The Ministry of Finance is set to impose a tax on social media and internet search ads and has completed drafting legislation to that effect, a senior Ministry source told Enterprise. Companies running ads on social media companies would be obliged to pay a stamp tax of 20% of revenues from the ad, treating social media buys exactly the same as print ad purchases. Individuals placing an ad on these sites would pay a 15% stamp tax. Companies would also have to pay value-added tax (VAT). New taxes would be imposed through amendments to the VAT Act, the Stamp Tax Act and the E-commerce Act.