Are you an importer or exporter in Nigeria, you can now calculate custom import duty online for your goods. This calculator uses the official custom duty percent for all products available to importers. You can use it to get the duty and tariff of various items like cars, trucks and all kinds of vehicles. This is useful for a lot of Nigerians that are looking for how to check custom duty online.
|Cost Of Goods (FOB)|
|Cost Of transport (Freight)|
|CIF in USD (Cost+ Insurance+ Freight)|
|CIF in Naira (Exchange rate = #415)|
|Import Duty (20% of CIF)|
|Surcharge (7% of Import Duty)|
|CISS (1% of FOB)|
|ETLS (0.5% of CIF)|
|VAT: 7.5% of (CIF + ID + Surcharge + CISS +ETLS)|
|Total Amount (Custom Duty)|
International trade is indispensable for countries’ growth. Having cross-border transactions is a business that benefits all and sundry and helps in promoting mutual relationships among the countries. One of the key benefits of international trade is the huge revenue it is generating for every country in the world. Nigeria isn’t an exception. In 2021, it was gathered that the Nigerian customs service raked over two trillion Naira as revenue for the federal government. These are money generated from those importing goods into the country. Custom duty is also imposed to prevent the importation of cheap and harmful products from third world countries into the country.
Importing goods is a free trade that can be done by any person that has the means in as much as one doesn’t break international trade law, importation law and any relevant laws attached. However, it is mandatory to pay custom or import duties to the federal government which are collected through the government’s agency called “Custom service”.
What is a custom Duty Calculator?
A custom duty imposed on goods varies globally. It is usually imposed based on the nature of goods, the country of importing from, Nigeria’s current VAT, the actual cost of the imported items, freight, the HS code value of imported items, etc. These are calculated together using comprehensive analysis to arrive at an answer. While these can be done manually with the use of formulas, it may waste time while calculating for too bulky goods and there is a high chance of error calculating manually.
A custom duty calculator is a mathematical analysis formulated for calculating importers’ payable tax. It is an automated system built to ensure there is accuracy in calculating your payable excise duty. It is a highly useful system for people who import and export goods into the country. This specially import duty calculator can be used for calculating all importable items into the country.
We build it in such a way that it is accurate enough for your need. It shows detailed goods exempted from duty in Nigeria, shows real-time import rates, and the amount payable for export duties. The system also allows you to know a list of import prohibition goods.
Understanding the Necessary terminologies for custom Duty Calculation
Calculating custom duty is stressful on its own, but every importer is supposed to know the process of cargo import and export. The calculation is largely based on the country and the goods’ value. To allow you to face the business and have time for other important tasks that can ensure the safe delivery of your goods, we have programmed all the necessary terms used for custom duty calculation and how to solve them and arrive at results immediately.
Here are all the terminologies you need to input into the respective column to get accurate information. You have to input each terminology in the data. Each data must be represented in a precise figure to ensure accuracy.
It is the cost of transporting goods to the designated port of discharge whether by road, sea, or air. It must be converted into the currency of the export country’s exchange rate i.e. Naira in the case of Nigeria importation.
Otherwise known as Free on Board. It is the real cost of items minus the handling or transportation cost. FOB= Total ancillary charges + total value of goods. It must also be measured in the export country exchange rate.
is Cost, Insurance, and Freight. The formula used in calculating is CIF= Insurance value + freight value + FOB value.
It is otherwise known as import duty. It is charged based on goods imported. Each goods has an HS code, their percentage varies. This percentage is usually multiplied by the CIF i.e if a car HS code is 20%. The surface duty is equal to 20% of the CIF value.
Value Added Tax (VAT)
Nigeria current VAT is 7.5%. Calculating for VAT, It is 7.5 x (ID+ CISS + ETLS + surcharge)
- Surcharge: It is an additional charge on goods meant for the improvement and development of the port. It is the 7% of import Duty.
- CISS: this means ‘Comprehensive Import Supervision Scheme”. It is 1% of the FOB value.
- ETLS: means ECOWAS Tax Liberalization Scheme. Otherwise known as ECOWAS levy. It is imposed on goods coming from non ECOWAS countries into ECOWAS countries.
Note that the dollar rate converted to Naira is subject to change and you have to calculate based on the existing dollar rate.
Our system safe you the stress. All you have to do is only know the value of each terminology and input accordingly. Your expected VAT and custom rate will be shown to you.
Note that not all items up there may be available for you to input. This is based on the country you are exporting from and the goods you are expecting. Make a careful selection of the country of the exportation and the goods you wish to import.
Guide to using Custom Duty Calculator On our platform
We help you solve the complex figure within some seconds, our website-based calculator is fast, easy, and comprehendible. More it is interesting that it is for free.
- Visit our website
- Click on verification on the home page
- Select the “custom duty calculator” option
- Select country of export
- Input the correct figure for each of the terminologies explained above
- Click on Click on “Calculate”
- The amount payable will shows if your inputs are right, if otherwise it will show errors and ask you to retry.
- You don’t need to create an account with or leave any confidential information with us. It is safe and easy to use.