Monday, June 16, 2025
THE SNEAKERS
No Result
View All Result
  • Home
  • NIGERIAN NEWS
    • Biography/Net Worth
    • Business News
    • Entertainment News
  • INVESTIGATION
  • Real Estate
  • Travel News
  • Videos
ENigeria News
No Result
View All Result

LIRS Upgrades Revenue Collection Process for Hospitality Sector in Lagos State

by Mayowa Ajibola
February 24, 2025
in NIGERIAN NEWS
LIRS-Chairman-Ayodele-Subair

Ayodele-Subair-LIRS-Chairman

0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

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 directed at members of the public, operators and owners of hotels, event centres, restaurants, bars, and other related facilities in Lagos State 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, ENigeria News reports.

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 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 minimizing 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 enjoined all operators in the hospitality sector to adopt the Eco Fiscal System (EFS), emphasizing that operations on the system become effective IMMEDIATELY as Failure to comply is a contravention of the provisions in Sections 7(1), 8 and 9 of the Hotel Occupancy and Restaurant Consumption Fiscalization Regulation 2017 which attracts penalties as stipulated in Sections 11(2) of the HORC Law 2009.

Subair reiterated that EFS is compatible with various e-commerce platforms and can seamlessly integrate with existing accounting systems, ensuring a smooth implementation process. He promised 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.

“For further enquiries, taxpayers are encouraged to visit the LIRS website: www.lirs.gov.ng or call the customer service hotline on 0700 2255 5477”.

Related Posts

Comedian, Okey Bakassi Crowned As New King of His Village
Entertainment News

Comedian, Okey Bakassi Crowned As New King of His Village

April 28, 2025
EXCLUSIVE: Jude Okoye Released From Prison, As Trial Commenses
Entertainment News

EXCLUSIVE: Jude Okoye Released From Prison, As Trial Commences

April 23, 2025
Kwankwaso Defects to APC
Headlines

Kwankwaso’s Defection to APC Gathers Momentum

April 22, 2025
Drama in Court, as Peter Okoye Fails to Recall Wedding Date…
Entertainment News

Drama in Court, as Peter Okoye Fails to Recall Wedding Date…

April 16, 2025
Between Obi Cubana and Terry Waya: Highlight of Cubana’s #50for50 Birthday Extravaganza in Abuja
Entertainment News

Between Obi Cubana and Terry Waya: Highlight of Cubana’s #50for50 Birthday Extravaganza in Abuja

April 14, 2025
Biography of Paschal Dozie
Biography/Net Worth

Biography of Paschal Dozie, Wife, Children, Net Worth, As he Dies at 85

April 8, 2025
Next Post
Aproko-Doctor-wife

Aproko Doctor Biography, Wikipedia Profile, Wife, Net Worth, Etc…

Leave a Reply

Your email address will not be published. Required fields are marked *

ENigeria Newspaper is a  premium daily Nigerian newspaper committed to the objective coverage of news in Nigeria.

We publish news in categories like politics, economy, technology, general breaking news, investigative reports, including Travel and Tourism.

We discover, verify, and communicate reliable news in a fair and objective while also preserving the core ideals of professional journalism.

ENigeria News - Naija News, Nigerian Newspapers

Connect With Us

Categories

Nigerian News
Investigations
Real Estate
Travel News

Recent Posts

  • Tony Elumelu Led UBA Plc Under Attack Over Customer’s missing N106m
  • Comedian, Okey Bakassi Crowned As New King of His Village
  • EXCLUSIVE: Jude Okoye Released From Prison, As Trial Commences
  • Fraudsters Hack Union Bank’s System, Customers Lose N9.3 billion
  • Nigerian YouTuber’s 24 Hours Lagos Adventure Under $20
  • About Us
  • Contact Us
  • Diversity Policy
  • Privacy Policy
  • Terms Of Service

© 2025 ENIGERIA NEWS

No Result
View All Result
  • Home
  • NIGERIAN NEWS
    • Biography/Net Worth
    • Business News
    • Entertainment News
  • INVESTIGATION
  • Real Estate
  • Travel News
  • Videos

© 2025 ENIGERIA NEWS