… Says it should be jettisoned
The Founder/ Chief Executive Officer, Nigeria International Maritime Summit (NIMS), Dr. Emeka Akabogu has added his voice to the ongoing debate on the desirability or otherwise of the newly introduced e- invoicing and e-valuator by the Central Bank of Nigeria (CBN) for import and export of goods in the country.
In his submission which was sighted by Primetime Reporters on Wednesday in Lagos, Akabogu opined that there were many things wrong with the guidelines issued by the CBN on e-invoicing for imports and exports.
He observed that at the heart of it was illegality, restraint of trade and opaque patronage even as he recalled that the National Assembly and the Manufacturers Association of Nigeria (MAN) both want it suspended.
“I think it should be jettisoned all together. Let me break it down. Many Nigerian importers are known to under-declare the value of their imports to reduce amounts payable as duties. The CBN’s solution is what they call global price verification based on benchmark prices. The process requires interference in the bargain between the buyer and foreign seller to ensure the price bargain of the parties is within the set benchmark.
“It is illegal because the mandatory basis for import valuation under the Customs and Excise Management Act is transaction value which cannot be trumped by CBN guidelines. It is also restrictive of free trade because parties are not able to freely enter into bargains as they desire or as their respective business strategies can avail them. It is a bump on trade facilitation as it will lead to delays in the supply chain occasioned by the additional layers of approval and verification”, he submitted.
Akabogu who is also the Senior Partner, Akabogu and Associates further maintained that the use of third-party service providers to be paid by importers suggested ‘jobs for the boys’ at a cost to be borne by importers adding that, “there are less costly and more efficient measures for the Ministry of Finance and the Nigeria Customs Service to capture transaction value and harness all due import duties for government.”
“Central Bank of Nigeria should try and review this policy”, he concluded.
Send your news, press releases/articles to augustinenwadinamuo@yahoo.com. Also, follow us on Twitter @ptreporters and on Facebook on facebook.com/primetimereporters or call the editor on 07030661526, 08053908817.
