Temporary importations permit? What is all about? Why do you need it? Answers to these questions are what informed my writing of this article. The article will thus expose readers to how to process and obtain temporary importations permit. So, read on for answers to your questions in this subject.
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WHAT IS TEMPORARY IMPORTATIONS PERMIT (TI)?
Sometimes, the purpose of importation is not for equipment is not for resale or rent in Nigeria, but for certain defined project. With such goods usually marked for re-exporting at expiration of the marked project. Nigerian Custom is the agency responsible for issuance of TI.
By regulation temporary importations permit are usually issued for oil rigs, ships, barges, aircrafts, and other special equipment of minimum value – USD100, 000. The permit is not available for consumable items and most vehicles. For other commodities, the Nigerian Custom must be consulted for proper clarification.
HOW TO PROCESS TEMPORARY IMPORTATIONS PERMIT
Documentation required for TI:
To process TI, the importer needs the following documents and documentations:
- Copy of agreement of contract, signed by all parties to the contract, indicating that contract is still on course. The agreement must also state the duration of such project.
- Copy of form Sale 33
- Photocopy of initial Temporary Import Permit approval in case of any
- Photocopy of registration certificate for vessels and rigs only
- Application letter to Nigerian Custom, requesting for new TI or for extension of TI
- Copy of bond for the amount of duty ordinarily payable for the equipment, and letter from bank or insurance organisation, confirming validity of bonds
- Lease Agreement between the equipment owner and the Nigerian Importer. The lease agreement must specify the lease period, the lease cost and the lease condition.
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Importers of certain items tied to specific projects can request for Temporary importations permit. Equipment such as heavy duty machines, oil rigs, aircraft, vessels, etc. is items that scale through for temporary importation concession. Importation permit for any other item requires approval first of all from the Custom head office. Temporary Permit to import can be extended when expired, or item could be consumed upon payment of duty and levies. So, should the importer change his mind down the usage, he can approach Custom again with request for change of importation for home consumption. Otherwise he will have to cancel bond at the end of validity. Vagmon Integrated Services helps in processing TI. Contact us via our contact us page. Many thanks for reading this piece. Feel free to ask us questions.