Facebook says Nigerians will pay 7.5 per cent value-added tax (VAT) on all ad placements from January 1, 2022.
The social media giant said this in a statement issued yesterday.
According to the statement, the charge will apply to those buying ads for businesses or personal purposes.
โDue to implementation of a value-added tax (VAT) in Nigeria, Facebook is required to charge VAT on the sale of ads to advertisers, regardless of whether youโre buying ads for business or personal purposes,โ the statement reads.
โAll advertisers with a business country of Nigeria will be charged an additional 7.5% VAT on advertising services purchased beginning 1 January 2022.
The statement added that those exempted from VAT would be able to recover the fund if they provided their tax ID.
โIf youโre registered for VAT and provide your VAT ID, your VAT ID will show up on your ads receipts,โ it added.
โIn the event that youโre entitled to recover the VAT, this may help you recover any VAT you paid to the Nigerian tax authorities if you are a VAT registered business in Nigeria,โ the company said. (Nation)