Sanwo-olu:  Lagos Ready to Receive New Local, Foreign Investments

Sanwo-olu:  Lagos Ready to Receive New Local, Foreign Investments

•LIRS announces deployment of upgraded revenue collection process

The Lagos State Governor, Mr. Babajide Sanwo-Olu, yesterday reiterated his administration’s commitment to receiving investments from local and international companies, saying that the state remains ready for business.

The governor spoke during a visit by the management of Daewoo Engineering and Construction Nigeria Limited, led by its Group Chairman, Mr. Jung Won Ju, at the Lagos House, Ikeja.

Sanwo-Olu assured investors that his administration will create an enabling environment for investments and businesses to grow in the state, stressing that the government was ready to partner with Daewoo in automobile, real estate and technology.

He said: “Lagos is ready for business and it is open for new investments. I know Daewoo Nigeria has been here for a while but this is an opportunity for you to take that relationship to another level.

“So, on this your visit, don’t let it just be a visit to show; let it be a visit of commitment and real partnership. Let it be a visit where there will be real transactions on the table that both of us can take away.

“Our city is open. We are ready and willing to create that partnership with you in automobile, real estate and technology because we have a very strong and capable youth population that is dynamic. They are very professional and they are ready to work.”

Speaking earlier, Won Ju said his company will be investing in real estate and infrastructure in Nigeria, saying Lagos has been identified as one of the major investment areas since it is the economic capital of Nigeria.

Also speaking, the General Manager, Contract and Business Development of Daewoo, Mr. Adekunle Ilesanmi, said the company was going to be investing in housing, real estate and infrastructure.

Meanwhile, the Lagos State Internal Revenue Service (LIRS) has announced the immediate deployment of an upgraded process for the collection of Hotel Occupancy and Restaurants Consumption Tax (HORCT) in Lagos state.

The Executive Chairman of the LIRS, Ayodele Subair, in a public notice directed at members of the public, operators and owners of hotels, event centres, restaurants, bars, and other related facilities in Lagos state said the new collection process called the Eco Fiscal System (EFS) is an automated invoicing solution, designed to revolutionise the collection of consumption taxes in Lagos State.

He stated that the EFS evolution was in furtherance of LIRS’ commitment to building convenience into the payment of taxes and easing compliance with tax laws.

“This technological advancement marks a significant leap in our continuous efforts to enhance revenue collection, streamline processes, and improve efficiency in tax administration. It simplifies compliance and improves accuracy,” he said.

Subair affirmed that by adopting the EFS, businesses can ensure accurate calculations, eliminating the risk of mistakes associated with manual data entry.

 The system, he said, automatically applies relevant tax rates, saving businesses valuable time and resources. He added that the software provides secure and efficient record-keeping, simplifying audits and minimizing compliance risks.

“Our goal is to empower businesses with innovative solutions that enhance their operational efficiency and minimise compliance challenges. Businesses can focus on their core operations, leaving the complex task of tax compliance to our reliable and automated system,” Subair said.

He enjoined all operators in the hospitality sector to adopt the new system, emphasising that operations on the system have become effective immediately.

He added that failure to comply will be a contravention of the provisions in the Regulation of 2017, which he said attracts penalties as stipulated in Sections 11(2) of the HORC Law 2009.

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