- Corporate Tax has become effective in the UAE from June 1st, 2023.
- This development has piqued the interest of many job seekers who are looking to build their careers in tax, particularly in the Gulf Cooperation Council (GCC) region.
- We had the opportunity to speak with Hany Elnaggar, a leading tax expert and Associate Tax Partner at WTS Dhruva, in the Middle East and GCC region.
- He discusses the complexities in the Tax Systems of Saudi Arabia, UAE, Egypt, Qatar, Bahrain, and the respective opportunities for Tax Professionals.
1. Saudi Arabia
When I moved to Saudi Arabia in 2013, taxes were present but they were not as complicated as they are now.
Over the years, numerous changes have occurred, including the implementation of international tax aspects, regulations, circulars, and the introduction of VAT.
In the beginning, many people in Saudi Arabia were unfamiliar with these tax concepts.
However, today, we can see a significant number of Saudi candidates working in the tax domain and performing exceptionally well.
The market for tax professionals in Saudi Arabia has become more stable, with senior tax advisors being in high demand.
Consultants are in demand as well.
2. UAE
Even during the implementation of Value Added Tax (VAT) in the UAE over the past five years, there was a lack of prior experience in this new tax system.
Many professionals from other countries joined the UAE workforce, and now, after more than five years, we have become highly skilled in this area.
The introduction of Corporate Tax will create a significant demand for professionals in advisory, compliance, and litigation roles, at least for the next three years.
It’s crucial to possess the necessary capabilities, be open to challenges, think differently, and have good listening skills.
3. Egypt
The tax landscape in Egypt is renowned for its complexity, similar to India.
When comparing different countries in the Middle East, I would rank Egypt as the most complex, followed by Jordan.
4. Qatar
Similar to other countries, Qatar also has its own complexities when it comes to taxes.
However, it is relatively stable in terms of hiring, and it is rare to find job openings specifically for tax professionals.
5. Bahrain
In Bahrain, only VAT is currently applicable. However, it is highly likely that Corporate Tax will be implemented within the next two years.
The tax field is extremely competitive in the GCC region, and the opportunities are vast.
It is essential to have the right attitude and enthusiasm to learn if you are considering moving to Bahrain as a Tax Professional.
In conclusion, if you are a tax professional with a solid background and have the willingness to tackle any challenges, there should be no issue in working in any country, given the right opportunities and circumstances.
