Fed Govt Enhances Monitoring of Import Duty Exemption Programme
By Patience Ikpeme
The Federal Government has announced the integration of the Incentive Monitoring and Evaluation Platform (IMEP) into the Import Duty Exemption Certificate (IDEC) programme, marking a significant milestone in strengthening monitoring and evaluation mechanisms for tax incentives.
The disclosure was made by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun who emphasized the strategic importance of this integration, noting its potential to optimize tax expenditures and ensure equitable economic outcomes.
“The IDEC programme strategically reduces import duty burdens for priority sectors such as manufacturing, agriculture, and healthcare, stimulating economic growth and national development,” Mr Edun explained.
Integrated within the IDEC framework, the newly launched IMEP introduces robust monitoring capabilities to safeguard against abuse and promote compliance. Edun elaborated on IMEP’s key features, stating, “IMEP ensures that only eligible entities benefit from import duty exemptions, rigorously enforcing compliance and optimizing tax expenditures to reduce waste and block leakages.”
One of the notable features of IMEP is its automated claw-back mechanism, designed to recoup waivers from defaulters promptly. Real-time e-report generation and a centralized database further enhance the efficiency of verification processes, enabling precise oversight of tax incentives.
IMEP’s overarching objective aligns with the government’s commitment to fiscal responsibility and economic efficiency. “IMEP aims to rationalize tax incentives to deliver maximum economic impact, ultimately reducing tax expenditures and fostering a robust and equitable economic environment,” Mr Edun affirmed.
To facilitate widespread understanding and engagement with the upgraded IDEC framework, the Ministry of Finance will host a webinar on April 25th, 2024, at 12 noon (WAT). This session invites key industry participants, including manufacturers, importers, and representatives from Ministries, Departments, and Agencies (MDAs) and Non-Governmental Organizations (NGOs), to delve into the enhanced features and benefits of the IMEP.
Interested stakeholders can access webinar details through the Ministry of Finance’s official website and the IDEC YouTube channel.
The integration of IMEP into the IDEC programme underscores the government’s commitment to fostering transparency, accountability, and prudent management of tax incentives, heralding a new era of enhanced economic governance and development.
