Tax Reform Panel Suggests N800/$ As Import Duty Rate

Tax Reform Panel Suggests N800/$ As Import Duty Rate

The Presidential Committee on Fiscal Policy and Tax Reforms has proposed the adoption of an exchange rate of N800 per dollar for customs import duty, according to Taiwo Oyedele, chairman of the committee. Oyedele expressed concerns over the constantly fluctuating import duty rates due to the volatility of the foreign exchange (FX) market, which poses challenges for businesses in planning.

“We proposed N800 as the exchange rate for paying import duty to provide stability and allow for better planning,” Oyedele stated. He emphasized the need for a fixed rate to facilitate smoother operations for businesses amid currency fluctuations.

The proposal aims to address the issue of unpredictable import duty rates and provide businesses with a stable framework for financial planning and operations.