Many businesses in the UAE are either preparing or are on the verge of starting to transform their work set up, particularly the IT and taxation segments, as the country gears up for the unified tax regime on January 1, 2018.
Consequently, recruitment firms are receiving many enquiries for candidates with multi-skills of IT and taxation combined as the know-how of deploying new software compliant to new accounting standards will be inevitable.
Anish Mehta, secretary for the Institute of Chartered Accountants of India in Dubai, said: “VAT is also the value added transformation for the country. It will not only have economic impact on the country and businesses but also a huge social impact for the residents in terms of increase in jobs and creating a better future. All the organisations will set up VAT enabled accounting systems which will require hiring of IT, finance and tax professionals and VAT specific accounting systems. It won’t impact too much large organisations as they can utilize their existing skills in their other developed markets. However, SME’s will have to tackle complexities as existing system/skills needs to be aligned to incorporate VAT.”