Facebook Issues Deadline for Nigerian Advertisers to Update VAT Records

• Meta, Facebook’s parent company has warned Nigerian advertisers to update their Value-Added Tax identification number before using the platform’s ad

• Users who fail to do so before February 25th, risk not having their adverts displayed on the platform

• The directive was issued after the Federal Government of Nigeria issued a tax to foreign-based social media companies that earn from Nigerian advertisers

Facebook’s parent company Meta has advised Nigeria-based advertisers to update their Value-Added Tax identification numbers by February 25th to ensure continued access to its ad feature.

The tech giant warned that those who fail to provide the required information before the deadline risk not having their adverts displayed on the platform.
The announcement follows a directive that was issued by the federal government that foreign-based social media platforms earning from Nigerian advertisers will be taxed.
The social media company has taken the action to ensure that it complies with the government’s regulation and the tax information for the customer has become mandatory for advert placement.

In the statement that was released on Thursday, the company disclosed that updates have been made that will allow Nigerian customers to include an 11 or 12-digit VAT identification number to pay the 7.5% tax.

Read also: Meta Threatens to Close Business in Europe

It will be recalled that Facebook released a statement late last year, announcing that all advertisers from Nigeria will be required to pay an additional 7.5% VAT on ad placement.

Meta added that advertisers can add their VAT ID to their accounts by selecting clicking the edit button under “Payment settings” and selecting the field labeled “VAT ID”.

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