The Lagos State Internal Revenue Service (LIRS) has launched an electronic system, the ‘eco fiscal system’ (EFS), for the collection of hotel occupancy and restaurants consumption tax (HORCT).
Ayodele Subair, the Executive Chairman of LIRS, announced this development on Monday, describing the EFS as an automated invoicing solution aimed at modernizing consumption tax collection in the state.
The new system is designed to simplify compliance, improve accuracy, and streamline the entire tax collection process.
Subair emphasized the benefits of EFS, including real-time online tax billing, collection monitoring, and instant receipt issuance with a unique invoice number.
The technology aims to enhance operational efficiency and minimize compliance challenges for businesses in the hospitality sector.
The LIRS encourages all operators in this industry to adopt the EFS for immediate effect.
Failure to comply may contravene relevant regulations, and LIRS officials will assist with the integration of the system into existing operations.