That explains why it is making a fiscal policy reversal, requesting that the levy on imported vehicles be reduced. There is no doubt that government needs to mobilise funds for its developmental projects and the customs is one major source of such revenue. According to him, currently, new imported vehicles into the country attract 35 per cent import duty and an additional 35 per cent levy, which brings the total payable to 70 per cent. He said reducing the levy would boost the volume of imported vehicles and increase the customs’ revenue. Furthermore, the country’s Value Added Tax revenue to GDP stood at less than one per cent compared to ECOWAS 3.4 per cent.

Source: The Guardian February 08, 2019 03:56 UTC