The Lagos State Internal Revenue Service has deployed an upgraded process for the collection of Hotel Occupancy and Restaurants Consumption Tax in the state.
In a statement signed by Executive Chairman, LIRS, Ayodele Subair, on Monday, the LIRS said that the new collection process called the Eco Fiscal System is an automated invoicing solution, designed to revolutionize the collection of consumption taxes in Lagos State.
The new EFS will affect the operations of the public, operators, and owners of hotels, event centers, restaurants, bars, and other related facilities in Lagos State
Subair said;
This technological advancement marks a significant leap in our continuous efforts to enhance revenue collection, streamline processes, and improve efficiency in tax administration. It simplifies compliance and improves accuracy
It was revealed that the manual collection of HORCT collection had been fraught with errors, penalties and increased costs.
Subair affirmed by saying;
However, with LIRS’ cutting-edge software, businesses can now automate and digitise their invoicing and collection processes. Built with operators in this sector in mind, EFS offers real-time online consumption tax billing, collection monitoring, and instant issuance of receipts with a unique invoice number. It also reduces compliance costs, facilitates easy administration and reconciliation for HORCT collections, and fosters transparency
