The Nigeria Customs Service (NCS) has taken a significant step by suspending the previously imposed 25% penalty on improperly imported vehicles, in addition to import duty. This decision comes as a relief to many stakeholders within the importation sector.
This move, according to the Customs Service, follows directives from the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
As part of this decision, a 90-day window has been initiated, effective from 4th March 2024 to 5th July 2024, specifically for the regularisation of import duties on certain categories of vehicles.
Chief Superintendent of Customs National Public Relations Officer for Comptroller General of Customs, Abdullahi Maiwada, conveyed this development in a statement issued on Friday.
The statement emphasized the intention behind this initiative, citing the desire to alleviate economic hardships and promote compliance among stakeholders.
“Stakeholders, including vehicle owners, importers, and agents, are encouraged to seize this opportunity to regularise import duty payments within the designated 90-day timeframe,” the communique highlighted.
This suspension of penalties signals a shift in approach, aiming to strike a balance between enforcement and support for businesses involved in vehicle importation.
It reflects a recognition of the challenges faced by stakeholders and a willingness to address them through pragmatic measures.
The decision is likely to be welcomed by various sectors, including importers, who have been grappling with the economic pressures exacerbated by penalties and strict enforcement measures.
The 90-day window provides a crucial opportunity for stakeholders to rectify any irregularities in import duty payments and ensure compliance with regulatory requirements.
Moreover, the involvement of high-level government officials underscores the significance of this policy change.
It indicates a coordinated effort to streamline importation processes and foster a more conducive environment for trade and commerce.
As stakeholders navigate through this transitional period, it is expected that they will utilize the provided window to align their importation practices with the revised regulations.
By doing so, they can not only avoid penalties but also contribute to the overall efficiency and integrity of the importation system.
In conclusion, the suspension of the 25% penalty on improperly imported vehicles, coupled with the introduction of a 90-day window for regularisation, marks a significant development in Nigeria’s importation landscape.
It reflects a commitment to strike a balance between regulatory compliance and economic viability, ultimately benefiting stakeholders and facilitating smoother trade operations in the country.
