Raw Food and Beauty Research Limited, a small business, has been awarded a ₦2 million cash prize and a brand-new car by the Federal Inland Revenue Service (FIRS) in recognition of its commitment to voluntary tax compliance. The award was presented during the seventh edition of FIRS’ annual Micro, Small, and Medium Enterprises (MSME) awards held in Abuja.
The initiative is part of FIRS’ broader effort to encourage MSMEs to formalise their operations by registering in the national tax system and consistently filing their Value Added Tax (VAT) and corporate income tax returns.
Speaking at the event, the FIRS Coordinating Director for Government Business and Medium Taxpayers, who represented Executive Chairman Zacch Adedeji, said the awards go beyond celebrating revenue contributions—they highlight businesses that are adopting responsible financial practices that support long-term growth.
“This award is not just about revenue—it’s about recognizing businesses that are taking steps to grow responsibly through formal financial practices,” he said.
FIRS also reaffirmed its focus on bringing more businesses from the informal sector into the formal economy. Through financial education, better record-keeping, and tax advisory support, the Service aims to help MSMEs access more opportunities while ensuring compliance with regulatory frameworks.
Dr. Adedeji emphasized that businesses operating below taxable income thresholds or within exempt categories would not be burdened but rather encouraged to build better structures that pave the way for future growth.
As part of its economic development strategy, FIRS pledged continued support for MSMEs through incentives, simplified processes, and inclusive policies designed to boost formalization and economic resilience.
