• Monday, May 20, 2024
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FG launches platform to monitor import duty exemptions

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Wale Edun, minister of finance and coordinating minister of the economy, has announced the launch of the Incentive Monitoring and Evaluation Platform (IMEP).

The IMEP, a state-of-the-art electronic system, is aimed to enhance the oversight of tax expenditures associated with import duty exemption certificates, according to statement on Monday.

Edun said the IMEP is part of a broader strategy to reduce tax expenditures and ensure that fiscal policies are effectively contributing to the country’s economic growth.

“One of the critical objectives of the IMEP is to provide a framework that will prevent ineligible applicants from receiving tax benefits, enforce compliance with fiscal policy measures, and offer a comprehensive analysis of the economic impact of tax incentives.

“By doing so, 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,” he said.

The minister added that the IMEP aims to revolutionise the way the Federal Ministry of Finance measures the impact of customs duty exemptions granted to government entities, companies, Non-Governmental Organisations, and international organisations.

He added that by implementing a robust automated tool, the ministry aimed to improve the monitoring and evaluation of those exemptions.

“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.”

According to Edun, the system is designed to provide a framework to checkmate and restrict ineligible applicants, enforce strict compliance with fiscal policy measures, and provide a robust impact analysis of tax incentives on the economy.