Duty Exemption: FG Unveils Digital Platform To Boost Oversight
- Hosts Webinar for stakeholders today, April 25
BY BLESSING NKEREUWEM – Determined to boost fiscal management in government business and activities, the Federal Ministry of Finance has unveiled a groundbreaking initiative aimed at integrating the Incentive Monitoring and Evaluation Platform (IMEP) into the Import Duty Exemption Certificate (IDEC) programme.
According to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, this cutting-edge technology is part of the government’s resolve to improve monitoring and evaluation processes for effective service delivery.
He said the IDEC programme strategically reduces import duty burdens for priority sectors covering agriculture, manufacturing, and healthcare while stimulating economic growth and national development.
Importantly, the newly integrated IMEP programme seeks to strictly enforce compliance, and optimize tax expenditures in line with the government’s commitment to curb wastage and leakages thereby promoting a resilient and fair economic system.
With precise monitoring capabilities to considerably boost the strategic allocation of exemptions and support the government’s objective of ultimately shrinking tax expenditures, the Finance Minister said key features of IMEP include an automated claw-back mechanism for reclaiming waivers from defaulters, real-time e-report generation, and a centralized database to streamline verification processes’ efficiency.
Meanwhile, a statement by the Director, Information and Public Relations in the Ministry, Mohammed Manga said as part of measures to acquaint all stakeholders with the upgraded IDEC framework, a webinar will be hosted today, 25th April 2024, by noon (WAT) with key industry players expected to be in attendance.
Participants in the session, who are expected to understand the enhanced features and benefits of the IMEP, include manufacturers, importers, Civil society, and representatives from MDAs and Non-Governmental Organisations (NGOs) among others.
