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SOLUTION:
Based on the e-Valuation system, the CIF Value of a used Toyota Highlander 2015 is usually around $8,402. Please NOTE that you have to complete your vehicle's VREG through your preferred clearing agent before the Trade Portal can pull out the duty payable for your vehicle, the value given to a similar vehicle can also be used to determine yours. Also NOTE that any agency you used for the VREG will have to be the same agency that will punch and assess the work for duty payment.
The exchange rate the Nigerian Custom Service (NCS) uses at the moment is N770.88/USD and The Rate of Duty for Vehicles is currently 20% of CIF Value. Please NOTE that exchange rate changes from time to time, Click Here to confirm current exchange rate on trade portal.
So let’s convert the CIF Value to Naira: $8,402 X 770.88 = N6,476,933
Let’s get the 20% of N6,476,933 Which is N6,476,933 X 0.20 = N1,295,386
Now N1,295,386 is your Import duty which is called the surface value. This surface value is no longer negotiable since the introduction of the e-Valuation, whatever you get is what you pay. After the surface value is known, the next is to add these other charges to get the total amount you will pay as Custom duty.
LEVY is 15% of CIF (N6,476,933 X 0.15) = N971,539
SUR is 7% of Surface Value (N1,295,386 X 0.07) = N90,677
ETL is 0.5% of CIF (N6,476,933 X 0.005) = N32,384
VAT is 7.5% of (CIF + Surface Value + LEVY + SUR + ETL) = N665,018
Instead of all these long calculations above, you can simply multiply our surface value with a constant value of 2.36 to get total import duty payable, that will give us N1,295,386 X 2.36 = N3,057,110. This is your total amount payable as import duty to NCS account. Click on Check CIF Value to see CIF Values for other vehicles. We will keep coming up with new updates as the variables changes with time.
Other Charges Includes: Shipping company & Terminal Charges + Agency Fee.
For all kinds of vehicles like Salon Cars of all kinds, Vans, SUV, Jeep, Pick-up - Budget N300,000. This also covers for VREG, Punching & Signing, CRFFN and Others (Excluding Demurrage and Forklift / Nonstarter Charges)
So in conclusion, the total cost of clearing a Toyota Highlander 2015 is N3,057,110 + N300,000 = N3,357,110. Approximately N3.360m (Excluding Demurrage and Forklift / Nonstarter Charges)
Visit our office address on this website or meet us at Tincan Island with a copy of your Bill of Lading / Telex Release let’s start the process and clear your vehicle today.
Call / WhatsApp us on 08024102554
We'll strongly recommend u visit our office in person or send someone to come and see exactly how everything is being done here, once the car has been cleared and released from terminal, we hand it over to you. We also assist non Lagos resident clients to clear and keep their vehicles till they are available for pick-up
Click Here to read the older version of clearing cost calculations