Nigeria: Finance Ministry Launches New System to Track Tax Exemptions

Finance ministry unveils platform to monitor tax exemptions
Share this article

The Federal Ministry of Finance has introduced the Incentive Monitoring and Evaluation Platform (IMEP), a sophisticated digital system aimed at improving the management of tax benefits linked to import duty exemption certificates.

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, announced the system’s launch in a recent statement. The IMEP is part of a comprehensive plan designed to cut tax expenditures and ensure that fiscal policies effectively bolster Nigeria’s economic development.

The minister emphasized that the new platform will transform how the ministry assesses the impact of customs duty exemptions granted to various entities, including government organizations, corporations, NGOs, and international bodies. By leveraging advanced automation, the platform is set to enhance how these exemptions are monitored and evaluated.

Edun highlighted several key features of the IMEP, such as a duty claw-back mechanism, automated report generation, a centralized database for exemption tracking, factory geo-location tagging, validation of industry qualification status, integration with other government agencies, and the issuance of demand notices to non-compliant entities.

“The IMEP is designed to ensure that only eligible applicants benefit from tax incentives, enforce adherence to fiscal policies, and provide detailed insights into the economic impacts of these tax benefits,” said Edun. The platform aims to prevent the misallocation of tax expenditures, achieve desired economic outcomes from fiscal incentives, and accurately measure the direct effects of tax incentives on the economy.

The introduction of the IMEP marks a significant advancement in reducing the fiscal burden of tax expenditures and maximizing the positive influence of tax incentives on the Nigerian economy. This move is part of the government’s ongoing efforts to promote transparency, accountability, and efficiency in resource management.

Share this article

Africa: MTN Expands MoMo Mobile Money Service Across Africa

Previous article

Global: UK to Introduce New Crypto Regulations by July

Next article

You may also like


Comments are closed.

More in Nigeria