Recently, we have been approached by several of our readers at The Finance Story, seeking guidance on whether they should move to the UAE from well-paying tax roles in India.
While there is no one answer, we had the opportunity to conduct a fascinating interview with Nanjundaswamy (Swamy) T C, a Chartered Accountant from India who relocated to Dubai in 2021 to head the Tax division at Baker Tilly Middle East.
Swamy, a senior tax professional, tells us why he chose UAE:
1. Desire to be a part of an evolving tax landscape
After qualifying as a CA in 2006, I started my career with PwC India, working in the specialized areas of Transfer Pricing and International Tax. In between, I did have a stint with Grant Thornton India for almost four years, but I returned to PwC in 2012.
I gained new skills and knowledge throughout my time at the Big 4. Moreover, I enjoyed what I was doing.
After a while, I was in a lead client relationship role, handling all tax aspects for Fortune 500 companies. However, it was time to look at the broader tax landscape of working with entrepreneurs rather than specializing within a large firm.
Around that time (2021), a position opened up in Baker Tilly’s network firm in Bangalore, which gave me the opportunity I was looking for.
Luck was on my side, as the opportunity from the UAE came just nine months after joining them. Baker Tilly Middle East was looking for a suitable candidate for the Head of Tax position. It allowed me to handle multiple areas of tax and oversee the entire region of UAE, Saudi Arabia, Oman, Bahrain, and Qatar. (Exactly what I was looking for!)
When I saw that the tax landscape in the GCC region was evolving, I knew this was an opportunity to be noticed.
2. Opportunity To Implement A New Tax System
The UAE was traditionally considered a significant tax jurisdiction in introducing VAT in 2018 and Excise Tax in 2017.
We knew sooner or later, Corporate Tax would be implemented in the region.
When Baker Tilly Middle East presented an opportunity for me to handle multiple areas of tax and oversee the entire GCC region, I saw this as an ample opportunity.
Not many people get an offer to implement a tax system and build a team to assist clients.
Furthermore, the UAE’s extensive network of over 130 double-taxation agreements can significantly boost trade volume. As the country continues to enter into agreements with various nations, this creates substantial opportunities in the field of International Tax.
The UAE tax industry is expected to grow as more businesses and individuals become familiar with the tax regulations and requirements; I recognized the immense learning curve that awaited me.
3. Offer in hand!
Having the opportunity to relocate to a different country was a better option for me compared to actively searching for a new opportunity.
Joining a global firm like Baker Tilly Middle East provided several advantages.
This was one significant factor that made me move to the UAE.
(Currently, many Tax Advisors are being hired, so you might still stand a chance to find an opportunity while still in India. If you are an Arabic speaker, your options are even higher.)
Relocating to Dubai took work, given I am married and have two kids. I had to look at it from not just a professional perspective but a personal one as well.
Luckily, it worked out for me on the personal front as well.
Deciding On UAE As A Senior Professional? Key Considerations
Before embarking on a job search, individuals should consider two crucial aspects: professional and personal.
Career goals:
- Firstly, assessing whether the UAE is aligned with your professional background and career aspirations is important.
- This involves understanding the market, job openings, salary, and opportunities.
Cultural differences:
- Moving to the UAE is a significant transition.
- Despite being a cosmopolitan country, there are cultural differences to navigate, and what may work in India may not necessarily work in the UAE.
- Building relationships with your clients or colleagues from different cultures may take time. I faced the same challenge when moving from Bangalore to Dubai.
Cost of living:
- Although there is an advantage of zero individual tax in the UAE, you can’t deny the fact that it is an expensive country.
- Considering your marital status and whether you have children is crucial in making this decision.
Make sure to connect with people in the UAE, gain insights into the local dynamics, and adequately prepare yourself for the change.
Once thorough research and preparation are done, it will be the right time for you to move and pursue opportunities in the UAE.
(Disclaimer: The views expressed in this article are those of the author and not of any organization the author belongs to or works at.)
