Business Lagos Assembly Passes 'Fiscalization' Bill Boost State Revenue Through Taxation

P

ProfRem

Guest
Lagos State House of Assembly at plenary on Tuesday passed a regulations on Hotel Occupancy and Restaurant Consumption (Fiscalization) designed to ensure that hotels and event centers remit due taxes to the state government.

The regulation will also guide against the evasion of taxes by these business concerns thereby boosting the revenue of the state.

The Regulations includes the registration of electronic fiscal devices, installation of fiscalization software and hardware, power to enter and inspect notifications of points of sale in the hotels and restaurant amongst others.

The Chairman of the 5-man Ad hoc Committee on Finance, Hon. Oluyinka Ogundimu who said he held series of meetings with the Commissioner for Finance and Chairman, Lagos State Internal Revenue Service stated that the regulations will bring about increase in the revenue accruable to the State and the installation of software and hardware for effective monitoring of sale transactions in hotels, restaurants and event centres.

Ogundimu said the Commissioner for Finance, Mr. Ashade said the importance of the regulation is to have the backing of law for easy implementation and also to help the State get the revenue as at when due, including the introduction of the fiscal electronic device which was due to the non-remittance of consumption tax by hotels.

- TheNation
 

Attachments

  • lagos assembly.JPG
    lagos assembly.JPG
    53.5 KB · Views: 21
Back
Top