The Lagos State Internal Revenue Service (LIRS) has introduced an upgraded system, known as the Eco Fiscal System (EFS), for the collection of Hotel Occupancy and Restaurants Consumption Tax in the state.

According to Ayodele Subair, the Executive Chairman of LIRS, the EFS is an automated invoicing solution designed to modernize the collection of consumption taxes in Lagos State.

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The new system will impact the operations of hotels, event centers, restaurants, bars, and related facilities in the state.

Subair emphasized that the technological advancement aims to simplify compliance, improve accuracy, and enhance overall efficiency in tax administration.

The EFS offers real-time online consumption tax billing, collection monitoring, and instant issuance of receipts with unique invoice numbers, reducing compliance costs and promoting transparency in the collection process.

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The move is expected to address issues such as errors, penalties, and increased costs associated with the previous manual collection of Hotel Occupancy and Restaurants Consumption Tax.