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The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the Federal Government has launched a new platform designed to strengthen the efficiency and transparency of its import duty exemption programme.
"The new platform, called Incentive Monitoring and Evaluation Platform (IMEP), will be integrated into the existing Import Duty Exemption Certificate (IDEC)," said Edun.
He explained that the IDEC programme offers strategic import duty reductions for priority sectors critical to national development, such as manufacturing, agriculture, and healthcare.
The introduction of IMEP signifies the government’s commitment to ensuring these exemptions are used effectively to stimulate economic growth.
The newly launched IMEP ensures that only eligible entities benefit from the IDEC programme.
This rigorous enforcement will optimize tax expenditures by reducing waste, blocking leakages, and ultimately fostering a more equitable economic environment,” he added.
The IMEP offers a suite of features designed to enhance transparency and accountability within the IDEC programme. These features include an automated claw-back mechanism which ensures that any entity found to be misusing exemptions will be required to repay the import duties they avoided.
Others include real-time e-reporting where stakeholders will benefit from immediate access to electronic reports, streamlining the verification process and a centralized database with a comprehensive database designed to improve efficiency and provide a clear picture of how exemptions are being utilized.
The government sees the IMEP as a critical tool for ensuring tax breaks are strategically allocated to maximize their economic impact. “IMEP’s precise monitoring capabilities will allow for a more strategic allocation of exemptions,” Edun noted.
“This will ultimately support the government’s objective of reducing tax expenditures overall,” he explained.
