The Federal Ministry of Finance has launched the Incentive Monitoring and Evaluation Platform (IMEP), a state-of-the-art electronic system designed to enhance the oversight of tax expenditures associated with Import Duty Exemption Certificates.

One of the critical objectives of the IMEP is to provide a framework that will prevent ineligible applicants from receiving tax benefits, enforce compliance with fiscal policy measures, and offer a comprehensive analysis of the economic impact of tax incentives.

The announcement was made by the Minister of Finance and Coordinating Minister of the Economy, WALE EDUN, in a statement.

EDUN said the IMEP aims to revolutionise the way the ministry measures the impact of customs duty exemptions granted to government entities, companies, Non-Governmental Organisations, and international organisations. 

By implementing a robust automated tool, the ministry aims to improve the monitoring and evaluation of these exemptions.

According to the statement, the ministry hopes to curb the misuse of tax expenditures, support the realisation of economic outcomes from fiscal incentives, and enhance the direct measurement of tax incentives’ effects on the economy.

The statement further noted that the initiative is part of the government’s commitment to fostering transparency, accountability, and efficiency in the management of the nation’s resources.