The Lagos State Internal Revenue Service (LIRS) has announced the digitalisation of the process of revenue of Hotel Occupancy and Restaurants Consumption Tax from owners of the facilities in the state.
According to the Executive Chairman of LIRS, AYODELE SUBAIR, the public operators and owners of hotels, event centres, restaurants, bars, and other related facilities in Lagos State should be aware that the new collection process called the Eco Fiscal System (EFS) is an automated invoicing solution, designed to revolutionise the collection of consumption taxes in the state.
He stressed that the EFS evolution is furthering LIRS’ commitment to building convenience into paying taxes and easing compliance with tax laws.
SUBAIR further affirmed that by adopting the EFS, businesses could ensure accurate calculations, eliminating the risk of mistakes associated with manual data entry, adding, “The system automatically applies relevant tax rates, saving businesses valuable time and resources.
He added that the software provides secure and efficient record-keeping, simplifying audits and minimising compliance risks.
He also enjoined all operators in the hospitality sector to adopt the EFS while emphasising that operations on the system become effective immediately.