The Nigeria Customs Service has threatened to sanction defaulting beneficiaries of the preferential levy/duty rates on rice imports. This will come after the names of defaulters are published after January 15, 2015.
Appropriate levy of 60 percent and 10 percent duty rate must therefore be paid on the quantities imported in excess of the approved quotas not later than 15th January 2015.
It will be recalled that import quotas were allocated to some beneficiary investors in rice production and existing millers to bridge critical gaps in rice supply in 2014, in line with the Federal Government’s new policy on rice.
This has been excerpted from the 13 January 2015 issue of Daily Independent and is available in its entirety at:
http://dailyindependentnig.com/2015/01/customs-hammer-dangles-rice-import-quotas-defaulters/