Omaar Jiwani is a born and bred Londoner and Tax Expert, presently leading the Direct Tax team at Britvic Plc. After studying at Kings College in London, Omaar joined Deloitte and spent the best part of eight years there. Working across various tax functions, Omaar developed a holistic operational tax view that paved his way into the in-house tax scene. For the past six years, Omaar has worked for private and FTSE-listed companies most recently specialising in FMCG Direct Tax. As a Londoner, I found it an absolute pleasure to speak to him in The Consultancy Group’s Tax Leadership Interview Series.
I think pillar two is something everyone probably tells you is big or becoming a big change. There’s a lot of focus on that because of the huge compliance burden on in-house teams. whenever there are new rules or changes in the rules and regulations, it doesn’t necessarily mean we pay more tax, but from an existing resources perspective, there is always more work to complete and an increased compliance burden. With the high cost of goods, high interest rates and tax rates increasing recently it’s not always viable to keep growing the team in terms of personnel so it means there is more work and pressure on the existing team across all tax teams.
Internally, our team has dedicated substantial time to evaluating automation opportunities, especially concerning Pillar 2. Additionally, we have engaged external advisors to ensure that our decisions align with our strategic goals. While this process incurs costs, it is crucial to prioritise making informed choices. However, this journey is ongoing and I’m sure it will continue to develop and change as we go forward.
I have always attended industry webinars and seminars, and like most people in finance, I’m subscribed to weekly or monthly updates from various accountancy firms. It’s always good to attend seminars and events as they give a good idea of what other people are looking at and share and discuss.
It is a challenge to stay on top of legislation and technology advancements, especially against a backdrop of ensuring deadlines are met and the business gets what it needs from the tax team. In addition, you have to remember that not everyone is at the same stage of their career journey, so the information needs to be prescribed in a relevant way. It’s not a one-size-fits-all solution.
Certain compliance tasks in taxation are poised to become automated in the future, meaning tax professionals will need to be well-versed in technology. Routine and repetitive tasks are expected to be efficiently handled by automation, streamlining processes and saving time. The focus will likely shift towards tasks such as data cleansing to ensure accuracy in input data for these automated systems. Tax professionals must adapt and embrace technology as a core part of their skill set and will be closely aligned with the IT team and business technology function.
From a skills perspective, the future seems to be leaning towards a more hands-on approach to applying knowledge and judgement.. businesses will increasingly value individuals who can effectively implement this knowledge into their systems. It will be important to understand concepts and also integrate them seamlessly into business operations.
I was fortunate to work at Deloitte for my first 7 and a half years or so which meant I got to work across a lot of different disciplines. I did a year in M&A, worked a lot in compliance, and worked a lot in international tax advisory. This was a good foundation for me to go in-house. If I were to do it again, however, I would have focussed on gaining a deeper understanding of each discipline. I’m sure I could have spent another year in M&A and I could have expanded the jurisdictions or countries I worked with in international tax if I had spent another year doing it. Essentially the more experience you get, the better!
Gain a really good understanding of the commercial roles out there. I say that because when you embark on your Tax Career you are limited to tax, having a good understanding of various roles in business could open up more doors if you want. However, if it’s tax you want to focus on then it’s still key to understand businesses and how it fits into the business strategy and what the business wants to do. A good tax advisor just doesn’t understand tax, they understand the business they are advising or working on. I’ve been fortunate for the companies I’ve worked for where people have got me involved in such discussions. My boss at Britvic is great and actively ensures I’m aware of all of the commercial aspects of the business so we can align our tax strategies. Make sure you equip yourself with the knowledge and tools to maximise your career choices in the future.
My conversation with Omaar underscored the significant challenges facing tax professionals today, particularly concerning the implementation of Pillar 2 regulations and the imperative to leverage technology for automation.
A recurring theme throughout our discussion was the necessity for tax teams to stay abreast of legislative changes and technological advancements. Looking ahead, Omaar envisioned a future where tax professionals will increasingly integrate technology into their skill set, focusing on practical applications rather than routine tasks.
Omaar Jiwani’s insights provided valuable perspectives on the challenges and opportunities shaping the future of tax, and I thank him for his candid demeanour.
