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Ramadaan Kareem to all my dear friends!
I hereby shared web link of Saudi-Draft VAT law copy.
Review draft law issued by Saudi Tax Authority to understand basics and theme of VAT law to be introduced w.e.f.1st Jan across GCC i.e. UAE, Saudi, Kuwait, Oman, Bahrain & Qatar
Weblink; http://www.gazt.gov.sa/
The draft law can be accessed on GAZT’s website via the following link: https://www.gazt.gov.sa/dzit_logon/MenuItems.jsp?menu_id=vatform&portalapp=x&ume.logon.locale=en
I hope this is useful to understand the essence of the VAT law to be introduced.
Note:
1. FINAL - VAT law will be issued hopefully during the Third Quarter
2. Similar kinds of conditions have been agreed among all GCC members.
3. This document provides information and gives you an idea about VAT Input & Output tax across GCC members & also VAT on Import & Export of Goods & services.
Discuss & share your opinions/clarifications to get more knowledge on the MOST IMPORTANT upcoming JOB OPPORTUNITIES!
Good luck
Rajesh
A major part of being VAT-complaint revolves around updating finance and taxation modules of the organisations' enterprise resource planning (ERP) systems. To this effect, there is bound to be a demand for job profiles that can help customize and make existing ERP systems VAT-compliant.
Great opportunities given below:
All Companies must have to maintain taxation department to submit their transaction data related to sales, purchases, employee salaries, and income tax annual filing data. So great chance for lots of employees for deployment internally.
For Consultancy Firms, lots of earning possibilities from companies and individuals data.
Lots of employees will be deployed into govt Tax department of the UAE to manage and recover tax revenue from lots of sources.
I have read in a LinkedIn article a while back that the introduction of the tax has not hurt the hiring managers and market that much. I was reading in the Survey that the tax did not put as much pressure as expected on businesses. So the market seems to be doing alright, and there are still positions opening and accepting the demands of candidates in response to the tax. I think this is a good indication that you should feel good and confident applying to jobs, that the market is still quite large, and that you can ask for the salaries you think you deserve. I would talk to other professionals in your desired role to see how they negotiated and see the situation.
I think the opportunities may be more in strategy. Since the introduction of the VAT, many hiring managers are seeing candidates demand larger salaries to make up for the difference. For hiring managers this is a unique problem in itself. Depending on how you feel when setting out hiring expectations, you can choose to settle for the unadjusted salaries as a tactic. I think you should of course know your worth though and only take jobs that pay you what you are worth and what maintains your livelihood. It’s a complicated problem.
Reports are showing the impact of the VAT on the UAE has been minimal. https://www.arabianbusiness.com/politics-economics/412762-revealed-impact-of-vat-in-saudi-arabia-uae-one-year-on Arguably, the VAT has done a lot to diversify government revenue without excessive inflation. With the exception of initial impact of hiring, I think that its potentially increased opportunities. I think we need more time to see though. Also this: https://www.pwc.com/m1/en/publications/middle-east-economy-watch/impact-of-vat-one-year-on.html
The VAT law increases the employment opportunities of the GCC/UAE. This law creates vacancies for accounting, finance, tax, executive and IT.
