Social media giant, Facebook says from January 1, 2022 Nigerians will pay 7.5 percent value-added tax (VAT) on all advert placements.
Facebook in a statement on Thursday, said the charge will apply to those buying adverts for businesses or personal purposes.
It said those exempted from VAT would be able to recover the fund if they provided their tax ID.
Part of the statement reads,
“Due 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 you’re buying ads for business or personal purposes.
“All advertisers with a business country of Nigeria will be charged an additional 7.5% VAT on advertising services purchased beginning 1 January 2022.
“If you’re 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 if you are a VAT registered business in Nigeria.
