Federal Ministry of Finance has revealed Incentive Monitoring and Evaluation Platform, a state-of-the-art electronic system designed to enhance the oversight of tax expenditures associated with Import Duty Exemption Certificates.
This development is to create a framework to stop ineligible applicants from receiving tax benefits, enforcing compliance with fiscal policy measures, and providing a thorough examination of the economic impact of tax incentives of IMEP’s most important goals.
The announcement was made by Wale Edun, the Minister of Finance, and Coordinating Minister of the Economy, in a statement on Monday.
He said the IMEP aims to revolutionise the way the ministry measures the impact of customs duty exemptions granted to government entities, companies, Non-Governmental Organisations, and international organisations. By implementing a robust automated tool, the ministry aims to improve the monitoring and evaluation of these exemptions.
According to the statement, the IMEP has several notable features, including a duty claw-back mechanism, electronic report generation, a centralised database for tracking, factory geo-location tagging, industry qualification status validation, integration with multiple government agencies, and the issuance of Demand Notices to defaulters.
Te statement further noted that the ministry hopes to curb the misuse of tax expenditures, support the realisation of economic outcomes from fiscal incentives, and enhance the direct measurement of tax incentives’ effects on the economy.
“The system is designed to provide a framework to check-mate and restrict ineligible applicants, enforce strict compliance with fiscal policy measures, and provide a robust impact analysis of tax incentives on the economy,” the statement added.
In general, the implementation of the IMEP represents important step towards lowering the cost of tax expenditure and making sure that tax incentives have a positive impact on the Nigerian economy.
The statement further revealed that the initiative is part of the government’s dedication to stimulate transparency, accountability, and efficiency in the management of the nation’s resources.
