FG approves electronic monitoring for import duty exemption process


By Obas Esiedesa

The Federal Government has approved the addition of an electronic monitoring and evaluation framework (M & E) to the current Import Duty Exemption Certificates, IDEC, process.

A statement by the Minister of Finance and the Coordinating Minister of the Economy, Mr. Wale Edun explained that the move is aimed at reducing tax expenditures due to the granting of IDEC.

He disclosed that the policy will provide the Federal Ministry of Finance with a robust automated tool for more effective M & E measurement of the impact of all customs duty exemptions issued by the Ministry to government entities, companies, NGOs and International Organizations.

“This system is designed to provide a framework to check-mate and restrict ineligible applicants, enforce strict compliance to fiscal policy measures and provide a robust impact analysis of tax incentives on the economy. This would further eliminate the misuse of tax expenditures; support the…

Source: Vanguard Newspaper