Customs Opposes CBN’s e-Valuator, e-Invoicing
Nigeria Customs Service (NCS) has opposed the proposed e-valuator and e-invoicing for import and export businesses in Nigeria by the Central Bank of Nigeria (CBN).
The bank had in a letter dated July 8, 2021 informed NCS that it would deploy a mechanism for verification of prices of goods before allocation of foreign exchange at the point of e-form M registration.
The service said in a statement on Thursday by its National Public Relations Officer, Timi Bomodi that benchmarking of valuation as proposed by the CBN’s policy would negate the WTO’s Agreement on Customs Valuation (ACV) and result in disputes, delays and uncertainties.
Bomodi said that Customs should be the final authority on the issue of valuation, saying that the CBN embarked on the introduction of the policy without first seeking NCS’s thoughts.
He noted that the CBN and Customs should have jointly reviewed the policy to seek a middle of the road approach not only to make it acceptable to stakeholders but to meet global trade best practices.
Also, the PRO added that the service still stands by its earlier submissions on the matter, saying that it was clearly communicated to the House of Representatives Joint Committee on Customs and Excise, Banking and Currencies on March 3, 2022.
Bomodi stressed that the CBN’s move had raised objections from critical stakeholders within and outside the industry, who expressed valid concerns that required critical considerations.
He said: “The practice world over is to domicile adjudication on Customs values for import and export within the Customs administration of every country. The NCS, undoubtedly, is alive to its statutory functions and has a vibrant Valuation Unit under the Tariff and Trade Department whose roles among others includes the proper interpretation of WCO/WTO rules and agreements concerning the valuation of goods.
“Nigeria being a member of the World Customs Organization (WCO), World Trade Organization (WTO) and also signatory to international trade treaties, including Article VII of the General Agreement on Tariffs and Trade is constrained to abide by the principles contained therein.
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