Addressing the issue, Finance Minister Wale Edun highlighted the government’s aim to reduce tax expenditures in order to ensure that tax incentives have a positive impact on the economy.
In a recent statement, Edun outlined plans to integrate the Incentive Monitoring and Evaluation Platform (IMEP) into the existing Import Duty Exemption Certificate (IDEC) process.
According to Edun, this integration will equip the Federal Ministry of Finance with a sophisticated automated tool to enhance the monitoring and evaluation of customs duty exemptions issued to government entities, companies, NGOs, and international organizations.
Introducing the IDEC automation on March 1, 2020, is part of the fiscal incentives provided by the Ministry of Finance to bolster key sectors of the economy by waiving import duties and other customs charges for essential players.
It is worth mentioning that when the Presidential Committee on Tax Reform and Fiscal Policy, led by Taiwo Oyedele, was inaugurated last year, they committed to consolidating over 200 taxes into single digits to stimulate economic growth.