The Gulf region is experiencing a surge in demand for tax professionals as the tax advisory market in the Middle East grows at a rate projected to be four times faster than other regions worldwide. This rapid expansion, fueled by new corporate tax laws in the UAE and the planned personal income tax in Oman, is creating a significant increase in job opportunities across various tax-related roles in the UAE and the GCC.
A recent report from Source Global Research highlights an acute shortage of tax skills across nearly all areas in the region, driving up vacancies in tax consultancy services.
The report also revealed that the Middle East’s economy is anticipated to expand by 13% to $758 million this year, outpacing growth rates of 3% in North America and Europe. Following the UAE’s introduction of a 9% corporate tax last year, alongside a 5% value-added tax (VAT) in 2018 and excise duties on sugary drinks and tobacco, Oman has announced plans for a personal income tax—marking a first among Gulf nations.
The International Monetary Fund (IMF) has underscored the importance of diversifying revenue streams through tax reforms, stating that such measures “remain key priorities” for the oil-exporting countries in the Gulf Cooperation Council (GCC).
“With strong growth anticipated in the Middle East, we foresee a rebound in the tax advisory sector worldwide by 2025. Recent crises have challenged companies, yet we expect renewed investment by 2025, with tax advisory services projected to grow by around 6%,” commented Tony Maroulis, principal consultant at Source Global Research.
The rising demand for tax consultants in the UAE and neighboring Gulf countries is expected to remain strong as more taxes are likely to be introduced across the GCC in the coming years. Industry leaders indicate that the skill gaps are particularly severe in global employer/mobility tax services, with 41% of companies reporting shortages both internally and externally. There is also a shortage in emerging tax areas such as environmental taxation, although this category has the lowest reported internal skills gap, suggesting that companies may be upskilling their current tax staff or relying on in-house sustainability officers to address environmental tax needs.
“As the global tax landscape grows increasingly complex, multinational companies are eager to ensure they’re compliant with critical regulations. Regardless of when environmental taxes come into effect, tax advisers must be well-versed in these rules to offer comprehensive services. This bodes well for tax advisory firms, as demand is unlikely to decline in the next few years,” noted Maroulis.
