Facebook parent company Meta had given its Nigerian customers to update their records containing their value-added tax (VAT) identification numbers by February 25. The company said it made recent updates to allow some Nigerian customers to provide 11 or 12 digit VAT identification (ID) to pay the 7.5 percent charge.
It also added that those who already have their VAT ID can easily use receipts for other paid taxes.
“It was identified that some Nigerian customers were unable to provide their 11- or 12-digit VAT ID. An update has been made so that our system will now accept both 11- and 12-digit VAT IDs. If you want your VAT ID to show up on your ads receipts, please take the following steps below to update your VAT ID,” the statement reads.
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“In addition, if you have previously provided a VAT ID that is not 11 or 12 digits, please update it by 25 February 2022. All VAT IDs that do not comply with this format requirement will be removed after this day.
“If you are registered for VAT and provide your VAT ID, your VAT ID will show up on your ads receipts. In the event that you’re entitled to recover the VAT, this may help you recover any VAT you paid to the Nigerian tax authorities.”
Meta said customers should follow the following steps to add their VAT ID to their ad account.
“Go to payment settings, click “edit” business info, scroll down to the field labelled “VAT ID” and add your VAT ID,” the company said.
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Last year, Facebook (now META) had announced all advertisers from Nigeria would pay an additional 7.5 percent VAT on ad placement from January 1, 2022.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry