Lagos Introduces New Tax Law For Hospitality Business
Posted On Feb 24, 2018
The Lagos State Government has launched a new regulation for fiscalization of the Hotel Occupancy and Restaurant Consumption Tax Law.
The launch comes with a charge on stakeholders in the hospitality industry to embrace the initiative designed to put efficient machinery in place to enhance collection process and ensure compliance.
Speaking at a stakeholders’ meeting held at Lagos House in Alausa, to sensitize owners of hotels, restaurants, bars and event centres in the State on the new regulation, State Governor, Mr. Akinwunmi Ambode said that the automation of the system was introduced to address the high level of under-payment and non-remittance of what is due to government.
Governor Ambode, who was represented by the State’s Deputy Governor, Mrs. Idiat Adebule said it was important for all stakeholders to play their part in scaling up taxation being one of the ways government is able to fund its activities and implement projects and policies for the overall benefit of the people.
“As progressive partners in the development of our dear State, we solicit for your co-operation and support at actualizing this noble initiative.
“All hoteliers, event centre proprietors, restaurant and bar owners must allow the integration of their systems along with the Lagos State Internal Revenue Service (LIRS) server to facilitate the monitoring of consumption tax transactions and remittance of same to the State.
“We must be alive to our responsibilities by paying taxes due in order to ensure the development of our dear State,” Governor said.