The Minister of Finance and the Coordinating Minister of the Economy, Mr Wale Edun, has announced the integration of the Incentive Monitoring and Evaluation Platform (IMEP) into the Import Duty Exemption Certificate (IDEC) programme, thereby allowing for enhanced monitoring and evaluation of revenues from imports into the country.
A statement issued by the ministry’s Director, Information and Public Relations, Mohammed Manga, indicated that the IDEC programme was designed to reduce import duty burdens for priority sectors, including manufacturing, agriculture, and healthcare, stimulating economic growth and national development.
He stated: “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
“Key features of the IMEP include an automated claw-back mechanism for recouping waivers from defaulters, real-time e-report generation and a centralised database that enhances the efficiency of our verification processes.
“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”, Manga added.
According to him, to acquaint all stakeholders with the upgraded IDEC framework, the ministry will host a webinar on April 25th with targeted key participants, including manufacturers, importers, and representatives from MDAs and NGOs.
