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Used cars over 10 years old require a graduated duty and penalty (according to year of manufacture). The age of a motor vehicle imported under the law is calculated with effect from the year in which the motor vehicle was first manufactured. The age of a vehicle is a crucial determinant in valuation for duty purposes.
In arriving at the age of vehicles, Customs uses the model year reckoning index which normally gives a round year age point e.g. 1990 or 2000 or the dealer chart matrix.
|No.||PENALTIES ON IMPORTATION OF OVERAGE VEHICLES|
|Penalties are imposed on some category of overage vehicles in addition to any applicable duties and taxes as follows:|
|TYPES OF MOTOR VEHICLE||PENALTY|
|(a)||Where the age does not exceed ten (10) years.||NIL|
|(b)||Where the age exceeds ten (10) years but does not exceed twelve (12) years.||5% of CIF value|
|(c)||Where the age exceeds twelve (12) years but does not exceed fifteen (15) years.||20% of CIF value|
|(d)||Where the age exceeds fifteen (15) years but does not exceed twenty-five (25) years.||50% of CIF value|
|(e)||Where the age exceeds twenty-five (25) years but does not exceed thirty-five (35) years.||70% of CIF|
|(f)||Where the age exceeds thirty-five (35) years.||100% of CIF|
|Import Duty||(0%, 5%, 10%, and 20%)|
|Import VAT||(0% or 12.5%)|
|National Health Insurance Levy||(0% or 2.5%)|
|Export Development Fund (EDIF)||(0.5%)|