FG Removes Important Penalty for Imported Vehicles as CBN Slash Customs FX Rate

• The Nigerian government has removed the 25% penalty imposed on improperly imported vehicles
• The Nigeria Customs Service stated that the government also approved a 90-day window for importers to regularise their import duty payments.
• Customs spokesman said the move was specifically for specific categories of imported vehicles in Nigeria

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian government has suspended the 25% penalty on improperly imported vehicles.

Abdullahi Maidawa, Customs national public relations officer, disclosed this recently.

Finance minister Edun approves waiver

He said the cancellation was approved by the minister of Finance and coordinating minister of the Economy, Wale Edun.

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TheCable reports that Maiwada said the Customs also had been directed to begin a 90-day window, from March 4, 2024, to July 5, 2024, for the regularisation of import duties on specific categories of vehicles.

Maiwada said:

“To ease economic hardship and encourage compliance, the Honourable Minister and Coordinating Minister of the Economy have approved the suspension of the 25 percent penalty previously imposed in addition to the import duty on improperly imported vehicles.”

Customs gives 90-day grace for importers

According to the Customs spokesman, vehicle owners, importers, and agents can leverage the window to regularise import duty payments within the timeframe.

Legit.ng reported that the Customs announced a 90-day window on March 3, 2024, for importers to regularise their import duties on some vehicles.

The NIS said import duty and a 25% penalty should be paid alongside the import guidelines, procedures, and documentation requirements for used vehicles under the destination scheme in Nigeria and the NIS Act 2023.

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CBN sets new Customs exchange rate to clear goods

Legit.ng earlier reported that the Central Bank of Nigeria (CBN) had slashed the Nigeria Customs Service exchange rate to calculate import duties at the nation's ports.

Customs duties are taxes and levies paid on goods imported into the country.

The duties are paid through a commercial bank to the Nigeria Customs Service, which receives on behalf of the Federal Government.

Source: Legit.ng