The federal government has suspended the import adjustment tax (IAT) imposed on certain vehicles.
The IAT which was approved by former President Muhammadu Buhari took effect from Saturday, June 1, 2023.
Imported vehicles with 2 litres to 3.9 litres engines were required to pay an IAT equivalent to two percent of the value of the vehicle while vehicles with 4 litres engines and above attract an IAT of 4 percent of their value.
However, vehicles with engines below 2 litres, mass transit buses, electric vehicles and locally manufactured vehicles were exempted from the IAT.
More to follow…
