FG To Slash Levy On Imported Cars From 35% To 5%
The Federal Government of Nigeria is set to slash the levies to be paid on imported cars from 35 percent to five percent.
This is stated in the draft bill, which was recently approved by the Federal Executive Council, of the 2020 Finance Bill to be presented to the national assembly.
The bill will become law after it is passed by the legislature and assented by President Muhammadu Buhari.
In the bill, it is written that the import duty of tractors and motor vehicles for the transportation of goods has been slashed from 35 percent to 10 percent.
Also, companies that donated to the COVID-19 relief fund under the private sector-led Coalition against COVID-19 (CACOVID) are granted tax relief in then bill.