A recent
report posted on The Finance Story talks about
how Hiring trends to look out for in 2024, there is a rising demand for
mid-level as well as senior-level talent in the tax domain. Here are some
trends I have observed.
Need for
M&A expertiseThere is an
immense need for senior M&A tax experts with an innovative mindset, across
law firms, accounting firms, and the Big 4.That is a
great indicator of growth in terms of complex transactions and tax
restructuring.Tax
controversy and dispute resolutionWithin
corporate houses where the changes in the tax ecosystem can impact the business
(for instance the gaming sector or the fintech sector), there is a need for Tax
leaders who can,Negotiate
with tax authorities Skilled in
dispute resolution Drive tax
controversy-related aspects
Also, there
is a need for those who can navigate audits.
While some
may use the term “tax litigation,” it encompasses more than just litigation.
Tax controversy involves many aspects beyond court cases. Tax is no
longer just a support function rather than
just supporting other groups, tax is becoming a full-fledged function.
There is a
trend of Indian law firms looking to expand or even build out tax verticals.This allows
law firms to increase their market share in tax advisory, an area traditionally
dominated by the Big 4 and top accounting firms.
Tax
professionals can become CFOs
In the past
three to four years, we have noticed that in some organizations tax heads were
working closely with CEOs and CFOs on various deals, not just being siloed into
tax matters.
Organizations
are open to promoting a Tax Head to CFO if they add value and bring strong
capabilities to the table, get involved in transactions, tax controversies, and
financial management.
It is about
how attuned the Tax Head is to the organization. while
organizations don’t proactively search for Tax Heads to fill in the shoes of a
CFO, organizations are increasingly becoming open to this idea.
Emergence
of internal audit roles Why? There
is an importance of how governance and compliance need to be looked at, in an
increasingly complex regulatory landscape.
Close to
45% of roles that we handled on the internal audit side were newer roles where
they were being hired for the first time. So it was
interesting to see how that is also becoming quite important.
Dubai &
GCC emerging market for tax pros
In 2023,
GCC tax recruiting formed 8 % of our total recruitments.Looking at
2024, with tax regulations evolving, and economies growing we anticipate
continuous demand for tax professionals with cross-border expertise in the GCC
region – Dubai, Saudi Arabia, Kuwait, and Qatar.The Big 4
firms are winning this game by transitioning talent from their India and Egypt
teams to the region.
However,
the demand is also prevalent in other consulting
firms and corporates.
Read more at:
https://www.thefinancestory.com/tax-job-market-trend-in-india-2024-and-in-demand-skills