Nigerians To Pay 7.5% VAT On Facebook Ads
Nigerians To Pay 7.5% VAT On Facebook Ads
Facebook has said that Nigerians will pay 7.5 percent value-added tax (VAT) on all ad placements from January 1st 2022.Information Guide Nigeria
As reported by BUSINESS HALLMARK, the company announced this in a statement issued on Thursday.
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Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaAccording to the company, the charge will apply to those buying ads for businesses or personal purposes.
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BUSINESS HALLMARK reports that the new 7.5 percent VAT charge will also apply to Instagram ads.
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.
According to the statement, those exempted from VAT would be able to recover the fund if they provide their tax ID.Jamb Result
“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.”
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