JUST IN: Customs Cancels 25% Penalty on Improper Vehicle Importations

By DAPO OLAWUNI

The Nigeria Customs Service has made adjustments to its earlier concession granted to importers of vehicles that are not properly documented with the service, adding that the 25% penalty has been cancelled to provide them a soft landing.

The service under the directives of the Honourable Minister of Finance and Coordinating Minister of the Economy, annouced that it 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” Abdullahi Maiwada, Chief Superintendent of Customs
and National Public Relations Officer of Customs, said in a statement on Friday