The financial landscape of UAE is changing fast and after the adoption of VAT, every sector will feel the difference. Value Added Tax (VAT) will be levied from the first month of 2018 and the government has already finalized this decision. The rate is fixed at 5% and the impact will be legible, as major food products are not included. However, the job market will change significantly and different skill sets will be required by recruiters. Apart from the food items, social services, education, health and bicycles will also be exempted from this additional tax. The rollout will happen after the GCC countries decide the important framework agreement. Gulf countries will have the flexibility to introduce the new law, within the given time frame.
New Vacancies in VAT
UAE’s job market will see a positive impact and new vacancies will be created. Some sectors will gain the maximum advantage, when compared to the others. VAT will affect the business ecosystem and companies will be looking to recruit fresh employees to carry out the operations. The recruitment drive will slowly stabilize, but some specific skills will gain importance. A diploma or equivalent certification in e-taxation may come in handy for finance professionals. Get your resume professionally written here.
Lots of opportunities in Financial Sector
As VAT is levied on goods and services, accounting executives will be in high demand. Three major sectors are showing signs of high hiring activity and they are healthcare, hospitality and real estate. Recruitments will also happen in banks and job seekers will have a broad area to target. Financial consultants will play a key role for companies and many independent professionals can gain advantage from this. The finance ministry analyzed the effects of VAT and made some key changes, so that common citizens do not feel any unnecessary financial pressure. VAT’s regime will have a strong impact on the high-end segment and luxury goods will become even more costly.
Conclusion: Tax Professionals in demand
Companies are giving substantial hikes to employees and attrition rates have reduced significantly. There will be no shortage of talent as young professionals will fully utilize this opportunity to move forward in their career. Tax professionals are hired in an aggressive manner and this is the career to pursue. 51% of recruiters have predicted job vacancies. From accounting and finance to technology, one single tax reform has created countless job opportunities.