The federal government has suspended the 25% penalty on improperly imported vehicles, Abdullahi Maidawa, the National Public Relations Officer of the Nigeria Customs Service (NCS), has revealed....CONTINUE READING
He noted the cancellation was approved by Wale Edun, Minister of Finance and Coordinating Minister of the Economy as a way of easing economic hardship and encouraging compliance.
Maiwada said the Customs has been given a 90-day window, from March 4, 2024, to July 5, 2024, for the regularisation of import duties on specific categories of vehicles, The Cable reports.
Maiwada said: “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 the import duty on improperly imported vehicles.”
According to him, vehicle owners, importers, and agents can leverage the window to regularise import duty payments within the timeframe.
The NIS said import duty and a 25% penalty should be paid alongside the import guidelines, procedures, and documentation requirements for used vehicles under the destination scheme in Nigeria and the NIS Act 2023,
