Experts in the telecommunication industry have said the move by the Federal Government to tax social media companies is right because the companies generate commercial revenues from the nation

Experts in the telecommunication industry have said the move by the Federal Government to tax social media companies is right because the companies generate commercial revenues from the nation.

According to Meta, 7.5 per cent value-added tax will be applied on sales of ads to advertisers from January 2022, and this applies to all non-resident businesses that provide digital service in the nation.

The company’s spokesperson said, from 2022, Nigeria will implement a new value-added tax. This law requires all non-resident businesses that provide digital services to charge an additional 7.5 per cent in tax. This includes advertising services like those from Facebook.