Home News LIRS deploys upgraded revenue collection process for hospitality sector in Lagos

LIRS deploys upgraded revenue collection process for hospitality sector in Lagos

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Ayodele Subair, Executive Chairman, LIRS

LAGOS (Sundiata Post) – The Lagos State Internal Revenue Service (LIRS) has announced the immediate deployment of an upgraded process for the collection of Hotel Occupancy and Restaurants Consumption Tax (HORCT) in Lagos State.

The Executive Chairman of the LIRS, Ayodele Subair, in a public notice seen by Sundiata Post on Monday said the new collection process called the Eco Fiscal System (EFS) is an automated invoicing solution, designed to revolutionize the collection of consumption taxes in Lagos State.

He stated that the EFS evolution is in furtherance of LIRS’ commitment to building convenience into the payment of taxes and easing compliance with tax laws.

“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”.

Traditionally, HORCT collection has been a tedious task for operators in the past, the manual process often led to errors, penalties and increased costs. However, with LIRS’ cutting-edge software, businesses can now automate and digitize 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.

Mr. Subair affirmed that by adopting the EFS, businesses can ensure accurate calculations, eliminating the risk of mistakes associated with manual data entry. 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.

“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”, he said.