Nigeria Customs Service Suspends 25% Penalty on Improperly Imported Vehicles

In a recent development, the Nigeria Customs Service (NCS) has announced the suspension of the 25 percent penalty imposed as a surcharge on improperly imported vehicles.

This decision follows a directive from the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun.

A press statement issued by Abdullahi Maiwada, the national public relations officer of the service, highlights the initiative as an effort to encourage stakeholders, including vehicle owners, importers, and agents, to regularise their vehicle’s import duty payments within a 90-day window.

The statement reads: “NCS, under the directives of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, 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 Minister 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 encouraged to seize this opportunity to regularise import duty payments within the designated 90-day timeframe.”

This move is aimed at promoting compliance with import duty regulations and providing relief to stakeholders amidst prevailing economic challenges.

Stakeholders are advised to take advantage of this window to ensure compliance with the import duty requirements.