The Infrastructure Concession Regulatory Commission
(ICRC) has given the Federal Ministry of Finance the go-ahead to develop an
automated customs portal to be used to process and issue Import Duties
Exemption Certificate (IDEC).
(ICRC) has given the Federal Ministry of Finance the go-ahead to develop an
automated customs portal to be used to process and issue Import Duties
Exemption Certificate (IDEC).
IDEC
is issued on items that are exempted from payment of duties, levies and other
forms of taxation which are in accordance with the provisions of extant
statutes and international agreements.
is issued on items that are exempted from payment of duties, levies and other
forms of taxation which are in accordance with the provisions of extant
statutes and international agreements.
Mr
Paul Abechi, the Special Adviser to the Minister of Finance on Media and
Communications, made this known in a statement on Thursday.
Paul Abechi, the Special Adviser to the Minister of Finance on Media and
Communications, made this known in a statement on Thursday.
Abechi
said that a Full Business Case Compliance Certificate had been presented to the
ministry by ICRC.
said that a Full Business Case Compliance Certificate had been presented to the
ministry by ICRC.
According
to him, the Minister of Finance, Mrs Zainab Ahmed said that once completed the
project would help block leakages and improve the revenue base of the country.
to him, the Minister of Finance, Mrs Zainab Ahmed said that once completed the
project would help block leakages and improve the revenue base of the country.
She
said that the finance ministry would have to get the approval of the Federal
Executive Council before the Public Private Partnership of the project would
take full course.
said that the finance ministry would have to get the approval of the Federal
Executive Council before the Public Private Partnership of the project would
take full course.
According
to her, the government currently loses a significant amount in revenues due to
its inability to adequately control the IDEC processes.
to her, the government currently loses a significant amount in revenues due to
its inability to adequately control the IDEC processes.
“The
portal will give us control. It will help us to be able to track and monitor
the IDEC that we issue.
portal will give us control. It will help us to be able to track and monitor
the IDEC that we issue.
“It will also help us to monitor the
performance of the companies that we give this IDEC to and we will also be able
to interface the IDEC system with the Nigeria Customs Service,’’ she said.
performance of the companies that we give this IDEC to and we will also be able
to interface the IDEC system with the Nigeria Customs Service,’’ she said.
Also,
the Director-General of ICRC, Engr Izuwah said that the IDEC project was a very
laudable one and of great and urgent importance to enable the country cut the
huge revenue loses to the tune of over N2 trillion due to manual processes.
the Director-General of ICRC, Engr Izuwah said that the IDEC project was a very
laudable one and of great and urgent importance to enable the country cut the
huge revenue loses to the tune of over N2 trillion due to manual processes.
“We considered this a national revenue emergency and we gave
it the needed attention and turned it around very quickly,’’ he said.
it the needed attention and turned it around very quickly,’’ he said.
Izuwah also spoke on the need to create a Special
Concession Account, which according to him will be a huge opportunity to
increase the revenue that is available to the government and block leakages.
Concession Account, which according to him will be a huge opportunity to
increase the revenue that is available to the government and block leakages.
Forecore
Technology Solution Limited has been selected as the preferred partner to
develop, deploy, manage and transfer the automated IDEC for a 10-year concession
period. (NAN)
Technology Solution Limited has been selected as the preferred partner to
develop, deploy, manage and transfer the automated IDEC for a 10-year concession
period. (NAN)
