In a bid to promote voluntary tax compliance and foster the growth of small businesses across Nigeria, the Federal Inland Revenue Service (FIRS) has recognized Raw Food and Beauty Research Limited, a Micro, Small and Medium Enterprise (MSME), for its outstanding adherence to tax regulations. The company was awarded a brand-new car and a substantial cash prize of N2 million in recognition of its exemplary tax compliance record.
The prestigious award was presented during the 7th edition of the National MSME Awards held in Abuja, as part of the FIRS’ ongoing efforts to encourage businesses to fulfill their tax obligations and contribute to the nation’s economic development. The initiative underscores the FIRS’ commitment to creating a supportive environment for MSMEs, which are widely recognized as key drivers of economic growth and job creation.
Speaking at the event, Dr. Dick Irri, the Coordinating Director of the Government Business and Medium Taxpayers Group, represented the FIRS Executive Chairman, Dr. Zacch Adedeji. He emphasized that the initiative is designed to recognize and reward MSMEs that have consistently met their tax obligations, thereby setting a positive example for other businesses to follow.
According to Dr. Irri, eligible businesses are evaluated based on several key criteria, including timely registration on the tax portal, inclusion in the national tax net, regular and accurate filing of Value Added Tax (VAT) and corporate income taxes, as well as prompt payment of all tax liabilities. By rewarding compliant businesses, the FIRS aims to incentivize others to prioritize tax compliance and contribute to the overall growth and stability of the Nigerian economy. This initiative is part of a broader strategy to improve tax revenue collection and promote a culture of tax compliance across the country.
