Social media giant, Facebook now Meta will from January 1, 2022 include a 7.5 percent Value Added Tax (VAT) on adverts placed by Nigerians on its platform.
The US-based company announced this in a statement issued on Thursday.
The tax will apply to those buying ads for either business or personal purposes, according to the company.
READ ALSO: Facebook renamed as ‘Meta’ in embrace of virtual reality (video)
The statement read: “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.
“If you’re registered for VAT and provide your VAT ID, your VAT ID will show up on your ads receipts.”
Facebook also stated that the categories of entities exempted from VAT would be able to recover the fund if they provided their tax ID.
“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,” the statement read.
The move has been described by business and tax experts as a means by the Federal Government to increase government revenue and widen the country’s tax pool.
Late October, Facebook transformed into Meta, technically known as metaverse – a hybrid of today’s online social experiences, sometimes expanded into three dimensions or projected into the physical world.
It will let you share immersive experiences with other people even when you can’t be together — and do things together you couldn’t do in the physical world.
Follow the Neptune Prime channel on WhatsApp: https://whatsapp.com/channel/0029Va74ZvU2v1IqKByXoX3d
Do you have breaking news, interview request, opinion, suggestion, or want your event covered? Email us at neptuneprime2233@gmail.com
 on adverts placed by Nigerians on its platform. ){kind=link}