The Lagos State Internal Revenue Service (LIRS) yesterday, announced its intention to implement an enhanced process for collecting Hotel Occupancy and Restaurants Consumption Tax (HORCT) in Lagos State.
In a statement, Ayodele Subair, the Executive Chairman of LIRS, revealed that the Eco Fiscal System (EFS), a newly introduced automated invoicing solution, is set to transform the collection of consumption taxes 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.”
“Our goal is to empower businesses with innovative solutions that enhance their operational efficiency and minimize compliance challenges. Businesses can focus on their core operations, leaving the complex task of tax compliance to our reliable and automated system.”’
While encouraging stakeholders in the hospitality sector to embrace the Eco Fiscal System (EFS), he guaranteed that LIRS representatives would visit establishments within the industry. Their purpose would be to integrate the software with current systems and offer essential support to ensure a smooth transition to the EFS platform.