Notification of Changes in HS Codes and Import Tariffs in Nigeria
Harmonization Systems (HS) Codes contain classified numbers through which specific products or import/export-bound items defined for easy identification by Nigerian Customs, giving room for accurate classification of identified items, so that the appropriate tariffs and associated costs can be charged.
Full compliance with the appropriate product classification and payment of the associated tariffs are compulsory legal obligations of both shippers and their agents all over the world. That is why any change in relation to this is always communicated to all stakeholders for full compliance.
On June 24, 2019, the Nigerian Customs Service announces the Federal Government of Nigeria’s decision to implement additional fiscal policy measures link for 2018/2019, with effect from July 1, 2019, leading to significant adjustments on HS codes and the corresponding import tariffs.
In view of this significant policy change, Fortune Global is using this opportunity to reiterate its unwavering commitment to customer satisfaction and compliance with regulatory and statutory requirements that are applicable to all our business operations.
As you already know, a good understanding of these changes will save us (agents/Forwarders) and Shippers (Customers) from the errors of wrong tariff classification, valuation and costly sanctions.
Finally, as we work towards adapting to this policy change, we look forward to serving all our Customers and partners more efficiently without any costly errors.