JUST IN: Fed Govt Suspends Penalties for Vehicles Imported Improperly

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

Abdullahi Maiwada, the National Public Relations Officer of the Nigeria Customs Service, announced this suspension in a statement on Friday.

The Federal Government recently announced a 90-day window to regularize import duties on specific categories of vehicles.

As per the import guidelines, procedures, and documentation requirements for used vehicles under the Destination Inspection Scheme in Nigeria (2013) and the NCS Act 2023, an import duty and a 25 per cent penalty were previously required to be paid.

However, providing an update on the development, Maiwada stated that the service has also been directed to initiate, within three months, a window for the regularization of import duties on specific categories of vehicles.

According to the statement, “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.

“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 take advantage of this opportunity.

“Stakeholders, including vehicle owners, importers, and agents, are encouraged to seize this opportunity to regularize import duty payments within the designated 90-day timeframe,” Maiwada said.