Urgent: Regularisation of Import Duties on Vehicles – Temporary Suspension of 25% Penalty
In light of recent developments announced by the Nigeria Customs Service (NCS), Agwe Global wishes to inform all our esteemed clients, particularly those involved in the importation of vehicles, of an important update that may impact your operations.
Overview:
The Honourable Minister of Finance and Coordinating Minister of the Economy, acting under the directives of the Nigerian government, has introduced a significant measure aimed at facilitating economic relief and encouraging compliance among importers and stakeholders within the automotive sector.
Key Points of the Announcement:
1. 90-Day Window for Duty Regularisation: A 90-day grace period, effective from 4th March 2024 to 5th July 2024, has been established for the regularisation of import duties on specific categories of vehicles. This initiative is designed to support stakeholders in aligning their operations with regulatory requirements without the immediate pressure of penalties.
2. Suspension of the 25% Penalty: The government has temporarily suspended the 25% penalty that was previously applied in addition to the import duty on improperly imported vehicles. This suspension is intended to ease the economic hardships faced by vehicle owners, importers, and agents, and to encourage full compliance with import duty payments.
Action Required:
We urge all stakeholders, including vehicle owners, importers, and agents, to take advantage of this opportunity to regularise import duty payments for their vehicles within the designated 90-day period. It is a favorable moment to rectify any discrepancies in your importation processes and ensure compliance with Nigeria's import regulations.
How We Can Assist:
Agwe Global is prepared to offer our full support and expertise during this period. Our team is available to assist with the regularisation process, ensuring that your operations remain uninterrupted and fully compliant with the new directives.
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