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:
- 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.
- Exporter duties: these are taxes imposed on surplus goods and services of a country that are sent to other countries.
- Excise duties: are taxes imposed on locally made goods. They may be based on either or specific.
FUNCTIONS OF CUSTOMS AUTHORITY.
- Prevention of smuggling: smugglers are prevented from bringing or taking goods in or out of the country.
- Collection of data on import and export: it is the duty of custom authority to compile statistics on import and export.
- Generation of revenue: the department is also charged with the responsibility of generating revenue for the government form of import and export duties.
- Collection of taxes: it collects taxes on imported, exported and locally produced goods.
- Supervision of bonded warehouse: it monitors and supervises bonded warehouse where goods are stored until the duties are paid.
- Checking illegal trafficking of naira: the department perform the function of checking illegal trafficking of the nation’s currency.
- Customs authority provides information to trader on duties to pay on importation and exportation of goods.
- Implements government policy on restriction of goods.