The Federal Government has launched a new platform aimed at strengthening the efficiency and transparency of its import duty exemption programme.
The Incentive Monitoring and Evaluation Platform (IMEP) will be integrated into the existing Import Duty Exemption Certificate (IDEC) programme, according to Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
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 program,” Edun explained in Abuja on Tuesday.
“This rigorous enforcement will optimise 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 program. These features include: 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 maximise 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.”
To acquaint stakeholders with the upgraded IDEC framework, the Ministry of Finance will be hosting a webinar on Thursday, April 25th, 2024, at noon WAT.
This session will provide key industry participants, including manufacturers, importers, representatives from relevant government ministries, and NGOs, with an opportunity to learn more about the IMEP’s features and the benefits it offers.
Those interested in attending the webinar can find registration details on the Ministry of Finance’s website and the IDEC YouTube channel.
The launch of the IMEP signifies the government’s ongoing efforts to promote a more efficient and equitable business environment in Nigeria.
By ensuring that import duty exemptions are used strategically and effectively, the government aims to bolster economic growth while minimizing wasteful spending.
[TheNation]