{"id":145478,"date":"2022-02-07T18:08:54","date_gmt":"2022-02-07T17:08:54","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=145478"},"modified":"2022-02-07T18:08:54","modified_gmt":"2022-02-07T17:08:54","slug":"cppe-to-cbn-scrap-e-invoice-policy","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/02\/07\/cppe-to-cbn-scrap-e-invoice-policy\/","title":{"rendered":"CPPE to CBN: Scrap e-invoice policy"},"content":{"rendered":"<p>The Centre for the Promotion of Private Enterprise (CPPE) has disclosed that the newly introduced electronic invoice (e-invoice) will worsen the country&#8217;s trade transactions process.<\/p>\n<p class=\"caps\">The CBN last month introduced the<span data-preserver-spaces=\"true\">\u00a0electronic invoice (e-invoice) and electronic evaluator (e-evaluator) to achieve accurate value from import and export items in and out of the country.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">An e-invoice is a digitally-delivered invoice issued, transmitted, received, processed, and stored in a specific standardised format.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">But the house of representatives requested the<\/span><span data-preserver-spaces=\"true\">\u00a0<a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/01\/31\/how-to-report-your-bank-when-displeased-cbn\/\">CBN<\/a> to suspend the planned implementation, saying it does not provide enough time for stakeholders\u2019 engagement.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a statement by Mada Yusuf, chief executive officer of CPPE, the e-invoice and e-valuator policy would only aggravate an already defective international trade transactions process.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe recall that only last October, the Director-General of the World Trade Organization, Dr[Mrs.] Ngozi Okonjo-Iweala expressed worry over the high trade cost in Nigeria, which she said was an equivalent of 306% tariff, which is above the African average. She stated this while addressing the Mid-term Ministerial Performance review of the federal government,\u201d the statement reads.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cHer assertion summarises the harrowing experience of Nigerian investors in the international trade process.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a statement by Mada Yusuf, chief executive officer of CPPE, the e-invoice and e-valuator policy would only aggravate an already defective international trade transactions process.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe recall that only last October, the Director-General of the World Trade Organization, Dr[Mrs.] Ngozi Okonjo-Iweala expressed worry over the high trade cost in Nigeria, which she said was an equivalent of 306% tariff, which is above the African average. She stated this while addressing the Mid-term Ministerial Performance review of the federal government,\u201d the statement reads.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cHer assertion summarises the harrowing experience of Nigerian investors in the international trade process.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThere are issues of overlapping regulation, excessive documentation, weak application of technology, physical examination of cargo, extortion, inadequate cargo handling equipment, stifling bureaucracy, difficult transportation logistics, challenges of access to the ports and weak dispute resolution system.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe should therefore be seeking to alleviate the pains of investors in the economy, not exacerbate it.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe E-invoice and E evaluator policy will only worsen an already bad international trade transactions process.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to Yusuf, the policy would increase transaction cost, entrench red tape, increase uncertainty, escalate business disruption, weaken investors\u2019 confidence and heighten corruption risk.\u00a0\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Furthermore, he noted that there is a strong correlation between red tape and corruption.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He said the increasing incursion of the CBN into the trade policy space is \u201can aberration in our economic management system and a serious cause for concern to the business community\u201d.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The CEO noted that issues of import valuation and classification are statutory functions of the Nigeria Customs Service, with the finance ministry as the supervising organ.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe decision of the CBN to now undertake valuation and product price benchmarking of imports and exports is a duplication of the statutory responsibility of the Nigeria Customs Service. It will create an additional regulatory compliance burden and costs for the business community,\u201d he added.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe, therefore, submit that the E-evaluator and E-invoicing initiatives be rescinded by the CBN. There is no compelling justification for their introduction in the first place. The CBN could collaborate with the Nigeria Customs to address any gaps in the valuation processes, rather set up a parallel institutional framework.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The CPPE commended the prompt intervention of the house of representatives on the matter.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Centre for the Promotion of Private Enterprise (CPPE) has disclosed that the newly introduced electronic invoice (e-invoice) will worsen the country&#8217;s trade transactions process. The CBN last month introduced the\u00a0electronic invoice (e-invoice) and electronic evaluator (e-evaluator) to achieve accurate value from import and export items in and out of the country. An e-invoice is [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":145479,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[658,29516,29518,29517],"class_list":["post-145478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-cbn","tag-centre-for-the-promotion-of-private-enterprise","tag-e-invoice-policy","tag-mada-yusuf"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CPPE to CBN: Scrap e-invoice policy<\/title>\n<meta name=\"description\" content=\"The Centre for the Promotion of Private Enterprise (CPPE) has disclosed that the newly introduced 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