Posts tagged ‘opening’

How will “VAT – VALUE ADDED TAX” effect the UAE – Economy and Employment

VAT is scheduled to come into effect from January 1, 2018.

 

What is VAT?

 

Value Added Tax (in short VAT) is an indirect / consumption tax on the supply of the goods and services

–              Implemented in more than 150 countries across the globe

–              All 29 EU member states have implemented

–              Including countries like Canada, New Zealand, Australia, Singapore and Malaysia

 

Why in UAE?

 

In UAE high-quality public services are provided to its citizens and residents at a cheaper / much lower price

–              To bring-in alternate revenue sources which will help them reduce dependency on Oil

–              VAT will be a new source of income / revenue in UAE

 

What would be the impact in UAE?

 

“VAT is expected to yield Dhs12 billion in the first year of its implementation and up to Dhs20 billion during the second year,”

– Sultan Al Mansouri, Minister of economy.

(Reference – The National)

 

Flowers:

 

–              VAT, a new source of income

–              A contribution to the quality of the public services even in future

–              It will also help the government to take a step forward towards its vision of reducing dependency on oil and other hydrocarbons

–              Creating a more stable economy

–              Even at a low rate, VAT has the potential to raise huge amounts of revenue.

–              As UAE is one of the most globally ambitious countries, with trillions of dirhams of infrastructure projects scheduled in the next ten to 25 years, creation of a stable revenue stream is good practice by the government.

(Source: www.timeoutdubai.com)

–              Education and Healthcare are Zero-rated

–              Two terms to remember

o             Exempt (VAT has to be paid, can’t apply for refund)

o             Zero-rated (VAT is not applicable or can be refunded)

 

Thorns:

 

–              Cost may go up by 5% which is minimal and affordable

–              UAE being one of the costliest countries in the world, 5% additional would raise questions

–              94 food products are exempted

 

What is the Conclusion?

 

But set at five percent, the new levy seems a small figure when compared to the 150 countries already implementing VAT or a similar method of taxation (in the UK, for example, VAT is 20 percent).

Yes, we might see a general rise in our cost of living, but with the GCC members having already agreed to exempt 94 food products, as well as school fees and healthcare bills, from the new taxation, so there is no need to panic.

 

What will be the immediate effect on recruitment, hiring patterns and job creation?

 

There’s likely to be a mini consumer boom before the end of 2017 and also an upsurge in vacations and hotel room bookings before VAT sets in, there could be an increase in hiring in the retail and hospitality sectors to cope up with the consumer spike.

 

The demand for accounting, finance and tax executives, as well as information technology (IT) professionals is only expected to grow as the VAT rollout draws closer. Any company that procures or sells products and services in the UAE will now have to beef up preparations for the collection of VAT, upgrade their processes and look at the different aspects of their business, from the supply chain all the way to the end customer.

 

Considering that several organizations will be on the lookout for talented professionals for their VAT implementation, there will be a shortage in IT implementers to do the ERP transformations and more critically, a major shortage in suitable skilled staff with knowledge of VAT and the requirements to implement VAT across the business processes

 

It’s safe to say that thousands will be recruited. However, a lot of professionals without relevant experience will lose their jobs because they are not qualified or experienced in the area.

 

A recent survey by a leading talent search organization has found that larger organizations with a higher headcount are better prepared for VAT implementation, as compared with smaller organizations. This survey also reports that many companies have not assigned a budget for VAT implementation and therefore could be implementing VAT without increasing headcount spend and introducing the new laws using their existing workforce.

 

Careers in Africa : Finance and Administrative Controller, Construction Sector, Angola

Company Brief: Our respected client is a leading Angolan construction company and is a pioneer in the field. Their large client database and high quality standards mean they are always on the lookout for top professionals for careers in Africa with them.

• Designation: Finance and Administrative Controller

Location:  Angola

Brief Profile: The desired candidate will be a CA/ ICWA/ MBA (Finance) with Exposure in Construction Sector speaking Portuguese, English and /or French. The incumbent will be responsible for Accounting & Finance, Human Resources, Legal, logistics, general service and purchases ensuring efficient management of each department with the budget.

For more details please visithttp://www.datum-recruitment.com/africa-jobs/finance-and-administrative-controller-construction-sector-angola/552

African expatriates in Ethiopia

As more jobs are created in Africa, how attractive it is for professionals from other Africa countries to find vacancies in the rest of Africa and make careers here? What advise do Africa recruitment agencies give expat Africans?

 

VENTURES AFRICA –. Ethiopia is Africa’s fastest growing non-oil economy. Once poverty ridden.  It is growing fast to become Africa’s lion economy, attracting investment and creating jobs in Africa. Modernity has brought with it interesting careers in Africa.

 

Two young African professionals who work in Ethiopia, Africa share their experience.

 

Will their positive experience inspire more young professionals to seek opportunities within borders and explore the rich work experiences that might exist within the continent?

 

Chat with Gamu Tagwireyi, Zimbabwean

 

 

Gamu Tagwireyi works as a  Child Protection Specialist. She support programs on Law Reform on Child Rights in Africa and has lived here for 8 months.

 

The country is safe, and cost of living it generally reasonable.  She likes the rich culture and heritage, the diversity of its people, the cosmopolitan features of the capital city Addis Ababa, the food, security and economic development.

 

Prices are high for  foreigners and expatriates. The tax rates are hindering development. The health sector needs a lot of developing to meet international and regional standards.

 

Addis Ababa is the political, social and economic capital of Africa. There are great opportunities to learn, expand, network here. It is definitely a place that can make you develop and make a head start to your career.

 

Chat with Chernor Bah, Sierra Leonean 

 

Chernor works for Nike Foundation as a brand manager. He has been here eleven months, for work, to start a project.

