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FG suspends 25% penalty imposed on improperly imported vehicles

FG suspends 25% penalty imposed on improperly imported vehicles
March 22
20:40 2024

The federal government has suspended the 25 percent penalty imposed on improperly imported vehicles.

This was announced in a statement by Abdullahi Maiwada, national public relations officer of the Nigeria Customs Service (NCS), on Friday.

According to Maiwada, the cancellation was approved by Wale Edun, minister of economy and coordinating minister of finance, to ease economic hardship and encourage compliance.

He said the service has also been directed to initiate a 90-day window, effective from March 4, 2024, to July 5, 2024, for the regularisation of import duties on specific categories of vehicles.

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“The Nigeria Customs Service, 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,” he said.

“To ease economic hardship and encourage compliance, the Honourable Minister and Coordinating Minister of the Economy has approved the suspension of the 25 percent penalty previously imposed in addition to import duty on improperly imported vehicles.”

He told stakeholders, including vehicle owners, importers, and agents to seize the opportunity to regularise import duty payments within the designated 90-day timeframe.

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On March 3, customs announced a 90-day window for the regularisation of import duties on specific categories of vehicles.

The service said an import duty and a 25 percent 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 NCS Act 2023.

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