META the parent company of Facebook and Instagram has announced that Nigerians from January will be charged 7.5 percent value-added tax for using Facebook and Instagram for adverts.
The social media giant said this in a statement issued on Thursday.
According to the statement, the charge will apply to those buying ads for businesses or personal purposes.
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,” the statement reads.
“All 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.
“If you’re registered for VAT and provide your VAT ID, your VAT ID will show up on your ads receipts,” it added.
“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.”
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