The Federal Government has approved the addition of an electronic monitoring and evaluation framework to the current Import Duty Exemption Certificates process.
A statement by the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun explained that the move is aimed at reducing tax expenditures due to the granting of the Import Duty Exemption Certificates.
He disclosed that the policy will provide the Federal Ministry of Finance with a robust automated tool for more effective monitoring and evaluation measurement of the impact of all customs duty exemptions issued by the Ministry to government entities, companies, NGOs and International Organizations.
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