Indian chartered accountants (CAs), who have gone through the rigour of interpreting and implementing the Goods and Services Tax (GST), dubbed the most complicated tax law, are in great demand in the United Arab Emirates (UAE) and other Gulf countries these days. Their knowledge of Hindi has become an added advantage for Indian professionals, as many residents of the Gulf are comfortable with the language.
UAE will be introducing Value Added Tax (VAT) from January 1, 2018. This is similar to the GST, which came into force in India from July this year. After UAE, other Gulf countries will also be implementing the new tax. This has led to a demand for Indian experts to help businesses there understand the indirect tax system. In fact, Indian professionals find the tax in UAE much simpler than the Indian GST.
Chartered accountants from across the country, including Nagpur, are camping at UAE or making frequent trips there to help a host of clients understand the law. In Dubai alone, hundreds of Indian professionals have got assignments with demand for an equal number still there, said sources.
However, the VAT in UAE appears to be easier as compared to GST of India. There are no multiple schedules of rates. All taxable services or goods are charged at 5 per cent. There is a category of zero rate, besides exempt goods and services. Under zero rate category, the business need not pay tax but can claim input credit for the levy paid earlier. Schools are under zero rate, he said.
Source : Shweta
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