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Monday, 25 November 2013

Prices of Imported Cars To Rise By 60%- Nigeria

The Punch reports that the Federal Government has released the details of new duties and levies payable on imported new and used vehicles as well as imported new tyres from next year- raising the tariff from 20% to 70%.

Although the new tariff on cars shows an increase of 48% over the old rate, dealers have estimated that the showroom price of an imported car will rise by 60% when other variables (costs) are added.

In other words, prices of imported cars currently being sold between N3m and N5m will shoot up to N4.8m and N8m; while tokunbo vehicles selling for N800,000 will rise to N1.28m.
This reminds me of IBB's toxic SAP policy- clearly another anti-poor policy. 

Imported tyres would also cost more as from next year as 20% duty and 5% value added tax have been placed on tyres of cars, buses and lorries.

1 comment:

  1. This government is wicked.the rich getting rich and the poor getting wa