Effective April 30, 2013 all importers who have not collected their Risk Assessment Reports (RARs) issued by the scanning service providers on or before December 31, 2012 are expected to do so from their bank and pay all necessary duties, tax and penalties, the Central Bank of Nigeria (CBN) has said.
The apex bank observed that some RARs issued by scanning service providers had remained uncollected by importers from their processing banks.
The implication of this, the CBN said is that the government is being denied revenue as import duties may not have been paid by such importers.
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In a circular signed by Batari Musa, director, trade and exchange department, the CBN warned that failure to collect outstanding RARs and pay the duty, taxes and other connected charges associated with the underlying import transactions, will result in the imposition of appropriate sanctions which include suspension from the foreign exchange market by the CBN until all outstanding RARs are accounted for.
However, where duties, taxes and penalties have been paid, owners of the uncollected RAR should provide evidence of utilisation of RAR which should include SGD registration number and date as well as the amount paid, CBN has said.
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