With the upcoming implementation of the Value-Added Tax (VAT) in the United Arab Emirates from 1st January 2018 that has its foundation on the Federal Law Number 8 of 2017 with regard to VAT, it is expected to open various doors for job seekers as different companies from numerous sectors would most likely look for people who can handle the VAT procedure and system in the companies. Even as early this year, job vacancies have just been opened for tax professionals in the UAE for the establishment of the Federal Tax Authority, which is now up and running.
Additionally, it is expected that companies will need to deal with the restructuring of their finance and IT departments as well as orienting the staff with regard to what the VAT will bring to the industry and how it can affect a company as a whole.
Why Did the Demand increase for Workforce?
Especially this period, businesses are expected to be preparing or already setting up VAT control accounts and software to keep their accounting records in compliance with the federal tax authority. In this case, companies would be in need of additional human resources or workforce for them to adopt VAT calculations and software needed for this kind of adoption.
The Upcoming Demanded Jobs
The UAE will be having a number of employment opportunities open to job seekers because of the introduction of VAT. This is because of the organizations’ need to deal with VAT compliance, in addition to that, there are a couple of other related matters—such as returns, audits, and assessments—that will require them to improve their teams by adding more professionals who are preferably experienced in indirect tax and VAT. Nowadays, especially that January 1 is simply less than four months away, companies are starting to be prepared with the VAT, and VAT consultants, auditors, accountants, analysts, and call centre agents, among others, are now being searched by organizations, with the demand for these people or staff expected to increase even more as the VAT roll-out draws even closer than before. Most of the businesses in this time in the UAE are already preparing their setup with regard to tackling the VAT regime, and because of this, the hiring rate is expected to pick up soon.
Qualified IT professionals are being sought especially because firms are in need to transform ERP systems into having designs that will accommodate or enable the VAT implementation, which means that most companies will have their eyes on ERP and technology specialists.
Moreover, it is also expected for the consultancy firms to increase their resources for the upcoming anticipated rise of the demand for their services. Since there are small- and medium-sized companies in the UAE, they would likely reach out to consultants for the registration for VAT and the training of employees as well for maintenance and management.
There are a lot of changes that are presumed to happen with the coming implementation of the VAT, which will be a new concept for most people in the UAE. It is seen as a positive thing by a lot of the residents of the UAE as VAT will clearly help with the growing economy although there are challenges that needed to be faced by the organizations. FAR – Farahat & Co., based in Dubai, has more than 30 years of experience in audit and accounting industry and is also welcoming inquiries with regard to the impending execution of the VAT. We are more than willing as well to conduct a consultation with regard to that matter.