Lagos digitizes hotel, restaurant revenue collection

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The Lagos State Internal Revenue Service has introduced the Eco Fiscal System, an automated solution, to digitize Hotel Occupancy and Restaurants Consumption Tax collection.

Executive Chairman Ayodele Subair highlighted its benefits, including real-time billing, monitoring, and secure record-keeping, aiming to enhance efficiency and minimize compliance challenges for businesses in the hospitality sector.

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Subair emphasized immediate adoption, stating that non-compliance would result in penalties outlined in the relevant regulations.

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