OYO MOVES TO BRING HOTELS, LOUNGES INTO TAX NET

The Oyo State Government has announced plans to bring hotels, lounges and other hospitality businesses across the state into its tax net as part of efforts to increase internally generated revenue and improve data collection.
The government said the initiative would also help it obtain accurate information on businesses operating within the hospitality sector and strengthen monitoring and security measures.
Officials said the exercise would involve identifying and documenting hospitality establishments across the state to ensure that businesses operating within the sector comply with applicable tax obligations.
The move is part of the state government’s broader efforts to expand its revenue base and improve the efficiency of its tax administration.
The government also said better data on hospitality businesses would support planning, regulation and security operations across the state.
Further details on the implementation of the exercise and the specific tax obligations applicable to affected businesses are expected to be provided by the relevant state authorities.