BY Busola Aro
The Nigerian Customs Service (NCS) has announced a 90-day window for the regularisation of import duties on specific categories of vehicles.
Regularisation entails a thorough completion of all importation documents and checks to ensure they meet specific standards as fixed by the federal government.
The 90-day window applies solely to vehicles imported into Nigeria where the requisite customs duty has not been fulfilled or vehicles detained due to undervaluation, according to a statement on Sunday, signed by Abdullahi Maiwada, customs’ national public relations officer.
The trade agency said the move, which was directed by Wale Edun, minister of finance and coordinating minister of the economy, is a proactive way to enhance compliance and streamline import processes in the country.
“While we strive for inclusivity, it is important to clarify that vehicles seized and condemned will not be released under this arrangement and shall be forfeited to the federal government in accordance with extant regulations,” the NCS said.
“All vehicle owners, Importers/Agents seeking to regularise import duties on their vehicles are required to apply to the Zonal Coordinators (Zones A, B, C, D) and CAC FCT Command.
“They must submit the necessary available documents and process Vreg in line with the Federal Ministry of Finance directives for the registration of imported motor vehicles.
“Valuation and assessment of the vehicles will be carried out using the VIN valuation method. Import duty and a 25% penalty shall be paid in tandem with the import guidelines, procedures, and documentation requirements for used vehicles under the Destination Inspection Scheme in Nigeria (2013) and the Nigeria Customs Service Act 2023.
“Also, duty payments must be made using the Procedure Code specifically created for this exercise.”
The agency said the initiative is an unwavering commitment to facilitating compliance, adding that all stakeholders are to capitalise on the opportunity before it lapses.
On February 23, 2024, the Central Bank of Nigeria (CBN) asked the NCS to adopt the same FX rate from the importation of goods to its clearance in the country.
This website uses cookies.