LAGOS, Nigeria (VOICE OF NAIJA)-The Nigeria Customs Service (NCS) has announced the cancellation of the 25 percent penalty previously imposed on improperly imported vehicles.
The spokesperson for the NCS, Abdullahi Maiwada, revealed this development in a statement released on Friday in Abuja.
According to Maiwada, the decision to revoke the penalty stems from directives issued by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Maiwada emphasised that the NCS, under these directives, has instituted a 90-day window, effective from March 4, 2024, to July 5, 2024, allowing for the regularisation of import duties on specific vehicle categories.
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“The suspension of the 25% penalty is aimed at easing economic hardships and encouraging compliance among stakeholders.
“Vehicle owners, importers, and agents are urged to take advantage of this 90-day opportunity to regularise import duty payments,” stated Maiwada.
Saying the move by the NCS is part of broader efforts to streamline import regulations and foster a conducive environment for trade and business operations, Maidawa said it is part of the government’s commitment to supporting economic growth and enhancing transparency in import processes.