The Nigeria Customs Service said it was directed by the Minister of Economy and Coordinating Minister of Finance, Wale Edun, to suspend the 25 percent penalty on improperly imported vehicles.
The service’s National Public Relations Officer, Abdullahi Maiwada, announced this in a statement on Friday.
The Federal Government recently announced a 90-day window to regularise import duties on specific categories of vehicles.
The service, while announcing the development, said an import duty and a 25 percent penalty shall be paid in tandem with the import guidelines, procedures, and documentation requirements for used vehicles under the Destination Inspection Scheme in Nigeria (2013) and the NCS Act 2023.
However, giving an update on the development, Maiwada added that the service has also been directed to be initiated within three months, a window for the regularisation of import duties on specific categories of vehicles.
The statement read in parts, “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 March 4, 2024, to July 5, 2024, for the regularisation of import duties on specific categories of vehicles..
“To ease economic hardship and encourage compliance, the Honourable Minister and Coordinating Minister of the Economy have approved the suspension of the 25 percent penalty previously imposed in addition to import duty on improperly imported vehicles.”
The NCS spokesperson urged stakeholders to make use of the opportunity.
“Stakeholders, including vehicle owners, importers, and agents, are encouraged to seize this opportunity to regularise import duty payments within the designated 90-day timeframe,” Maiwada said.