Though initially tax professionals complained about the complexity of Goods and Services Tax (GST), slowly they have mastered the intricacies. Their sharpened expertise is now in high demand, not only in India but abroad as well.
Businesses in the Gulf countries are seeking Indian chartered accountants as the governments plan to levy a value-added tax (VAT) from January 1 next year. Businesses in the Gulf still look for expert assistance, though the VAT will not be as complex as Indian GST. That's because they have been accustomed of operating in countries known as tax havens.
After drop in oil income due to crashing prices, energy-rich Gulf states have decided to impose an indirect tax regime. Indian GST being a very complex indirect tax regime, Indian CAs are now being regarded as more reliable in the Gulf. Hundreds of chartered accountants from across India are making frequent trips to the UAE while many have also camped there. The demand for Indian CAs is only going to rise.
While the VAT has created huge demand for Indian CAs, it will be highly discouraging for Indian immigrants. It will not only make living costlier but also reduce job opportunities.
In 2014, a glut in global oil supply brought prices down. That has led to the state adopting austerity measures as well as imposing new levies.
Saudi Arabia has plans to slap an expat levy on employers which will encourage employers to hire more Saudis than foreign workers. The levy will encourages employers to hire more Saudis than foreign workers.