In a globalised economy, international experience is important for tax professionals to ensure that they accelerate career growth. Securing a position abroad allows you to step outside of your comfort zone and widen your strategic horizons. International exposure is particularly important for tax professionals seeking partnership potential. At Mason Rak, we regularly discuss the global career options available for tax specialists to identify the best possible career move.
How many times have you explored tax opportunities overseas, whether on a mid-term or permanent basis?
Have you ever considered a global tax role and thought: ‘What if?’ For tax professionals, moving overseas can present significant benefits.
Kevan Hall, chief executive of Global Integration, outlines the ‘power shift to Asia’ and tax ‘market growth in America and Europe’ as key factors for ambitious tax experts to consider when planning to move abroad. Understanding market intelligence and global strategic trends are key to deciding which jurisdiction is right for your career move.
Oleg Rak, our Managing Partner, regularly facilitates Director and Partner engagements overseas and observes that transfer pricing posts offer the most mobility. Indeed, international tax and transfer pricing has a fluidity in the global market because the legislation and approach are much the same across all jurisdictions. Moreover, whilst language-skills are beneficial, they are not often mandatory for these roles as communication and legislation are optimised for English language use.
Tax specialists moving overseas typically secure superior compensation, lifestyle benefits and advanced career progression.
For instance, Indirect Tax is currently growing across the Middle East due to changes in legislation, and there is a high demand from emerging markets for well-trained tax professionals from the USA, Europe, and Australia. Tax professionals from advanced jurisdictions are moving to seek upside potential, build world-class tax teams and service clients across the region.
Securing a role overseas allows tax professionals to develop an extensive global network and competitive advantage. International experience demonstrates that you are able to successfully integrate with different cultures and develop an international perspective which is regarded highly by employers. In order to make the most of the opportunity, expats should remain open-minded and resilient in order to cope with a new cultural context and intensive work demands. We recommend that tax professionals have specific goals that they are working towards when they move overseas, and at least two exit strategies to ensure a smooth transition upon returning home.
The current climate stimulates globalisation, presenting an excellent opportunity for the successful servicing of clients remotely. At Mason Rak, we believe that this trend reflects a new era for the industry and an increased demand for professionals to service clients globally. This will help to simplify the process of relocation, as client meetings migrate to virtual video conferences on Zoom, Microsoft Teams and other social media channels.
Over the last few months, we have witnessed our clients successfully implement virtual communication channels for their global workforce and client communication. This rapid change harnesses the international scope that Mason Rak has been pioneering since our inception, supporting key stakeholders and tax leaders with building tax teams across the globe.