The Nigeria Customs Service (NCS) has recently made a significant announcement regarding the penalties imposed on improperly imported vehicles. Initially, a 25% penalty was attached to the “90-day Window” for the regularization of import duties on specific vehicle categories.
This decision to suspend the 25% penalty stems from the NCS’s aim to alleviate economic hardships and promote compliance with import regulations. The move is part of broader efforts to facilitate smoother import processes and enhance adherence to regulatory frameworks.
Earlier this month, the NCS introduced a 90-day window, effective from March 4th, 2024, to July 5th, 2024, allowing vehicle importers to regularize their import duties for specific vehicle categories.
In an official press release issued on Friday, March 22nd, 2024, the NCS announced the cancellation of the 25% penalty on improperly imported vehicles. The decision was made under the directives of the Honourable Minister of Finance and Coordinating Minister of the Economy.
The press release stated, “To alleviate economic hardships and promote 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 take advantage of this 90-day opportunity to regularize import duty payments within the designated timeframe.
However, it’s important to note that vehicles seized and condemned under this arrangement will not be released and will be forfeited to the Federal Government in accordance with existing regulations. This underscores the importance of adhering to import regulations and procedures to avoid penalties and potential loss of assets.
