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Legit.ng journalist Victor Enengedi has over a decade’s experience covering Energy, MSMEs, Technology and the stock market.
The Nigerian Customs Service (NCS) has introduced a 90-day opportunity for the adjustment of import duties concerning certain vehicle categories.
This process of adjustment involves meticulously completing all importation paperwork and inspections to ensure compliance with the standards set by the federal government.
Photo credit – Port Info, Car Talk
Source: UGC
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The 90-day timeframe pertains specifically to vehicles brought into Nigeria where the necessary customs duty has not been settled or vehicles held due to undervaluation, as stated in a release on Sunday signed by Abdullahi Maiwada, the national public relations officer of the customs.
According to TheCable, this initiative, directed by Wale Edun, Minister of Finance and Coordinating Minister of the Economy, is aimed at proactively improving compliance and optimizing import procedures within the nation.
Maiwada said:
“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 regularise import duties on their vehicles are required to apply to the Zonal Coordinators (Zones A, B, C, D) and CAC FCT Command.
According to Maiwada, importers are required to provide the requisite documents and undergo the Vreg process in accordance with the directives set forth by the Federal Ministry of Finance for registering imported motor vehicles.
He further explained that the valuation and assessment of the vehicles will be conducted utilizing the VIN-valuation method.
He added:
“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.
“The agency affirmed that this initiative reflects its steadfast dedication to fostering compliance, urging all stakeholders to take advantage of the opportunity before it expires.”
Additionally, on February 23, 2024, the Central Bank of Nigeria (CBN) urged the NCS to align the foreign exchange (FX) rate used during the importation of goods with that applied during clearance within the country.
Source: Legit.ng
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