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Nigerian Customs announces 90-day window for import duty regularisation on specific vehicle categories

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In a proactive move aimed at enhancing compliance and streamlining import processes, the Nigeria Customs Service (NCS) has declared a 90-day window for the regularisation of import duties on specific categories of vehicles.

This announcement comes under the directive of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

As outlined in a statement signed by the Customs’ Public Relations Officer, Abdullahi Maiwada, on Sunday, the initiative is tailored for vehicles imported into Nigeria where the required customs duty has not been fulfilled or for those detained due to undervaluation.

Vehicle owners, importers, and agents looking to regularise import duties must submit applications to the Zonal Coordinators (Zones A, B, C, and D) and the CAC FCT Command.

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The necessary documents should be provided to process Vreg in alignment with the Federal Ministry of Finance directives for the registration of imported motor vehicles.

The statement clarifies that vehicles seized and condemned will not be released under this arrangement and shall be forfeited to the Federal Government following existing regulations.

Valuation and assessment of the vehicles will be conducted using the VIN valuation method, with import duty and a 25% penalty payable in accordance 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.

Duty payments must be made using the Procedure Code specifically created for this exercise.
The Customs Service emphasises its commitment to facilitating compliance and encourages all stakeholders to capitalise on this opportunity within the stipulated 90-day timeframe.

This initiative reflects the NCS’s dedication to ensuring a streamlined and compliant importation process for the benefit of all stakeholders involved.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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