In a significant advancement to streamline fiscal management, the Minister of Finance and the Coordinating Minister of the Economy, Mr Wale Edun has announced the integration of Incentive Monitoring and Evaluation Platform (IMEP) into the Import Duty Exemption Certificate (IDEC) programme, thereby allowing for enhanced monitoring and evaluation.
In a statement released by the Ministry on Tuesday stating that the IDEC programme strategically reduces import duty burdens for priority sectors such as manufacturing, agriculture, and healthcare, stimulating economic growth and national development.
While Integrating into the IDEC framework, the newly launched IMEP ensures that only eligible entities benefit, rigorously enforcing compliance and optimizing 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.
It further said that the 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.
Also, the IMEP’s precise monitoring capabilities will significantly enhance the strategic allocation of exemptions and support the government’s objective to ultimately reduce tax expenditures.
To acquaint all stakeholders with the upgraded IDEC framework, the Ministry of Finance will host a webinar on April 25th, 2024, by 12 noon (WAT).
Key industry participants, including manufacturers, importers, and representatives from MDAs and NGOs, are invited to engage in this session to understand the enhanced features and benefits of the IMEP. Details for the webinar will be available on the Ministry of Finance’s official website and the IDEC YouTube channel.