A small business, Raw Food and Beauty Research Limited, has received a ₦2 million cash prize and a brand-new car for its commitment to tax compliance, as part of the Federal Inland Revenue Service’s (FIRS) annual MSME awards.
The recognition, now in its seventh edition, is aimed at encouraging micro, small, and medium enterprises (MSMEs) to embrace voluntary tax compliance as a pathway to growth and formalisation.
Speaking at the event in Abuja, the FIRS Coordinating Director for Government Business and Medium Taxpayers, Dr. Dick Irri, who represented the Executive Chairman, Dr. Zacch Adedeji, said the initiative targets small businesses that have registered online, entered the national tax net, and consistently filed VAT and corporate tax returns.
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“This award is not just about revenue—it’s about recognising businesses that are taking steps to grow responsibly through formal financial practices,” Dr. Irri noted.
He added that the Service is focused on integrating more businesses from the informal sector into the formal economy through education, record-keeping guidance, and tax advisory support.
Dr. Adedeji also reaffirmed that businesses operating below the tax threshold or in exempted categories would not be unfairly taxed but encouraged to build structures that give them access to more opportunities.
The FIRS said it will continue to support MSMEs with incentives and simplified processes as part of a broader economic development strategy.
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