• Thursday, April 18, 2024
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BusinessDay

Customs withdraws 25% penalty on improperly imported vehicles

The Nigeria Customs Service (NCS) said it has cancelled the 25 percent penalty previously imposed in addition to the import duty on improperly imported vehicles.

A statement issued on Friday by Abdullahi Maiwada, national public relations officer of Customs, said the removal of the 25 percent penalty imposed on the improperly imported vehicle, which a 90-day window was opened for the importers to regularised, was approved by the Minister of Finance and Coordinating Minister of the Economy.

Maiwada stated that the move was to ease economic hardship and encourage compliance.

“The Minister and Coordinating Minister of the Economy approved the suspension of the 25 percent penalty previously imposed in addition to the import duty on improperly imported vehicles,” he said.

BusinessDay had reported that Customs under the directives of the Minister of Finance and Coordinating Minister of the Economy, initiated a 90-day window, effective from March 4, 2024, to July 5, 2024, for the regularisation of import duties on specific categories of vehicles.

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