• Wed. Apr 24th, 2024

Nigeria Customs Service Introduces 90-Day Window For Import Duty Regularization On Vehicles

The Nigeria Customs Service (NCS) has taken a proactive step towards improving compliance and simplifying import processes by introducing a 90-day window for the regularization of import duties on specific categories of vehicles. This initiative, endorsed by the Honourable Minister of Finance and Coordinating Minister of the Economy, aims to facilitate adherence to customs regulations and enhance transparency in the importation of vehicles.

The 90-day window is specifically designed for vehicles imported into Nigeria where the required customs duty has not been fulfilled or for vehicles detained due to undervaluation. However, vehicles seized and condemned will not be released under this arrangement and will be forfeited to the Federal Government in line with existing regulations.

Vehicle owners, importers, and agents seeking to regularize import duties must apply to the Zonal Coordinators (Zones A, B, C, D) and CAC FCT Command. The necessary documents should be submitted, and the Vehicle Registration (Vreg) process must align with directives from the Federal Ministry of Finance for the registration of imported motor vehicles.

Valuation and assessment of vehicles will be conducted using the VIN valuation method. Import Duty and a 25% penalty are to be paid in accordance with import guidelines, procedures, and documentation requirements outlined in the Destination Inspection Scheme in Nigeria (2013) and the Nigeria Customs Service Act 2023. Duty payments must use the Procedure Code specifically created for this exercise.

Abdullahi Maiwada, Chief Superintendent of Customs and National Public Relations Officer, emphasized the NCS’s unwavering commitment to fostering compliance. All stakeholders are encouraged to take advantage of this opportunity within the stipulated 90-day timeframe.

This initiative reflects the NCS’s dedication to creating a more transparent and compliant import environment. Vehicle owners, importers, and agents are urged to engage with the process promptly to ensure seamless regularization of import duties.

Hyacinth Beluchukwu Nwafor

Hyacinth Beluchukwu Nwafor is a seasoned journalist and the CEO/Founder Belch Digital Communications, publishers of Hybrid News Nigeria.

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