Tax regulations

Tax and accounting job opportunities may increase with new tax regulations in UAE

The United Arab Emirates has announced its intention to impose a new corporate tax from June 1, 2023. Although another country’s tax changes should not be of interest to us, the changes taking place in the Gulf countries are closely watched by the people here. With the introduction of the new tax regulations, more than one million businesses operating in the UAE are required to maintain accounts and file tax returns. This, in turn, is likely to open up an incredible field of job opportunities in the accounting field.

Unlike India which has multiple tax slabs, the UAE will only have one slab. The new corporate tax will not be applicable to companies and businesses that record a profit of up to AED 3.75,000 (Rs 75 million). However, businesses that make a profit above AED 3,75,000 must pay a 9% tax.

Three types of opportunities
Three types of employment opportunities are likely to arise after the introduction of corporate tax by the United Arab Emirates.
* Better opportunities for those already working in the UAE.
* Direct recruitment to new job opportunities.
* Related jobs like training and consulting.

Those who are already working in accounting and finance jobs in the UAE should undergo training to improve their skills. As they are required to take care of tax-related jobs, the salary package is also likely to increase. In addition, experts in this field may also be offered a promotion.

Amazing job opportunities may be open to Chartered Accountants who specialize in income tax, CA students, accountants, tax specialists, corporate secretaries, and those who practice corporate law.

Meanwhile, the training sector and counseling are also waiting for a boom. Chartered accountants and tax specialists could hone their skills to find well-paying jobs in the UAE.

Easy to learn
It is easier to learn the tax structure of the UAE as it is not as difficult as in India. The basic structure of taxable profit is the same in all countries; the only difference is in the process and the amount to be paid.

Notes to remember
Finance professionals who wish to explore employment opportunities in the UAE should hone their tax practice skills. The income tax structure should be studied separately. An internship of at least six months with tax advisers or CA firms is desirable.

The fee is included in the BCom and MCom course curriculum. If you train with tax specialists during your studies, then it would be easier for aspirants to seek employment in the UAE upon completion of the course.

“There may be several openings in auditing firms. As various certifications and attestations are required, many companies have already started recruiting. Those who specialize in corporate law may also have many opportunities as there would be different types of appeals and hearings involved in the process. All major Indian-run companies also have relief offices in India. If two candidates are newly appointed in the UAE, two will also be appointed to their offices in India. Job opportunities in India would increase with increasing digitalization,” TV Jayakrishnan, Partner and Head of Tax Division, HLB HAMT Chartered Accountants, Dubai.