Introduction of VAT in the Middle East! The news that is surfacing most of the newspaper headlines nowadays. So, what is VAT, why is it introduced and how is it going to affect the recruitment industry anyway?
VAT- another source of raising revenue for the governments in the Gulf Cooperation Council (GCC). It has already been introduced in the Middle East from the very beginning of 2018. According to the UAE’s Ministry of Finance, the VAT set for Middle East is likely to range between three to five per cent.
So, what’s the impact on recruitment industry? According to industry experts, the introduction of VAT has created more than 5,000 new jobs for people with tax expertise. The competition for recruitment of candidates with VAT expertise is heating up in Middle East. However, the candidates with the required VAT expertise are short in supply in this region, since the businesses in ME have limited pool of people available with the required expertise.
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That’s what has opened a door of opportunities for the candidates across the globe. In January 2018, Trefor Murphy, managing director of Dubai-based recruitment firm Morgan McKinley, guesstimated that there will be thousands of new job opportunities created due to introduction of VAT. Companies are actively sourcing candidates from the different countries such as India, Egypt, etc. to fill the skill gap and get the VAT processes aligned in their organization. Since these countries are familiar with the VAT taxing, there are high chances of candidates getting hired as expatriates or on contractual basis for businesses in ME for their VAT expertise job profiles. The areas that will be seeing the rise in requirement for VAT professionals are Accounting, Finance, IT, etc.
Not only the companies will have to recruit top-notch talent to implement the VAT in their businesses, but will also have to deal with the challenge of educating their existing IT and finance staff and evaluate the knowledge of their existing resources. Apparently, it’s going to create a demand for IT professionals as well with sound knowledge of VAT services and their implementation for preparing their systems for VAT.
It is expected that the demand for VAT professionals will be in full flow throughout 2018 and companies will have to work really hard to recruit the best taxing professionals for implementing the services in their businesses and getting aligned with the new system as soon as possible.
Seems difficult? Need not worry! Team at IMS one world have access to best talent with VAT expertise for your business requirements. Look no further, partner with us to find the best professionals in VAT services. To know more, visit https://www.imsoneworld.com. Or, send your inquiries at: email@example.com One World, many possibilities!