The social media giant made this announcement in a statement issued on Thursday where it disclosed that the charge will apply to those buying ads for businesses or personal purposes.
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.
“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.”
Facebook (now META) is the parent company of Instagram, FB Messenger, and Facebook social media channel. The new 7.5 per cent VAT charge will also apply to adverts on Instagram.
KanyiDaily recalls that Facebook Chairman and CEO, Mark Zuckerberg recently announced that the social media giant changed its name to META, saying it will reflect the company’s efforts on rebranding its future operations.