Business
Customs suspends 25% penalty imposed on improperly imported vehicles
Published
4 months agoon
![Customs suspends 25% penalty imposed on improperly imported vehicles](https://nationaldailyng.com/wp-content/uploads/2024/03/cars-1280x720-1.webp)
The Nigeria Customs Service (NCS) has suspended the 25% penalty that had previously been imposed in addition to import duty on improperly imported vehicles.
This disclosure is contained in a statement signed by the National Public Relations Officer of NCS, Abdullahi Maiwada, on Friday, March 22, 2024, who said the action is based on the directive of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The Minister had earlier 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.
Maiwada said the initiative is to ease the hardship and encourage compliance, urging stakeholders like vehicle owners, importers as well as agents to make use of the opportunity.
“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.
“To ease economic hardship and encourage compliance, the Honourable Minister and Coordinating Minister of the Economy has approved the suspension of the 25 per cent penalty previously imposed in addition to import duty on improperly imported vehicles.
READ ALSO: Customs exchange rate for cargo clearance drops to N1593/$
“Stakeholders, including vehicle owners, importers, and agents, are encouraged to seize this opportunity to regularise import duty payments within the designated 90-day timeframe.’’
Recall that on March 3, the NCS under the instructions of the Finance Minister, Wale Edun, declared a 3-month period for the regularization of import duties for certain vehicle categories improperly imported into the country.
The NCS spokesperson, Abdullahi Maiwada, said the measure is targeted specifically at vehicles brought into Nigeria without the proper customs duties paid or those impounded for being undervalued.
The service said this initiative applies solely to vehicles imported into Nigeria where the requisite customs duty has not been fulfilled or vehicles detained due to undervaluation.
While announcing the development, the service said an import duty and a 25% 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.Customs suspends 25% penalty imposed on improperly imported vehicles
The Nigeria Customs Service (NCS) has suspended the 25% penalty that had previously been imposed in addition to import duty on improperly imported vehicles.
This disclosure is contained in a statement signed by the National Public Relations Officer of NCS, Abdullahi Maiwada, on Friday, March 22, 2024, who said the action is based on the directive of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The Minister had earlier 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.
READ ALSO: Hardship: Customs is set to auction seized food items
Maiwada said the initiative is to ease the hardship and encourage compliance, urging stakeholders like vehicle owners, importers as well as agents to make use of the opportunity.
“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.
“To ease economic hardship and encourage compliance, the Honourable Minister and Coordinating Minister of the Economy has 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.’’
Recall that on March 3, the NCS under the instructions of the Finance Minister, Wale Edun, declared a 3-month period for the regularization of import duties for certain vehicle categories improperly imported into the country.
The NCS spokesperson, Abdullahi Maiwada, said the measure is targeted specifically at vehicles brought into Nigeria without the proper customs duties paid or those impounded for being undervalued.
The service said this initiative applies solely to vehicles imported into Nigeria where the requisite customs duty has not been fulfilled or vehicles detained due to undervaluation.
You may like
Customs exchange rate for import duties falls below official market rate
Exchange rate for Customs cargo clearance drops to N1260/$
FX rate for Customs’ import duties drops for fifth consecutive time in two weeks
Customs FX rate for cargo clearance drops to N1,448/$
Customs exchange rate for cargo clearance drops to N1593/$
Customs approve 90-days payment window for improperly imported vehicles
Trending
- Comments and Issues2 days ago
As Ariwoola takes the judiciary to the top of the grease pole
- Business6 days ago
NMDPRA Chief faces backlash over comment on Dangote Refinery
- Business1 week ago
Global cyber outage disrupts flights, Banks, telecoms, Media
- Business1 week ago
KPMG criticizes FG’s 50% windfall tax, foresees legal disputes
- Business5 days ago
Zenith Bank retains position as Nigeria’s Tier-1 capital leader
- News6 days ago
Philip Shaibu officially joins APC, dumps PDP
- Education7 days ago
JAMB reacts to allege age limit by ministry of education
- Comments and Issues5 days ago
Onanuga and the Surprise from Joe Igbokwe