An innovative electronic system called the Incentive Monitoring and Evaluation Platform (IMEP) has been introduced by the Federal Ministry of Finance. This cutting-edge platform is specifically created to improve the supervision of tax benefits related to Import Duty Exemption Certificates.
The primary objective of IMEP is to establish a framework to prevent unqualified individuals from receiving tax advantages, ensure adherence to fiscal policies, and conduct a thorough analysis of the economic implications of tax incentives.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared this exciting announcement in a statement released on Monday.
IMEP aims to revolutionize the approach used by the ministry in assessing the impact of customs duty waivers granted to various entities including government bodies, corporations, Non-Governmental Organizations, and international institutions. By utilizing a robust automated tool, the ministry strives to enhance the monitoring and evaluation of these exemptions.
The features of IMEP highlighted in the statement include a duty claw-back mechanism, electronic report generation, a centralized tracking database, factory geo-location tagging, industry qualification status validation, integration with various government bodies, and the issuance of Demand Notices to individuals who default on obligations.
Through these initiatives, the ministry aims to combat the improper use of tax benefits, aid in achieving economic objectives through fiscal incentives, and improve the direct assessment of tax incentives on the economy.
“The system is engineered to establish a framework to prevent and restrict unqualified candidates, ensure strict compliance with fiscal policies, and provide a comprehensive impact analysis of tax incentives on the economy,” the statement emphasized.
The introduction of IMEP marks a significant stride in cutting down the expenses related to tax benefits and ensuring that tax incentives contribute positively to the Nigerian economy.
Furthermore, the statement underscored that this initiative aligns with the government’s dedication to promoting transparency, accountability, and efficiency in the management of the nation’s resources.