West Metro Limited (WML), a corporate technology provider, has initiated an auto-tracking system to accelerate Federal Inland Revenue Service, FIRS, monitoring of Value Added Tax, VAT, in the hospitality sector.
The auto-remittance technology is designed to automatically track VAT from various points of transaction in the hospitality sector all the way to final payment with as little human intervention as possible.
Soji Abolarin, Executive Director WML, who spoke at a stakeholder round table in Lagos said the initiative was targeted at actualising the revenue collection goals of the service and plug leakages using improvised technology.
Abolarin explained that it will primarily perform automatic reporting of VAT at transaction source using the principles of fiscalisation and automatic remittance to the federation account (VAT Auto Deduct).
According to him, hospitality operators and regulatory bodies will expend less energy on manual records management as the electronic system would make necessary communication with the FIRS on their behalf.