- Lagos State Internal Revenue Service (LIRS) has introduced a digitalized payment solution platform called the Eco Fiscal System (EFS) for the hospitality sector in Lagos State.
- The EFS software must be downloaded and installed by all operators in the sector, and it will interface with the point of sale (PoS) to transmit records of all sale transactions to the LIRS Online Tax System (OTS) in real time.
- The primary objective is to automate the collection of the Hotel Occupancy and Restaurant Consumption Tax (HORCT).
- Key features of the EFS include real-time online monitoring of consumption tax collection, instant issuance of receipts with unique invoice numbers, reduction in compliance costs for operators, and promotion of transparency.
- Failure to comply with the directive will be considered a violation of the provisions outlined in the Hotel Occupancy and Restaurant Consumption Fiscalization Regulation 2017.
Source: kpmg.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
