BREAKING NEWS: Customs suspends 25% penalty on illegally imported vehicles

Customs suspends 25% penalty on illegally imported vehicles

Customs suspends 25% penalty on illegally imported vehicles

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The Customs Service, NCS, on Friday, announced the suspension of a 25 per cent penalty previously imposed on illegally imported vehicles.

In a statement signed by the NCS National Spokesman, Abdullahi Maiwada, the Service disclosed that the Minister of Finance, Wale Edun, okayed the suspension to cushion the impact of economic .

Accordingly, the suspension is expected to take effect from March 6 to July 5, 2024.

The service hopes that the move will allow room for the regularisation of specific categories of vehicles.

According to the statement: “The Nigeria Customs Service (NCS), under the directives of the Honourable Minister of Finance and Coordinating Minister of the Economy, has initiated a 90-day window, effective from March 4th, 2024, to July 5th, 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 time frame.”

DAILY POST recalls that earlier in March 2024, NSC had given importers a 90-day window to pay duties and clear improperly imported vehicles.

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