Nigerians on Social media platform Facebook and Instagram have been exclusively asked to pay 7.5 percent VAT [value-added tax] on all ad placements from January 1, 2022.
According to Facebook, The charge is also extended to those who purchease ads for businesses or personal purposes.
Furthermore, If one has previously registered for VAT and provides his /her VAT ID, their Tax ID will show up on their ads receipts. But in special cases, it also helps in the recovery of any VAT paid to the account of the Nigerian tax authorities if the public or private source of livelihood is a VAT registered business in Nigeria.
The tech giant’s end to end encryption plan for its platforms – Facebook and Instgram is currently on being delayed by META until 2023.