New tax system in Gulf countries, huge job opportunities for Malayalis and others

A report says that with the introduction of a new tax system in Gulf countries including the UAE, tax-related job opportunities will increase. It is estimated that the tax advisory market in Gulf countries will grow four times more than other countries in the world. Other Gulf countries are also trying to introduce a new tax structure on the model of corporate tax in the UAE and income tax in Oman. However, a report by London-based Source Global Research says that there are not enough people to work in this sector. The Khaleej Times also reports that most companies complain about the lack of qualified people for jobs such as tax consultancy.

More countries to introduce taxes

The UAE implemented a 5 percent value-added tax (VAT) in 2018 and a 9 percent corporate tax last year. The UAE has also imposed a heavy excise tax on tobacco products and some beverages. Oman has also announced that it will soon introduce an income tax for individuals. Oman is the first Gulf country to introduce an income tax system. It is estimated that this will affect about six lakh Indians. Other Gulf countries such as Bahrain, Kuwait, Qatar and Saudi Arabia also impose various types of taxes. The value-added tax levied by Saudi Arabia is 15 percent. The International Monetary Fund (IMF) also estimates that Gulf countries will adopt more tax methods.

Huge job opportunities for Malayalis

Indian tax professionals are always in high demand in Gulf countries, especially for Malayalis. As Gulf countries adopt more taxes, job opportunities in this sector will increase. 41 percent of companies in the region have responded that they are facing a shortage of tax professionals. Companies are coping with this by hiring new people and providing more training to existing employees.

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