 

Cost of living here is higher than in his own country. There is respect for family and traditions. Addis is a modern city. He likes the organized chaos and the fact that there is an active night life.

 

He finds it is a closed society and the business environment is very closed. There are opportunities but there are not many entrepreneurs. Ethiopians are slow. They follow too many rules. Young Ethiopians need more exposure outside Ethiopia.

 

Where else does he want to make his career in Africa? He is fascinated by Botswana, Ghana and South Africa.

Africa – Future of Youths Grim without jobs

(allafrica.com) Lack of jobs in Africa is an urgent and pressing problem.

 

Unless African governments and policy makers take urgent steps to improve good governance, provide quality education, health and create jobs in Africa their youth will not be able to compete with their counterparts in other regions of the world.

 

What prevents creation of jobs in Africa? Why can’t the locals have careers in Africa?

 

More than 80% of jobs in sub-Saharan Africa are in the informal sector. Renting an office in Lagos is more expensive than in Manhattan or Dubai.

 

Low education levels, lack of skills, youth unemployment increases with education level in Africa; job readiness is lacking so people find it difficult to find jobs in Africa. Sectors that drive GDP growth do not create the most jobs.

 

As the continents economy expands, companies need specific talent and skill sits. In case of talent not available locally, Africa recruitment firms look for suitable expatriates looking for careers in Africa.

 

There may be still no jobs in Africa for locals after a few decades though the continent will have the largest youth population and the largest work force in some years.

 

 

Are you a youth in Africa? Send us your views on the subject.

 

Job of the Day – SERVICE ENGINEERS (GENERAL AND UNIT SHOP-Automobile Sector), Nigeria

Company Brief: The Group is  involved in Pharma, Industrial Chemicals, Polyethylene, Automobiles, Steel, Plastic products, Table Water, Rice Mill, Electronics  in both importing and manufacturing, with a turnover exceeding USD 500 Million

•Designation: SERVICE ENGINEERS (GENERAL AND UNIT SHOP-Automobile Sector)

•Location: Nigeria

• Brief job profile: The incumbent will be responsible to handle Service Operations for a KOREAN BRAND of cars.

• For more details Check: http://datum-recruitment.com/jobs-367.html

Job of the Day – Chief Operating Officer/ COO, steel and roofing solutions provider, Angola

Company Brief: Our client is a steel and roofing solutions provider in Angola.

• Designation: Chief Operating Officer/ COO

• Location: Angola

• Brief job profile: Responsibilities includes handling P&L responsibilities encompassing operations, business development, strategic decision making. Portuguese language knowledge is mandatory.

• For more details Check: http://datum-recruitment.com/jobs-409.html

 

Africa: Infrastructure needed to attract investment and potential employers

(allafrica.com) Africa is today the world fastest growing region. There is potential to attract foreign investment, trade and create jobs in Africa. Many skilled professionals are attracted to Africa recruitment agencies to help build their careers in Africa and fill vacancies in Africa.

 

Among the major roadblocks to the region is the lack of infrastructure to facilitate investment, business and creation of jobs in Africa.

 

In a recent meeting, the ministers of Infrastructure and Energy from the East African Community (EAC) have agreed that each member state will play a role in the implementation of infrastructure projects that benefit the region.

 

This will simplify and speed up the implementation of the various projects. Projects being targeted are those that may be local to a certain country, but with great benefit to more countries or other partner states and beyond.

 

Such projects include railway, roads construction, electricity as well as ports. The meeting also aimed at gathering views from each country about the priority infrastructure projects.

 

Ministers who attended the meeting are optimistic that the new approach is also a step to minimising misappropriation of funds, facilitate skills sharing as well as speeding up regional development

 

Job of the Day – IT Head, Nairobi (Kenya)

Company Brief: The organization is into construction, building, civil engineering and real estate contracts.

• Designation: IT Head

• Location: Nairobi (Kenya)

• Brief job profile: The IT Head will drive company’s IT practice in delivering innovative solutions to meet business needs and helping the business to enhance the competitive advantage.

• For more details Check: http://datum-recruitment.com/jobs-403.html

 

How will S. Africa mine unrest effect jobs in Africa?

(AFP)— Thousands of miners returned to work on Thursday at Anglo American Platinum, ending the most devastating and costly labour strike in South Africa in nearly a century.

 

Estimates put the cost of the strikes at $1.2 billion, roughly one percent of quarterly gross domestic product (GDP). This is seriously going to hurt jobs in South Africa and dampen creation of more vacancies in Africa in the near future.

 

Mine operators were already buckling under low mineral prices and high production costs and as they count their losses many workers now face the prospect of job losses.

Miners are likely to hold on to their jobs for now, but some are likely to be laid off once companies work out their long term plans, having factored in the impact of the strike.

 

Africa recruitment agencies are employed to find the best of talent who are looking for careers in Africa to fill vacancies in Africa but Jobs in Africa for are scarce. For example, there are no jobs in South Africa for a quarter of the population.

 

Loss of jobs in Africa in the mining sector will be a massive setback. It is one of the largest employers in South Africa and currently employs 500,000 people directly.

 

Investors have been put off and this is “probably going to be on an all-time low” in terms of foreign direct investment inflows.

 

Job of the Day – IT Head, Nairobi (Kenya)

Company Brief: The organization is into construction, building, civil engineering and real estate contracts.

• Designation: IT Head

• Location: Nairobi (Kenya)

• Brief job profile: The IT Head will drive company’s IT practice in delivering innovative solutions to meet business needs and helping the business to enhance the competitive advantage.

• For more details Check: http://datum-recruitment.com/jobs-403.html