The Nigeria Customs Service (NCS) has announced a 90-day window for regularizing import duties on specific categories of vehicles.
Under the directive of the Honourable Minister of Finance and Coordinating Minister of the Economy, this initiative aims to address instances where the requisite customs duty has not been fulfilled or vehicles have been detained due to undervaluation.
The initiative, which applies solely to vehicles imported into Nigeria, offers a unique opportunity for vehicle owners and importers/agents to rectify their duty payments. However, vehicles that were seized and condemned will not be released under this arrangement and will be forfeited to the Federal Government as per existing regulations.
To take advantage of this opportunity, interested parties must apply to the designated Zonal Coordinators (Zones A, B, C, D) and CAC FCT Command, submitting the necessary documents. The valuation and assessment of vehicles will be conducted using the VIN valuation method. Import duty, along with a 25% penalty, must be paid in accordance with the import guidelines, procedures, and documentation requirements outlined in the Destination Inspection Scheme in Nigeria (2013) and the Nigeria Customs Service Act 2023.
Moreover, duty payments must be made using the Procedure Code specifically created for this exercise. All stakeholders are encouraged to capitalize on this opportunity within the stipulated timeframe.
