Saudi wealth fund PIF to support corporate credit growth, S&P says

Saudi wealth fund PIF to support corporate credit growth, S&P says
Saudi wealth fund PIF to support corporate credit growth, S&P says

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Jeddah - Yasmine El Tohamy - DUBAI: Social media influencers and artists in the UAE must pay value-added tax (VAT) on the services they provide, the UAE’s Federal Tax Authority (FTA) has confirmed.

In a bulletin issued by the FTA, services included any online promotional activities, such as blog or social media posts, paid physical appearances, or any marketing activities.

The authority also said that if the artist or influencer recovered costs from their client then these would also be subject to VAT.

All artists and influencers are required to register for VAT if the value of the services they provide exceeds AED375,000 ($102,100) in a 12-month period.

In addition, the FTA pointed out that if social media influencers or artists received goods – such as mobile phones or other gifts – in return for their services, instead of cash, then these too must be accounted for in their VAT calculations.

VAT was introduced in the UAE on Jan. 1, 2018 at a rate of 5 percent.

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