(MENAFN) With the introduction of value added tax (VAT), around 5,000 finance and accounting jobs will be created in the GCC region, according to a tax prediction expert.
With the UAE starting the tax from January, all the six member states of the GCC are ready to execute VAT from 2018.
The introduction of the tax will prove beneficial to regional economies, according to Paul Drum head of Policy at CPA Australia.
Speaking at a workshop in Dubai, Drum said, "The UAE will apply a VAT rate of 5 per cent on taxable supplies which is very low in comparison to the average tax rate of 19 per cent globally".
The tax law expert added, "However, not everything will be charged VAT as the law makes provision for zero rated and tax exempted goods and services to ensure that the impact of VAT on consumers is kept to a minimum".
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