New vacancies will arise across various tax roles in the UAE and GCC as the tax advisory market in the Middle East is projected to grow four times faster than other regions around the world. This growth is driven by the introduction of UAE's corporate taxes and personal income tax in Oman, as well as other initiatives taken by regional countries.
According to a new report published by Source Global Research, the region is experiencing significant shortages of skills in nearly all areas of tax.
The study revealed that the Middle East's economy is expected to grow 13 per cent to $758 million this year, compared to 3 per cent in North America and Europe.
The UAE introduced a 9 per cent corporate tax last year and a 5 per cent value-added tax in 2018. It also introduced an excise tax on unhealthy drinks and tobacco products. Oman has announced a plan to introduce personal income tax in the near future – the first by any Gulf country.
The International Monetary Fund (IMF) also recently announced that diversifying revenue sources and implementing reforms through taxes "remain key priorities" for the oil-exporting Gulf countries.
"In addition to strong growth in the Middle East, we expect to see a bounce back in tax advisory growth across all regions in 2025. The plethora of crises that have manifested in the last few years have been challenging for companies, but we expect investment to return by 2025, with tax advisory services experiencing growth of around 6 per cent," said Tony Maroulis, principal consultant at Source Global Research.
The UAE and other Gulf countries have seen a big increase in job creation for tax consultancy services. Industry executives suggest that demand for tax consultants will continue to stay strong as more taxes will be introduced by the Gulf Cooperation Council (GCC) countries in due course.
"There are significant shortages of skills in nearly all areas of tax. The worst affected are global employer/mobility tax services, with 41 per cent of companies reporting both an in-house and external shortage of skills. Companies also report that firms have a shortage of skills in relatively new areas of tax, such as environmental tax. Only a quarter of companies did not highlight a shortage of external skills in this particular area," the report said.
However, while the lack of skills held externally is evident, environmental tax is the area with the lowest reported internal skills shortage, suggesting that companies are likely either upskilling existing tax staff or leaning on their own sustainability officers to address these needs.
"As the global tax environment is becoming increasingly complicated, multinational organisations want to ensure that they minimise the risk of overlooking critical regulations. Regardless of whether companies are affected by environmental taxes now or in a few years, tax advisers will need to be versed in environmental tax regulations to provide a full suite of tax services. This is great news for firms, as demand for tax advisory services is unlikely to slow down for the next three years," said Tony Maroulis.
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