An automated invoicing solution for revenue collection in the hospitality industry has been introduced by Lagos state government through the Lagos State Internal Revenue Service (LIRS)
The anouncement was made by the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Ayodele Subair, the made the announcement through a public notice addressing individuals, operators, and proprietors of hotels, event centres, restaurants, bars, and similar establishments in Lagos State.
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In the notice, he introduced the Eco Fiscal System (EFS), an automated invoicing solution intended to transform the process of collecting consumption taxes in Lagos State.
Subair emphasized that the development of EFS aligns with LIRS’ dedication to enhancing the convenience of tax payments and facilitating compliance with tax laws.
He stated thus, “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”
Problems of the previous collection system
He explained that historically, the collection of HORCT has posed a challenging task for operators, marked by a manual process that frequently resulted in errors, penalties, and escalated costs. However, with LIRS’ state-of-the-art software, businesses can now streamline and digitize their invoicing and collection processes.
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Mr. Subair emphasized that the implementation of the EFS enables businesses to achieve precision in calculations, eliminating the potential for errors often linked with manual data entry.
The system seamlessly applies applicable tax rates, saving businesses both time and resources. Additionally, he highlighted that the software ensures secure and efficient record-keeping, streamlining audit processes and reducing compliance risks.
The statement read, “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 further reiterated that the EFS is compatible with a range of e-commerce platforms and can effortlessly integrate with current accounting systems, guaranteeing a seamless implementation process.
He called on operators in the industry to adhere to the new system as failure to do so amounts to contravention of the relevant regulations guiding the sector and attracts punishment
