The demand for Tax professionals is increasing day-by-day not only in India but also in foreign countries, as VAT is going to be implemented in UAE from 1st January 2018. However, tax Professionals in India are complaining about the complex taxation system of GST but they themselves becoming an expert in handling the complexities.
Business enterprises those are operating its businesses in Gulf countries are looking to hire Indian Chartered Accountants, as Indian CA’s are experts in handling VAT Reform. The UAE government has decided to implement Value- Added Tax (VAT) across the country from 1st January 2018.
After decrementing in income of oil industry, to be implemented indirect tax reform VAT has been decided by the Gulf Cooperation Council in UAE. GST has been touted as the complex taxation reform of India, now Indian tax professionals will be comfortable to work with Gulf countries. Hundreds of Indian CA’s frequently visited from all over India to work in UAE
It seems that the demand for Indian Chartered Accountants (CA’s) are going to rise in coming months. After the implementation of VAT Reform, UAE will enhance the demand of Indian tax professionals. On another hand, it will be a major drawback for Indian immigrants has led to factors such as living cost will enhance and reduces the employment opportunities.
Due to excessive supply of oil in FY 2014, the prices of oil across the globe came down. This has forced states to impose new taxes and complex mechanism. Saudi Arabia is planning to impose expat levy on expat employees, so the employers will focus to hire more Saudi employees rather than foreign employees.
Currently, Saudi companies are paying a levy of 200 riyals per month in respect of expat employee, but this is only for expat employees which exceed the number of Saudi employees in the particular company. It is anticipated that the levy on expat employees are going to be increased from next year after the implementation of VAT in UAE. The fee is abandoned for the companies in which expat workers do not exceed either the number of Saudis or GCC employees. But, after the implementation of the new reform in UAE, the companies will be charged at a discounted rates.
