Posted on Oct 13, 2017
With VAT slated to be launched in early next year, there is a speculation that it would bring a plethora of job opportunities in the region. Let’s explore how it is going to change the landscape of market in the coming future.
It has become quite clear that Value Added Tax (VAT) is expected to hit the UAW markets from 1st January 2018. Commonly referred as “Tax on Consumption” by some economists, the new tax regime is to add more simplicity in regard to the purchase and sale of the product. The implementation of VAT is an important step to strengthen the indirect tax structure of any country.
Now the good part of this new tax regime is that it is bringing along with numerous job opportunities that would help ensure its timely and feasible implementation. According to a latest report, it has been analysed that the demand for finance/tax executives and IT professionals is set to rise by the time of VAT implementation.
The newly hired professionals would aim to meet the restricting demands of finance and IT departments of various companies operating in the UAE region. Domain experts envisage that a massive VAT recruitment will be on rise in 2017.
However, the challenges in regard to VAT implementation include change of ERP (enterprise resource planning) systems, scheming right processes for VAT management and staff up with the perfect level of skilled personnel for VAT.