FEDERAL MINISTRY OF FINANCE APPROVES 90-DAY WINDOW FOR PAYMENT OF IMPORT DUTY ON IMPROPERLY IMPORTED VEHICLES
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In a proactive move to enhance compliance and streamline import processes, the Nigeria Customs Service (NCS), under the directive of the Honourable Minister of Finance and Coordinating Minister of the Economy, has announced a 90-day window for regularizing import duties on specific categories of vehicles.
In a press release signed by the National Publicity Secretary of the Nigeria Customs Service, Abdullahi Maiwada and made available to the media, this initiative applies solely to vehicles imported into Nigeria where the requisite customs duty has not been fulfilled or vehicles detained due to undervaluation.
According to Customs, “while we strive for inclusivity, it is important to clarify 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.”
“All vehicle owners, Importers/Agents seeking to regularize import duties on their vehicles are required to apply to the Zonal Coordinators (Zones A, B, C, D) and CAC FCT Command. They must submit the necessary available documents and process Vreg in line with the Federal Ministry of Finance directives for the registration of imported motor vehicles.”
“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 this exercise.”
“This initiative reflects our unwavering commitment to facilitating compliance. We encourage all stakeholders to capitalize on this opportunity within the stipulated timefra
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