Nigeria Customs highlights conditions for companies to access zero-duty food import waiver

Published Aug 14, 2024

Tridge summary

The Nigeria Customs Service (NCS) has introduced conditions for companies to benefit from the government's zero per cent duty and VAT exemption on certain food imports, including husked brown rice, grain sorghum, millet, maize, wheat, and beans. To qualify, companies must be incorporated in Nigeria, have been operational for at least five years, have a good tax compliance record, and meet specific requirements for milling or agricultural operations. The policy, effective from 15 July to 31 December, aims to reduce essential food costs and improve food security, with the Federal Ministry of Finance maintaining a list of approved importers and quotas to ensure policy compliance.

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Original content

The Nigeria Customs Service (NCS) on Wednesday announced the conditions that companies must meet to qualify for the government’s new zero per cent duty and VAT exemption on select food imports. According to a statement by the Service’s spokesperson, Abdullahi Maiwada, companies wishing to import husked brown rice, grain sorghum, millet, maize, wheat, and beans at zero duty must be incorporated in Nigeria, operational for at least five years, and have a proven track record of filing annual returns, financial statements, and fulfilling tax obligations. “To participate in the zero-duty importation of basic food items, a company must be incorporated in Nigeria and have been operational for at least five years. It must have filed annual returns and financial statements and paid taxes and statutory payroll obligations for the past five years. “Companies importing husked brown rice, grain sorghum, or millet need to own a milling plant with a capacity of at least 100 tons per day, ...

Source: Premiumtimesng