FG floats new platform to monitor import duty exemptions

The federal government has launched a new initiative to monitor import duty exemptions in the country.

The initiative is called the ‘Incentive Monitoring and Evaluation Platform (IMEP).

Wale Edun, minister of finance and coordinating minister of the economy, on Tuesday, said the IMEP will be integrated into the existing import duty exemption certificate (IDEC) programme.

The IDEC programme offers strategic import duty reductions for priority sectors critical to national development, such as manufacturing, agriculture, and healthcare.

Edun said 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 said.

“This rigorous enforcement will optimise tax expenditures by reducing waste, blocking leakages, and ultimately fostering a more equitable economic environment.”

Edun also said the government sees the IMEP as a critical tool for ensuring tax breaks are strategically allocated to maximise their economic impact.

“Integrated into the IDEC framework, the newly launched IMEP ensures that only eligible entities benefit, rigorously enforcing compliance and optimising tax expenditures to reduce waste, block leakages and enhance economic equity,” he added.

“IMEP aims to ensure that tax incentives are rationalised to deliver maximum economic impact, aligning with the government’s commitment to reducing waste, blocking leakages, and fostering a robust and equitable economic environment.

“IMEP’s precise monitoring capabilities will significantly enhance the strategic allocation of exemptions and support the government’s objective to ultimately reduce tax expenditures.”

Edun said the ministry would host a webinar on April 25, to acquaint stakeholders with the upgraded IDEC framework.

The minister said the virtual meeting would 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.