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CUSTOM AND EXICE AUTHORITY

Commerce (SS)

Custom and Excise authority is an agency charged with the responsibilities of assessing and collecting revenue due from import and export. It is a revenue collecting organ of the government. The department of customs and excise under the ministry of internal affairs.

Customs and excise authority collect the following during:

  1. Import duties: they are taxes imposed on surplus goods and services that come from other countries into a particular country, it is also known as traffic and they belong to what we all customs duties.
  2. Exporter duties: these are taxes imposed on surplus goods and services of a country that are sent to other countries.
  3. Excise duties: are taxes imposed on locally made goods. They may be based on either or specific.

FUNCTIONS OF CUSTOMS AUTHORITY.

  1. Prevention of smuggling: smugglers are prevented from bringing or taking goods in or out of the country.
  2. Collection of data on import and export: it is the duty of custom authority to compile statistics on import and export.
  3. Generation of revenue: the department is also charged with the responsibility of generating revenue for the government form of import and export duties.
  4. Collection of taxes: it collects taxes on imported, exported and locally produced goods.
  5. Supervision of bonded warehouse: it monitors and supervises bonded warehouse where goods are stored until the duties are paid.
  6. Checking illegal trafficking of naira: the department perform the function of checking illegal trafficking of the nation’s currency.
  7. Customs authority provides information to trader on duties to pay on importation and exportation of goods.
  8. Implements government policy on restriction of goods.

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See also

DOCUMENTS USED IN FOREIGN TRADEDOCUMENTS USED IN FOREIGN TRADECONCEPTS OF INTERNATIONAL TRADE

INTERNATIONAL TRADE

MODERN TRENDS IN RETAIL TRADE

INSURANCE III

SUBSCRIBE BELOW FOR A GIVEAWAY

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