ACCA launches new tax certificate to bridge a looming talent gap
The Association of Chartered Certified Accountants (ACCA), the global body for professional accountants, has launched its new UAE Tax and Regulation certificate course. Supporting the UAE government’s vision of developing a sound economy with a healthy tax ecosystem, the certificate is aimed to equip finance professionals during a transformative shift in the country.
The certificate is structured in an accessible and user-friendly way that underlines key information and provides useful summaries and is designed for qualified accountants and auditors with an educational or vocational background in auditing. It provides topic-by-topic exploration of specific articles, laws, and decrees. There are a number of knowledge checks in each module to test the knowledge as the candidate progresses through the course.
Fazeela Gopalani, Head of ACCA Middle East, said, "The Tax and Regulation certificate we're launching aims to empower finance professionals with the capability to deal with the UAE's transition into the realm of the tax economy. Collaborating closely with the UAE government and local accountancy entities, it is part of our purpose and mandate to create practical tools and valuable insights that will enhance the accountancy profession and the ability of those who practice it to adapt to a dynamic and swiftly changing landscape."
The UAE Tax and Regulation Certificate course offers an introduction to local legislation related to the practice of the accounting and auditing profession in the emirates. This includes the rules of conduct and ethics of the profession, the corporate system, the tax system, and civil and criminal liability related to the practice of the profession. After completing the certificate, candidates will be able to fully comprehend the local and regional business environment and regulations, be aware of existing legislation related to indirect tax, VAT, direct tax, and tax administration, and understand how to apply UAE anti-avoidance and anti-corruption legislation.
As UAE businesses and organisations grapple with the implications of the recently-implemented corporate tax, in-house talent may not be enough, with the new laws demanding a level of complexity in financial understanding that has previously not been required or taught. Tax is its own specialist area, and payroll managers, finance managers, and the likes need to be fully up to speed with the new regulations.
The demand for tax professionals in the UAE grew by 40 percent in 2021 and the figures were similar in 2022.
Gopalani added, “The demand for skilled, competent finance professionals is growing. Many of the traditional skills are being replaced with a demand for accountants who understand the latest digital technology and how it can be harnessed, AI, the ability to network across cultures and countries and be effective communicators as well as the ability to paint a picture of the business to the board that goes beyond numbers. And the latest demand is to have an understanding of tax.”
Shafeekh Muhammed, the CEO of Finanshels.com, said, “As a certified management accountant from USA, I'm seeing many audit reports in the GCC that have a lot of errors. Auditors qualifications are not well defined here, any one that has bachelor degree are becoming auditors and tax consultants, which affects the quality of financial reporting. Our AI based user-friendly platform simplifies the process, allowing businesses to meet their tax obligations effortlessly.”
Finanshels.com offers a user-friendly interface, streamlining the registration process and enabling businesses to fulfil their corporate and VAT tax obligations efficiently. Over time, the platform will enable users to track compliance, consult with local tax experts, and file returns or obtain registrations for VAT and corporate tax.
The course will be updated regularly to make sure it stays relevant.
