UAE Jobs Surge as New Taxes Drive Demand Amid GCC Tax Shortage
Driven by a continuous, strong demand for consulting knowledge, the Gulf Cooperation Council (GCC) area is currently seeing a significant increase in employment vacancies, particularly in tax consulting positions.
A fast development in the tax consulting market of the Middle East, predicted to grow four times faster than other areas worldwide, fuels this demand especially. Along with other fiscal changes brought about by regional governments, various new tax initiatives including corporation tax implementation in the UAE and expected personal income tax in Oman can help to explain this growth spike.
According to a recent study by Source Global Research, almost all GCC tax sectors show a significant talent gap, In sharp contrast to expected 3% growth rates in North America and Europe, the analysis projects 13% economic growth in the Middle East's consultant industry, reaching $758 million in 2024, As Gulf nations progressively diversify their income sources, this discrepancy points to a special chance for job creation and economic development in the area, especially in tax advice services.
Recent tax regimes used by Gulf nations have vary. Oman's statement of intentions to implement a personal income tax, meantime, reflects a historic action since it will be the first Gulf nation to do so. Following a 5% VAT started in 2018 and excise taxes on some products including tobacco and sugary drinks, the UAE imposed a corporate tax of 9% in 2023. These developments fit up with advice from the International Monetary Fund (IMF), which emphasizes the importance of income diversification and budgetary reforms for countries depending on oil.
These budgetary changes and the expected Gulf region's additional tax introduction in the next years will probably help to sustain the increasing demand for tax consultants, Despite economic uncertainty over recent years, Tony Maroulis, a principle consultant at Source Global Research, notes that the worldwide tax advising business is set for a comeback in 2025 with a projected increase rate of about 6%, Maroulis notes that businesses' growing knowledge of the complexity in tax laws as well as their rising readiness to spend on professional advice to negotiate these difficulties explain this expected rise.
But as Source Global Research's research notes, the demand for tax experts is accompanied by a major skill shortfall. With global employer and mobility tax services among the most impacted, almost every tax-related subject is lacking qualified personnel; 41% of companies report inadequate in-house and outside competence, Companies also find it difficult to attract expertise in more recent tax sectors, such environmental taxation. Only over 25% of the companies who responded said they had enough outside expertise in this area, highlighting a developing difficulty for the industry.
Fascinatingly, corporations find less internal shortages in this field even if environmental taxation lacks external expertise, This would point to a tendency toward using in-house sustainability teams or upskilling current staff to close environmental tax knowledge gaps, Tax adviser roles are changing to incorporate knowledge in sectors like environmental tax, which is becoming more and more important in compliance and corporate strategy as companies give sustainable business practices top priority.
Multinational businesses are giving strict compliance first priority as global tax environments becoming ever more complex in order to stay clear of possible regulatory risks. Maroulis points out that tax advisors will have to be knowledgeable in environmental taxes as they acquire popularity globally to offer their clients complete services. Reflecting an ongoing expansion in the industry, demand for tax consulting services in the GCC is unlikely to drop given the present course over the next three years.
The change in the fiscal scene of the Gulf area, typified by the introduction of several levies and a growing focus on non-oil income sources, has thus produced a flourishing market for tax consulting, This change not only points to economic resiliency but also implies a long-term need for qualified tax consultants. Still, the continuous difficulty is filling in the skills gap that exists right now, especially in fields like environmental taxation that are specialist, Tax-related employment prospects will probably rise steadily as GCC nations carry out reforms, opening the path for a vibrant consulting sector that adapts to the changing needs of local businesses as well as global ones.