{"id":167333,"date":"2022-03-25T15:42:16","date_gmt":"2022-03-25T14:42:16","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=167333"},"modified":"2022-03-25T15:43:21","modified_gmt":"2022-03-25T14:43:21","slug":"we-are-yet-to-adopt-cbns-e-valuation-policy-says-ncs","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/03\/25\/we-are-yet-to-adopt-cbns-e-valuation-policy-says-ncs\/","title":{"rendered":"We are yet to adopt CBN&#8217;s e-valuation policy, says NCS"},"content":{"rendered":"<p>Nigeria Customs Service (NCS) has disclosed that it has not adopted e-valuation and e-invoicing for importers and exporters introduced by the Central Bank of Nigeria (CBN).<\/p>\n<p class=\"p1\"><span class=\"s2\">Last Friday, (<a href=\"https:\/\/customs.gov.ng\/\"><span class=\"s3\">NCS)<\/span><\/a>\u00a0had said it would support the e-invoicing and e-valuation policy introduced by the central bank if certain conditions are met.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">In a statement released on Thursday and signed by Timi Bomodi, public relations officer, NCS, the agency said it could not adopt the new policy because it was restricted by international treaties to which it was a signatory.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cThe practice world over is to domicile adjudication on customs values for import and export within the customs administration of every country,\u201d the statement reads.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cThe 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.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cNigeria being a member of the World Customs Organisation, <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/01\/21\/multilateral-organisations-should-adopt-debt-relief-initiatives-for-africa-osinbajo\/\">World Trade Organisation<\/a> and also a 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.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">The NCS said based on global convention (Article VII), the value for customs purposes of imported\/exported goods should be based on the actual value paid or payable for them.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">It explained further that this agreement also prescribes five other methods for arriving at customs value where the transaction value is unacceptable.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">It said the methods are the transaction value of identical goods; the transaction value of similar goods; the deductive value method, computed value method, and fallback method applied sequentially.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">It, therefore, dismissed claims that it had adopted the new policies introduced by the CBN.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cIt has come to our attention that reports are suggesting the Nigerian Customs Service (NCS) has acquiesced to the introduction of e-valuation and e-invoicing for import and export businesses in Nigeria by Central Bank of Nigeria (CBN). We wish to state this is incorrect,\u201d NCS said.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cThe service still stands by its earlier submission on the matter as was communication to the House of Representatives Joint Committee on Customs and Exercise, Banking and Currencies on March 3, 2022.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">NCS said the house committee had directed all stakeholders in the supply chain to meet to harmonise procedures with particular to resolving the impasse, but it is yet to hold.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">\u201cTherefore, there could not have been any agreement supporting the CBN initiative as reported in the news,\u201d the statement added.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">The CBN had introduced<\/span><span class=\"s2\">\u00a0electronic invoice (e-invoice) and electronic valuation (e-evaluator) to achieve accurate value from import and export items in and out of the country.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">The e-invoice is a digitally-delivered invoice issued, transmitted, received, processed, and stored in a specific standardised format.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">The initiative had received copious kickbacks since its introduction, forcing clearing agents to down tools \u2014 an action that led to a backlog of vehicles at the ports.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria Customs Service (NCS) has disclosed that it has not adopted e-valuation and e-invoicing for importers and exporters introduced by the Central Bank of Nigeria (CBN). Last Friday, (NCS)\u00a0had said it would support the e-invoicing and e-valuation policy introduced by the central bank if certain conditions are met. In a statement released on Thursday and [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":167341,"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":[2],"tags":[33554,538,33553,5298],"class_list":["post-167333","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-cbn-e-invocing","tag-nigeria-customs-service","tag-world-customs-organisation","tag-world-trade-organisation"],"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>We are yet to adopt CBN&#039;s e-valuation policy, says NCS<\/title>\n<meta name=\"description\" content=\"Nigeria Customs Service (NCS) has 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