In a significant move aimed at promoting compliance and easing economic burdens, the Nigeria Customs Service has announced the suspension of the 25 percent penalty surcharge on improperly imported vehicles. This decision, made under the directives of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, provides stakeholders with a 90-day window to regularize their import duty payments.

The national public relations officer of the Nigeria Customs Service, Abdullahi Maiwada, emphasized the importance of this opportunity for vehicle owners, importers, and agents to rectify any discrepancies in their import duty payments. The window for regularizing import duties on specific categories of vehicles will be open from 4th March 2024 to 5th July 2024.

This initiative not only aims to encourage compliance but also seeks to alleviate financial strain on stakeholders. By suspending the 25 percent penalty previously imposed on improperly imported vehicles, the Minister of Finance has demonstrated a commitment to supporting the business community during these challenging times.

Stakeholders are urged to take advantage of this 90-day timeframe to ensure their import duty payments are in order. This proactive approach by the Nigeria Customs Service reflects a dedication to fostering a transparent and efficient import process for all involved.

In conclusion, the suspension of the penalty surcharge on improperly imported vehicles is a positive step towards promoting compliance and supporting economic growth in Nigeria. Stakeholders are encouraged to act promptly and make use of this opportunity to regularize their import duty payments within the designated timeframe.