All the GCC Countries have agreed that they will introduce the VAT Value Added Tax in their economies, the decision to implement this taxation is part of the Government’s efforts to mitigate the sharp decline of oil price diversifying revenues.
The first countries to introduce the VAT regime will be the United Arab Emirates and Saudi Arabia, starting the 1st of January 2018.
The introduction of the VAT taxation in a region not used to work under this taxation require lots of preparation, most of the businesses are hiring tax specialists with the aim of implementing their internal systems and getting ready for the 1st January 2018 deadline.
Companies, accounting firms and Governments are looking for candidates which specialize in Tax accountancy and who are competent in incremental and surplus-value-based taxation.
New vacancies and employment opportunities are open for experienced VAT professionals, accountants, Tax Managers, Credit Controllers.
There is also an increase in demand of Information Technology specialists with experience in tax and financial sectors, IT new personnel is needed to work on the implementation of database software packages that supports all’s of the business processes and operations.
More than 5 thousand jobs will be created in the GCC countries due to the VAT tax implementation.