The Federal Inland Revenue Service (FIRS) has called on Micro, Small and Medium Enterprises with a turnover of less than N50 million to take advantage of the recent Tax Laws signed by President Bola Ahmed Tinubu and invest in the economy.

Daily Trust reports that President Tinubu on Thursday signed four tax reform bills into law signaling a new era in Nigeria’s tax system.

The FIRS made the call through its Chairman, Dr Zacch Adedeji, during the presentation of car gift and cash prices at the National Micro Small and Medium Enterprises (MSMEs) 2025 awards in Abuja.

Represented by the Coordinating Director of the Medium and Government Taxpayers Group, Dr Dick Irri, he said, “It is time for MSMEs out there that are not tax compliant to begin to have a rethink and come out to invest and also comply with relevant laws as related to tax.

“The president just signed the tax laws and the focus is to grow every business. So my message is that don’t run away, bring yourself to be known. Our intention is to grow you from small to medium, and from medium to large. What we are looking at is moving you from informal to formal.

“As long as you are within the informal sector, all we are interested in is to give you the support, that you need especially those within the threshold of exemption, which is below N50 million,” he said.

Speaking on the awards, he said, “It is the 7th in its series as the Service continues to recognise tax-compliant MSMEs across the country. This year’s winner, which is Raw Food and Beauty Research Limited, is going home with a cash gift of N2 million and a brand new car.”

On the criteria used for selection, he said, “First and foremost the registration, as you need to be registered and recognised and your data must come into the database. Thereafter, we also look at your filing not in terms of the amount that you pay, no, but in terms of compliance with filing and also timeliness in payment.”