Nigerian consumers should update their value-added tax (VAT) identification numbers by February 25, according to Meta, Facebook's parent company.
This was said in a statement released on Thursday by the social media behemoth.
The company claimed it recently updated its software to allow select Nigerian clients to pay the 7.5 percent levy by providing an 11 or 12 number VAT identifier (ID).
It also stated that those who currently have a VAT ID can use receipts for other taxes paid with ease.
The statement reads in part, "
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.”
How To Add VAT ID To Facebook Ads
Customers should follow the procedures below to add their VAT ID to their ad account, according to Meta."Go to payment options, click "change" business info, scroll down to the "VAT ID" section, and enter your VAT ID," according to the corporation. From January 1, 2022, all marketers from Nigeria will pay an additional 7.5 percent VAT on ad placement, according to Facebook (now META).©Standard Gazette, 2021. Unauthorized use and/or duplication of this material without express and written permission from this site’s publisher is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Standard Gazette with appropriate and specific direction to the original content.