The 25 per cent penalty previously imposed on improperly imported vehicles by Nigeria Customs Service (NCS) under the directives of the Honourable Minister of Finance and Coordinating Minister of the Economy has been cancelled.
A 90-day window, effective from 4th March 2024 to 5th July 2024, for the regularisation of import duties on specific categories of vehicles was approved by the minister with 25% penalty.
A press statement issued by the National Public Relations Officer of NCS, CSC Abdullahi Maiwada, explained that in order to ease economic hardship and encourage compliance, the Honourable Minister and Coordinating Minister of the Economy has approved the suspension of the 25% penalty previously imposed in addition to import duty on improperly imported vehicles.
“Stakeholders, including vehicle owners, importers, and agents, are therefore encouraged to seize this opportunity to regularise import duty payments within the designated 90-day time frame,” the release noted.