Nigerians to pay 7.5% VAT on Facebook from January

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Nigerians will be required to pay a 7.5 percent value-added tax () on all ad placements starting on January 1, 2022, according to .

This was stated in a statement released by the social media giant yesterday, obtained by Ejes Gist News

The fee will be applied to those who purchase ads for business or personal reasons, according to the statement.

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is required to charge on the sale of ads to advertisers, regardless of whether you’re buying ads for business or personal purposes, due to the implementation of a value-added tax () in Nigeria,” the statement reads.

“Beginning January 1, 2022, all advertisers with a business in Nigeria will be charged an additional 7.5 percent VAT on advertising services purchased.”

 

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Those who are exempt from VAT will be able to recover the money if they provide their tax ID, according to the statement.

“Your VAT ID will appear on your ads receipts if you’re registered for VAT and provide your VAT ID,” it added.

“If you are a VAT registered business in Nigeria and are entitled to recover VAT, this may help you recover any VAT you paid to the Nigerian tax authorities,” the company said.

Instagram, FB Messenger, and the Facebook social media channel are all owned by Facebook (now META).

Instagram ads will be subject to the new 7.5 percent VAT charge.

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The federal is currently developing taxation strategies for the digital economy in order to increase revenue. President Muhammadu Buhari has sent the 2021 Finance Bill to the National Assembly.

The bill aims to give the Federal Inland Revenue Service (FIRS) the authority to assess and collect corporate income tax (CIT) from any digital company with a significant presence in the country, such as Facebook, Twitter, AliExpress, and others.

In a cash-strapped economy, it will increase revenue and broaden the tax net if passed into law.

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