FG APPROVES 90-DAY WINDOW FOR PAYMENT OF IMPORT DUTY ON IMPROPERLY IMPORTED VEHICLES

The Nigeria Customs Service (NCS), through the directive of the Honourable Minister of Finance and Coordinating Minister of the Economy, in a proactive move has approved a 90-day window for regularizing import duties on specific categories of vehicles.

This initiative, according to a statement from the service applies solely to vehicles imported into Nigeria where the requisite customs duty has not been fulfilled or vehicles detained due to undervaluation.

The statement statement that vehicles seized and condemned will not be released under this arrangement and shall be forfeited to the Federal Government in accordance with extant regulations.

The NCS however, called on vehicle owners, Importers/Agents seeking to regularize import duties on their vehicles to apply to the Zonal Coordinators (Zones A, B, C, D) and CAC FCT Command and also submit the necessary available documents and process Vreg in line with the Federal Ministry of Finance directives for the registration of imported motor vehicles.

The statement also stated that, "valuation and assessment of the vehicles will be carried out using the VIN valuation method. 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 Nigeria Customs Service Act 2023. Also, duty payments must be made using the Procedure Code specifically created for the excercise".

"This initiative according to the statement as made available by the National Public Relations Office of NCS, Abdullahi Maiwada reflects the unwavering commitment to facilitating compliance thereby encouraging all stakeholders to capitalize on this opportunity within the stipulated timeframe".

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