The Lagos State Internal Revenue Service, LIRS, yesterday, said it plans to deploy an upgraded process for the collection of Hotel Occupancy and Restaurants Consumption Tax, HORCT, in Lagos State.
In a statement, the Executive Chairman of the LIRS, Ayodele Subair, said the new collection process, called the Eco Fiscal System, EFS, is an automated invoicing solution, designed to revolutionise the collection of consumption taxes in Lagos State.
According to nSubair, “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.”
He added that the EFS evolution is in furtherance of LIRS commitment to building convenience into the payment of taxes and easing compliance with tax laws.
Subair said that by adopting the EFS, businesses could ensure accurate calculations to eliminate risk of mistakes associated with manual data entry.
The system, according to him, automatically applies relevant tax rates, saving businesses valuable time and resources, while assuring that the software provides secure and efficient record keeping, simplifying audits and minimising compliance risks.
While he urged operators in the hospitality sector to adopt the Eco Fiscal System, EFS, he assured that LIRS officials would be visiting establishments in the hospitality industry, to integrate the software with existing systems and provide necessary assistance for a seamless transition to the EFS platform.