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He explained that the federal government was focused on creating an environment that enabled MSMEs by providing tax relief and exemptions.

“The Federal Government, through FIRS, has introduced reforms to reduce the financial burden on MSMEs. Small businesses, as classified under the Company Income Tax Act, are exempt from companies income tax and are also exempt from the obligation to collect value-added tax,” the FIRS boss said.

He noted that the government’s tax policies were designed to support MSMEs by reducing the complexity of tax compliance, encouraging greater participation in the formal economy, and ensuring that more businesses benefit from tax incentives.

He also revealed that FIRS was considering proposals to further raise the threshold for tax exemptions to bring more MSMEs into the fold.

The MSME Finance Awards, which celebrated excellence in MSME finance, underscored the role MSMEs play in the Nigerian economy.

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