The Facebook authority has revealed that Nigerians will commence the payment of 7.5% Value Added Tax (VAT) on all facebook Ads from next year. The social media giant made the disclosure yesterday Thursday saying the charges will only apply to those buying ads for businesses or personal purposes in compliance with VAT implementation in the country.
Accordingly, those exempted from the VAT payable will be refunded after they duly present their tax ID to the authorities. It will work in such a way that if you are already registered for VAT and provide your VAT ID, the said ID will pop up on your Ad receipt.
However, if a person is amongst the exempted fellows from the VAT payment VAT and entitle for refund,” this may help you recover any VAT you paid to the Nigerian tax authorities if you are a VAT registered business in Nigeria.”
The Tech giant, now call Meta added that ads on Instagram will also attract the 7.5%VAT as stipulated by the law. Facebook (meta) is a parents company of Whatapp, Instagram, Facebook messenger and Facebook media channel.
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