Abuja: The Federal Inland Revenue Service (FIRS) has awarded Raw Food and Beauty Research Ltd., an MSME operator, with N2 million and a brand-new car for exemplary tax compliance. This recognition was presented at the 7th National Micro, Small and Medium Enterprises (MSMEs) Award in Abuja by the Executive Chairman of FIRS, Dr. Zacch Adedeji, represented by Mr. Dick Irri, Director of the Government and Medium TaxPayers Group (GMTG).
According to News Agency of Nigeria, the reward acknowledges the company’s diligent compliance with tax obligations and aims to promote voluntary tax compliance among Nigeria’s small business community. The FIRS has a tradition of awarding top-performing MSMEs with car and cash prizes, reinforcing the message that voluntary compliance can lead to tangible benefits.
Dr. Adedeji emphasized that the award criteria include timely business registration, entry into the national tax net, regular filing of Value Added Tax (VAT) and corporate taxes, and prompt remittances. The initiative supports businesses from their early stages to becoming medium and large-scale taxpayers, with tax compliance being a crucial part of this growth journey.
The FIRS Taxpayers Service Department actively engages with small business operators, offering education, advisory support, and record-keeping guidance to ensure they meet their tax obligations without undue burden. This approach is designed to foster business growth through formalization and financial discipline.
The commitment of FIRS to supporting the small business ecosystem aligns with the Federal Government’s economic strategy, aiming to integrate informal sector businesses into the formal economy. The National MSME Awards, an annual event, honors outstanding indigenous MSMEs, spotlighting efforts to support their growth while fulfilling civic responsibilities.