Teuhe Nigeria Customs Service (NCS) has announced the suspension of the 25 per cent penalty on improperly imported vehicles, following a directive from the Minister of Economy and Coordinating Minister of Finance, Mr. Wale Edun. The NCS’s National Public Relations Officer, Abdullahi Maiwada, revealed this in a statement issued on Friday, emphasizing the government’s efforts to streamline import duties.
This decision comes in light of the Federal Government’s introduction of a 90-day window for the regularization of import duties on specific vehicle categories, as reported by PUNCH Online. Under the existing import guidelines and procedures, used vehicles are subject to an import duty and a 25 per cent penalty in line with the Destination Inspection Scheme in Nigeria (2013) and the NCS Act 2023.
Maiwada provided an update on the situation, stating, “The Nigeria Customs Service, under the directives of the Honourable Minister of Finance and Coordinating Minister of the Economy, has initiated a 90-day window, effective from 4th March 2024 to 5th July 2024, for the regularization of import duties on specific categories of vehicles.”
He further added, “To ease economic hardship and encourage compliance, the Honourable Minister and Coordinating Minister of the Economy has approved the suspension of the 25 per cent penalty previously imposed in addition to import duty on improperly imported vehicles.”
Stakeholders, including vehicle owners, importers, and agents, are urged to take advantage of this opportunity and ensure the timely regularization of import duty payments within the designated 90-day timeframe.
