The UAE has announced the introduction of a federal corporate tax of 9% on business profits that will be coming into effect from 1st June 2023. The aim is to bring the country in line with many governments worldwide and diversify sources of revenue from its mainstay of oil.
With the introduction of the new tax regulations, new upcoming tax regime businesses will require proper support from the tax team. More than 1 million companies operating in the UAE will now need to maintain detailed accounts and file tax returns. This, in turn, will open up an incredible scope for employment opportunities in the field of accounting. Let us explore the various job opportunities that the Corporate Tax implementation will bring in finance.
Job Opportunities in Finance, Accounting, & Taxation
The UAE’s introduction of the corporate tax is likely to create the following four types of job opportunities in finance:
- Better job opportunities for practising finance professionals:
- Better job opportunities may be created for chartered accountants, accountants, tax practitioners, company secretaries, and those who practise company laws. As these professionals are required to take care of the tax-related works, the pay package too is likely to go up. Besides, experts in this field may be offered promotions too.
- International finance professionals who wish to explore job opportunities in the UAE need to hone their skills in tax practice. Chartered accountants, tax practitioners, and other professionals who are already doing accounting and finance jobs in the UAE should also undergo training to improve their skills to find well-paying jobs.
- Direct hiring of finance degree students for new jobs in accounting and finance:
- Incredible new employment opportunities may be opened for a finance degree and CA students who specialise in income tax.
- Companies will need Value Added Tax (VAT) specialists and qualified Accounting and Tax professionals to provide the best Tax solutions, adopt VAT calculations, and prepare and maintain accounting records in compliance with the federal tax authority.
- Tax subject is included in the syllabus of B.Com. and M.Com. courses. But the income tax structure should be studied separately.
- If the finance students train with tax practitioners while they study, then it would be easier for them to look for jobs in the UAE as soon as the degree course is completed. An internship of at least six months with tax consultants or at CA firms would be most desirable.
- Job opportunities in related fields like financial consultancy and training:
- The training sector and financial consultancies may witness a notable boom as well. The demand for consultancy services from small and medium-sized companies in the UAE is anticipated to rise. These companies may reach out to consultants for VAT registration and training of employees.
- Job Opportunities in Financial Audit:
- There may be several job opportunities for auditors in the audit firms to conduct financial audits and assessments. As various certifications and attestations are required, many companies have already started recruiting audit professionals.
- Those who specialise in company laws too may get lots of job opportunities as there would be different kinds of appeals and hearings involved in the audit process.
Concluding Notes
Corporate Tax implementation will undoubtedly have an impact on business operations in the UAE. But it will also create numerous Tax and Accounting job opportunities for degree students studying finance. That is because the country will need tax accountants, finance experts, and qualified tax advisors to provide practical help and advice to ensure timely and cost-effective tax services.The University of Stirling offers ample opportunities to finance degree students to help them shape their careers and get their dream job after graduation. Call +971 800 2552, or drop an email to [email protected] to get more information about our courses and academic programmes.