January 29, 2019

Auto Policy: Import levy should be reduced to 15% – LCCI


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By Naomi Uzor

The Lagos Chamber of Commerce and Industry, LCCI, yesterday, argued that import levy of 50 percent on new vehicles should be reduced to 15 percent.

Muda Yusuf, LCCI boss…debt stock profile not sustainable

Director General of LCCI, Mr. Muda Yusuf, in a statement made available to Vanguard, said however, that the reduction could come with the 20 percent import duty.

He also wants the import levy of 25 percent on commercial vehicles to be reviewed downwards to 15 percent in while that of on used cars should be reviewed from current 25 percent to 15 percent.

Yusuf stated: “Government should give further tax concessions and waivers to the assembly plants in the spirit of the auto policy.  Other incentives for assembly plants and tyre industries for acquisition of machineries and equipment should be retained as contained in the Automotive policy” he said.

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Muda said similar incentives should be extended to the local production of vehicle spare parts, adding that, patronage of locally assembled vehicles by the government and its agencies should be more rigorously encouraged and enforced.