Customs disagrees with CBN over e-invoicing, e-valuator
By Seun Ibiyemi
The Nigeria Customs Service (NCS), on Thursday, said that it has not yet accepted the introduction of the e-valuator and e-invoicing for import and export businesses in Nigeria, otherwise known as benchmarking of the price of imported and exported cargoes, which was recently introduced by the Central Bank of Nigeria (CBN).
It will be recalled that the CBN in a letter dated 8 July 2021 informed the Nigeria Customs Service (NCS) that they were deploying a mechanism for verification of prices of goods before allocation of forex at the point of e-form M registration. The policy in summary seeks to benchmark the price of the imported and exported cargo.
However, in a statement signed on Thursday by the National Spokesman of the NCS, Timi Bomodi, the Service debunked claims in some sections of the media that it has already keyed into the introduction of the new CBN policy.
According to the Customs, “It has come to our attention that there are reports, suggesting the Nigeria Customs Service (NCS) has acquiesced to the introduction of the e-valuator and e-invoicing for import and export businesses in Nigeria by Central Bank of Nigeria (CBN). We wish to state that this is incorrect. The Service still stands by its earlier submissions on the matter, as was clearly communicated to the House of Representatives Joint Committee on Customs and Excise, Banking and Currencies on 03 March 2022.
“The move has raised objections from critical stakeholders within and outside the industry who have expressed valid concerns that require critical considerations.
“The practice world over is to domicile adjudication on Customs values for import and export within the Customs administration of every country. The 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.
Nigeria being a member of the World Customs Organisation (WCO), World Trade Organisation (WTO) and also 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.
