a thread l was involved in and you wade-in. https://www.nairaland.com/1226678/triple-a-auto-auctions-ltd-adeosun/46.
Though the issue is being resolved as we speak, I have gone back to read all the comments on that thread during that period and l can say that YOU Madam, is one Nigerian that can be trusted because you did not see "black" and call it "white". A very rare nature amongst we Nigerians today!
People like you that stand for "Truth and Justice" are people in my own opinion, who are RELIABLE AND CAN BE TRUSTED.
I want to thank you for your staunch position on that matter, that what is wrong, is patently wrong.
I have "bookmarked you" strongly and l hope to do "business" with you in the nearest future.

I give you a thousand salute and standing ovation. You have earned my respect.

End of Digression.

On the topic itself, in my own opinion, what Nigeria needs are policies that would DEVELOP OUR OWN LOCAL CAPACITY TO PRODUCE GOODS!

This policy would fail woefully like many other ill-thought out previous policy but in the process, a lot of Nigerians would have been made to suffer unnecessarily. Now that is wickedness, in my own dictionary!