Nigerian govt eyes tax incentive measures to boost economy

Minister of Finance, Wale Edun, says the Nigerian Federal Government targets the reduction of the cost of tax expenditures to ensure that tax incentives positively impact the economy.

Edun said this in a recent statement while giving details on merging the Incentive Monitoring and Evaluation Platform, IMEP, into the existing Import Duty Exemption Certificate, IDEC process.

“This is to provide the Federal Ministry of Finance with a robust automated tool for more effective Monitoring and Evaluation (M &E) measurement of the impact of all customs duty exemptions issued by the Ministry to government entities, companies, non-governmental organisations, NGOs and international organisations,” Edun said.

He added that the IDEC automation, introduced on March 1 2020, is a fiscal incentive by the Federal Government under the Ministry of Finance to boost sectors of the economy by exempting critical players from paying import duty and all other statutory customs charges, respectively.

Recall that upon inauguration last year, the Chairman of the Presidential Committee on Tax Reform and Fiscal Policy, Taiwo Oyedele, pledged to streamline over 200 taxes into single digits to boost economic growth.