- The Customs encouraged stakeholders to take advantage of this opportunity
The Nigeria Customs Service (NCS) has introduced a 90-day window, running from March 4th to July 5th, 2024, for the regularization of import duties on certain vehicle categories.
This initiative, endorsed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, aims to alleviate economic challenges and promote compliance.
Additionally, the minister has sanctioned the suspension of the 25% penalty previously levied on improperly imported vehicles.
The Customs, in a statement released on Friday, encouraged stakeholders such as vehicle owners, importers, and agents to take advantage of this opportunity and settle import duty payments within the specified 90-day period.
The statement reads, “The Nigeria Customs Service (NCS), 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.
“To ease economic hardship and encourage compliance, the Honourable Minister and Coordinating Minister of the Economy have approved the suspension of the 25 per cent penalty previously imposed in addition to import duty on improperly imported vehicles.
“Stakeholders, including vehicle owners, importers, and agents, are encouraged to seize this opportunity to regularise import duty payments within the designated 90-day timeframe.”