Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to address concerns bordering its fiscal regime, especially as it relates to discretionary interpretations on product classification and valuation in Nigeria Customs Service (NCS)’s processes.
The chamber urged the government to create an independent appeal mechanism to settle disputes between the Nigeria Customs Service (NCS) and the business community. This is coming on the heels of Preparation to Nigeria’s commencement of trading under the African Continental Free Trade Area (AfCFTA).
Under the trading system, products will be classified and identified for tariff using HS codes and such classification has oftentimes been left ambiguous creating concerns among operators.
The harmonised system is an international nomenclature for the classification of products. It allows participating countries to classify traded goods on a common basis for customs purposes. At the international level, the Harmonised System (HS) for classifying goods is a six-digit code system.
LCCI Director-General of LCCI, Dr. Muda Yusuf, in a statement, noted that a resolution framework was needed as Nigeria prepares to commence trading under the AfCFTA.
“The LCCI calls on President Muhammadu Buhari to intervene by setting up an Independent Appeal Mechanism to deal with issues of valuation and HS classification between the Nigeria Customs Service and the Business community.
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