Apart from the scrumptious food, scenic beauty, and rich cultural heritage, what makes Dubai and the UAE the most sort locations for immigrants from across the globe? It’s the flexible, convenient, and growth-oriented work-life that adds further charm for the expatriates. The cities are constantly enveloping changes to facilitate its global workforce and invite fresh talent from around the world.
Ask any tax agent Dubai and the most promising factor that allures job seekers to opt for the city is their tax exemption policy on personal income. Following is a list of some other latest improvements in favor of working executives that deserve all the eyeballs.
1. The Latest PwC Consultancy Report – Higher Take-home Salaries for Executives
One of the recent pieces of information published by the Dubai Media Office, reports some crucial statistics cited by the PwC Consultancy (Price Waterhouse Coopers). As per a survey conducted across highly-paid resident executives from different countries, Dubai stands top in offering 100% take-home salaries followed by Honk Kong and Singapore. The city tops in providing commendable incentives and other benefits for its massive workforce, which serves as a major attraction for prospective candidates.
2. Strong Economy – Rebounded Rapidly
At the onset of the pandemic, Dubai’s economy was feared to fall steeply. Estimations specified that the recruiting industry in the city would experience a major downfall due to the declining opportunities in the banking sector, dip in oil prices, and changes in the working of tax consultants Dubai. However, the worst scenarios haven’t popped up and the economy seems to have been regaining normalcy at a rapid pace. The IMF (International Monetary Funds) reports a 3% plus growth which is a plus point.
3. No Tax on Personal Income
Dubai expats are exempted from paying taxes on their personal income for the past 18 months. The same rule applies for VAT as well. Despite the ongoing transformations in the taxing sector, which are better served and understood by the tax agents Dubai, the city stands firm in the tax-free offerings for talented job-holders.
Moreover, experts believe in possible changes along the long-term incentives in varied industries, similar to that of the Western World. And, these perks are expected to improvise the take-home salaries even further.
4. Emerging Jobs in Varied Industries
Unlike the expected drop in vacancies and job postings, it was quite surprising to see new opportunities pop up during the pandemic. Promising improvement was observed in banking, energy, and non-oil industries. For instance, the banking sector transitioned physical postings to online offerings to meet the growing online banking requirements. Moreover, the energy industry shifted its focus towards renewable or green energy which also brought about immense opportunities at varied job levels.
Businesses, excluding the oil industry reported gradual increase in sales after the pandemic hit terribly. Exports still need to recover, but local sales have seen a boost which produces new work offers for many.
It is Worth Working in the Middle East!
Dubai and the UAE are prepping tremendously to not lose global talent to competitors. Constant advancements in favor of the working executives are being implemented to keep attracting worldwide job-holders. The welcoming policies and convenient work-life balance make it worth the effort to spend your working years in the Middle East.