You are here
Home > Don't Miss > JUST IN: Facebook Hits Nigerians With Hefty Fees Of 7.5 Percent VAT On Advertisement From Jan 1

JUST IN: Facebook Hits Nigerians With Hefty Fees Of 7.5 Percent VAT On Advertisement From Jan 1

Spread the love

Facebook has announced that Nigerians will pay 7.5 percent value-added tax (VAT) on all advertisement placements from January 1, 2022.

The social media giant said this in a statement issued on Thursday, 9 December.

According to the statement, the charge will apply to those buying advertisements for businesses or personal purposes.

“Due to implementation of a value-added tax (VAT) in Nigeria, Facebook is required to charge VAT on the sale of advertisements to advertisers, regardless of whether you’re buying advertisements 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 identification.

“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.”

Facebook (now META) is the parent company of Instagram, FB Messenger, and Facebook social media channel.

According to The Cable, the new 7.5 percent VAT charge will also apply to Instagram advertisements.

The federal government is currently working on modalities to tax the digital economy and improve revenue. President Muhammadu Buhari had transmitted the 2021 Finance Bill to the national assembly.

The Street Journal had reported that the bill empowers the Federal Inland Revenue Service (FIRS) to assess and charge companies income tax (CIT) on any digital company with a significant presence in the country, such as Facebook, Twitter, AliExpress, others.

Lady Decency
Decency Global News is one of the world's finest blog you can see anywhere around the world. We deal on fresh facts with indept analysis & investigative reporting across the globe. We advertise & market goods & services for corporate bodies and individuals as well as event management & Public Relations consultation…. We appreciate constructive criticism to serve you better. Welcome & enjoy the news... Contact: ella4decency@gmail.com Tell: +234 803 744 6365 +33757936595
Top