The Nigerian Customs Service (NCS) has announced the suspension of the 25 per cent penalty previously imposed on improperly imported vehicles, as directed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun. This decision comes as part of a broader initiative aimed at easing economic hardship and encouraging compliance within the vehicle importation sector.
The suspension follows the initiation of a 90-day window, effective from March 4, 2024, to July 5, 2024, during which vehicle owners, importers, and agents are provided an opportunity to regularize import duties on specific categories of vehicles.
The minister’s directive underscores the government’s commitment to facilitating compliance and mitigating challenges faced by stakeholders in the importation process.
Abdullahi Maiwada, the National Public Relations Officer of NCS, emphasized the importance of stakeholders utilizing this opportunity to comply with import duty payments within the designated timeframe. Maiwada highlighted the significance of the initiative in alleviating economic hardship and fostering adherence to regulatory requirements.
The suspension of the 25 per cent penalty aligns with previous measures announced by the NCS on March 3, which aimed to address vehicles imported into Nigeria without proper customs duties paid or those impounded for undervaluation.
Under these measures, import duty and a 25 per cent penalty were required to be paid in accordance with import guidelines and procedures.
The government’s decision to suspend the penalty underscores its commitment to fostering a conducive environment for trade and investment in Nigeria.
By providing stakeholders with a window to regularize import duties, the government seeks to promote compliance and enhance transparency within the importation process.
Overall, the suspension of the 25 per cent penalty represents a significant step towards achieving regulatory compliance and fostering economic growth within the vehicle importation sector.
Stakeholders are encouraged to take advantage of this opportunity to ensure compliance with import duty payments and contribute to the development of a robust and transparent trade environment in Nigeria.
