Value-Added Tax: Facebook Gives Nigerian Users Deadline
Following the Value-Added Tax, Ibom Focus reports that Facebook Gives Nigerian Users Deadline
Meta, the parent company of Facebook, has asked Nigerian advertisers to update their Value-Added Tax identification numbers by February 25.
Failure to do so, the social media giant said Nigeria customers risk not having their adverts displayed on the platform.
This is after the Federal Government announced plans to tax foreign-based social media platforms earning money from Nigerian advertisers.
The social media platform’s parent company, Meta, in an apparent bid to comply with the government regulation also requested its Nigerian customers to carry out basic requirements to help its compliance.
In a statement on Thursday, Facebook said recent updates have been made to allow Nigerian customers to provide 11 or 12 digit VAT identification to pay the 7.5 percent charge.
Facebook had last year announced that all advertisers from Nigeria would pay an additional 7.5 percent VAT on ad placement from January 1, 2022.
The statement read, “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.
“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. If you’re entitled to recover the VAT, this may help you recover any VAT you paid to the Nigerian tax authorities.”
The steps Meta said advertisers can use to add their VAT ID to their ad accounts, are: “Go to payment settings, click “edit” business info, scroll down to the field labelled “VAT ID” and add your VAT ID”.
Value-Added Tax