Lagos State Internal Revenue Service Implements Eco Fiscal System for Streamlined Hospitality Tax Collection.

The Lagos State Internal Revenue Service (LIRS) has unveiled an advanced approach to collecting Hotel Occupancy and Restaurants Consumption Tax (HORCT) in the region. In a public notice directed at stakeholders in the hospitality sector, including hotel owners, event centers, restaurants, and bars, the Executive Chairman of LIRS, Ayodele Subair, introduced the Eco Fiscal System (EFS). This automated invoicing solution is designed to transform the process of collecting consumption taxes, aligning with LIRS’s commitment to enhancing convenience and compliance with tax laws. Subair emphasized that the EFS, an evolution in tax collection, aims to simplify payments and reduce errors associated with manual data entry. Businesses adopting the EFS can benefit from accurate calculations, as the system automatically applies relevant tax rates, saving time and resources. Additionally, the software ensures secure and efficient record-keeping, facilitating audits and minimizing compliance risks. “We aim to empower businesses with innovative solutions that boost operational efficiency and minimize compliance challenges. By entrusting tax compliance to our reliable and automated system, businesses can focus on their core operations,” stated Subair. He urged all operators in the hospitality sector to swiftly adopt the EFS, emphasizing that non-compliance would contravene provisions in the Hotel Occupancy and Restaurant Consumption Fiscalisation Regulation 2017. Failure to comply carries penalties outlined in the HORC Law 2009. Subair assured that the EFS is compatible with various e-commerce platforms and seamlessly integrates with existing accounting systems, ensuring a smooth implementation process. LIRS officials are committed to 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. For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.