Duty on new cars in nigeria and their prices

In Nigeria, the duty on new cars varies depending on the type of vehicle, its engine size, and the country of origin. Here's a breakdown of the duties and their corresponding prices for new cars in Nigeria:

Duties:

  1. Import Duty: This is a percentage of the vehicle's CIF (Cost, Insurance, and Freight) value, which is the cost of the vehicle at the port of export plus insurance and freight charges.
    • For vehicles with engine capacity up to 1.5 liters, the import duty is 20% of the CIF value.
    • For vehicles with engine capacity above 1.5 liters, the import duty is 35% of the CIF value.
  2. Value Added Tax (VAT): This is a 5% tax on the total value of the vehicle, including the CIF value and other charges.
  3. Withholding Tax: This is a 10% tax on the total value of the vehicle, which is paid by the importer.
  4. Other Charges: These include charges such as port charges, clearing agent fees, and other miscellaneous charges.

Prices of New Cars in Nigeria:

Here are some examples of new cars in Nigeria, including their prices and duties:

  1. Toyota Corolla (1.8L):
    • CIF value: N2,500,000 (approximately $6,900)
    • Import duty: N500,000 (20% of CIF value)
    • VAT: N125,000 (5% of total value)
    • Withholding tax: N250,000 (10% of total value)
    • Total price: N3,275,000 (approximately $9,100)
  2. Honda Civic (1.8L):
    • CIF value: N2,800,000 (approximately $7,700)
    • Import duty: N560,000 (20% of CIF value)
    • VAT: N140,000 (5% of total value)
    • Withholding tax: N280,000 (10% of total value)
    • Total price: N3,680,000 (approximately $10,200)
  3. Toyota Camry (2.5L):
    • CIF value: N4,200,000 (approximately $11,600)
    • Import duty: N840,000 (35% of CIF value)
    • VAT: N210,000 (5% of total value)
    • Withholding tax: N420,000 (10% of total value)
    • Total price: N5,570,000 (approximately $15,500)
  4. Mercedes-Benz C-Class (2.0L):
    • CIF value: N6,500,000 (approximately $18,200)
    • Import duty: N1,300,000 (35% of CIF value)
    • VAT: N325,000 (5% of total value)
    • Withholding tax: N650,000 (10% of total value)
    • Total price: N8,775,000 (approximately $24,500)

Please note that these prices are estimates and may vary depending on the specific model, trim level, and other factors. Additionally, these prices do not include other costs such as fuel, maintenance, and insurance.