FG suspends 25% penalty on improperly imported vehicles

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The Nigeria Customs Service said it was directed by the Minister of Economy and Coordinating Minister of Finance, Mr Wale Edun, to suspend the 25 per cent penalty on improperly imported vehicles.

 

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The service’s National Public Relations Officer of the service, Abdullahi Maiwada, announced this in a statement on Friday.

 

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It was gathered that the Federal Government recently announced a 90-day window to regularise import duties on specific categories of vehicles.

 

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The service, while announcing the development, said an import duty and a 25 per cent 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.

 

READ ALSO: FG Urged to Halt Security Breach Amid Controversial NIN-BVN Linkage Mandate

 

 

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, “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 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 has approved the suspension of the 25 per cent 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.

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