Connect with us

News

Nigeria Customs Cancels 25% Penalty On Improperly Imported Vehicles

Published

on

Customs Generates ₦1.3 trn In Q1 2024, Move To Stop Fluctuations In Foreign Exchange Rate - autojosh

The Nigeria Customs Service (NCS), has announced the cancelation of 25% penalty on improperly imported vehicles.

25% penalty initially attached to the “90-day Window for the regularisation of import duties on specific categories of vehicles.

Suspension of the 25% penalty by Nigeria Customs aimed at easing economic hardship and to encourage compliance. 

Vehicles seized and condemned will not be released under this arrangement and shall be forfeited to the Federal Government. 





Nigeria Customs Cancels 25% Penalty On Improperly Imported Vehicles - autojosh

The Nigeria Customs Service (NCS), has announced the cancellation of 25% penalty on improperly imported vehicles initially attached to the “90-day Window for the regularisation of import duties on specific categories of vehicles.

In a move to enhance compliance and streamline import processes, the NCS had earlier this month announced the approval of a 90-day window, effective from 4th March 2024 to 5th July 2024, for the regularisation of import duties on specific categories of vehicles.

A press release on Friday 22 March 2024 announcing the cancellation of 25% penalty on improperly imported vehicles 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% 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.”





But vehicles seized and condemned will not be released under this arrangement and shall be forfeited to the Federal Government in accordance with extant regulations, according to the statement.





Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending