Becoming a Dubai tax consultant is a great career option for all those already working or interested in taxation specialist side and area.
Value Added Tax is an added amount of money that is applicable to be paid on increase in supply chain of import and export of goods and products. Simplified – it is a consumer spending. VAT is applied on daily consuming products ranging from clothes to petrol and all the daily necessities in between.
Because of the newly introduced VAT laws, every firm and business is looking for some sort of guidance and thus the increased demand of accounting firms in Dubai. If you are planning to be one of the individuals who provide consultancy or join one of the high ranking accounting firms, then you must be prepared for all sorts of clients, ranging from high end multinational companies to self developed individuals.
People who will be establishing their career as VAT consultants once started their work alongside financial directors and gradually increased their work pace and became head manager of indirect tax.
If you are already working as VAT specialist then you are in high demand as the newly imposed law has put the trading world and business in a spiral of worry and confusion as Value Added Tax is not easily understood by every individual and external help is always required.
While it may seem that TAX is same as VAT to many companies who lack the knowledge in this field, there is a huge major difference between these two terms. VAT – Value Added Tax is one of the kinds of TAX. In simple words, consider Tax a huge tree and VAT as its branches like the direct and indirect tax which is mandatory to be paid.
Canada to New Zealand and all the way to Australia and all the 29 European countries have implemented some sort of VAT or service goods tax. This tax is collected from the firms which they receive from the customers as a small added value and is then paid to the government for the betterment of the nation. A small sum of amount that every local pays to buy a carton of milk or maybe a beauty product is later collectively filed in exchange for which the government pays the suppliers.