Finance Ministry Launches Platform To Monitor Tax Exemptions.

Federal Ministry of Finance has launched the Incentive Monitoring and Evaluation Platform, a state-of-the-art electronic system designed to enhance the oversight of tax expenditures associated with import duty exemption certificates.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who disclosed  the launch in a statement said, the Incentive Monitoring and Evaluation Platform is part of a broader strategy to reduce tax expenditures and ensure that fiscal policies are effectively contributing to the country’s economic growth, adding that, the IMEP aimed to revolutionize the way the Federal Ministry of Finance measures the impact of customs duty exemptions granted to government entities, companies, Non-Governmental Organizations, and international organizations.

Edun said, by implementing a robust automated tool, the ministry aimed to improve the monitoring and evaluation of those exemptions.

According to Edun, the system is designed to provide a framework to checkmate and restrict ineligible applicants, enforce strict compliance with fiscal policy measures, and provide a robust impact analysis of tax incentives on the economy, stressing that, the introduction of the IMEP represents a significant step towards reducing the cost of tax expenditure and ensuring that tax incentives have a positive impact on the Nigerian economy.

He explained that, the initiative is part of the government’s commitment to fostering transparency, accountability, and efficiency in the management of the nation’s resources.