Customs: Illegally Imported Vehicles No Longer Face 25% Penalty

Wale Edun
Wale Edun

Customs: Illegally Imported Vehicles No Longer Face 25% Penalty

The Nigeria Customs Service (NCS) 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.

The new initiative was approved by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

The move is aimed at easing the economic hardship and encouraging compliance.

The minister also approved the suspension of the 25 per cent penalty previously imposed in addition to import duty on improperly imported vehicles.

The Customs in a statement on Friday urged stakeholders, including vehicle owners, importers, and agents, to seize this opportunity to regularise import duty payments within the designated 90-day timeframe.

The statement reads, “The Nigeria Customs Service (NCS), 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 have 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.”