How to develop your skillset to be ready for the next 5 years?

Tax professionals in the present day are asked to work on themselves and have knowledge of the basic tax acquis, but they are not asked to have a technical background on other disciplines.

For tax professionals in the future, a more rounded skillset is required besides a strong technical orientation. This means they need to be able to:

·???????Assess the quality and meaning of data

·???????Collaborate with people outside their area

·???????Communicate tax principles in simplified business language

A new multidisciplinary approach is needed for tax and leadership education with such a new skills profile. It will be assumed that tax professionals will deal with the wider circle of expertise in their tax and technology driven work spots, i.e., be able to grasp the essence of IT, big data, intellectual property, and supply chain management features.?

The position of tax directors is also evolving because they work as partners to CEOs and CFOs to solve the tax implications of complex business decisions or transactions. To meet an organization's tax needs, the tax directors must be strategic, communicative, and possess the leading capacity to boost and manage a diverse team of resources, i.e., also referred to as ‘tax consequences explained in simple business language’.?In summary, the core competencies of the new tax professional are:

These core competencies of a knowledge worker represent skills for surviving the new laws that apply to ‘all knowledge workers. In other words, they are the skills needed to stay relevant in the future. Beyond having acquired these core competencies, they can proceed to add extended competencies covered in the ‘Belt System’.[1]?Such additional competencies cover tax, business, legal, finance and IT, i.e. often referred to as ‘tax, technology & finance’ attributes in short TTF.

[1]?https://www.e-bright.com/belt-system

https://www.dhirubhai.net/showcase/global-tax-technology-community/