TFS Gulf 
With the launch of UAE corporate tax on June 1st, 2023, there is a significant demand for thousands of tax advisors, especially those in senior positions.
Hany Elnaggar, a highly qualified tax professional from Egypt, began his career in Saudi Arabia, back in 2013.
He gained valuable experience working with various multinational corporations in the Gulf Cooperation Council (GCC) region, heading their tax teams.
Recently, he made a transition to WTS Dhruva Consultants, a leading tax advisory firm.
We asked Hany about his journey from being a tax head in the industry to becoming a tax advisor and how his experience has differed in this new role.
1. Combination of experiences… Very valuable
On the career front, I believe that having mixed experience, both in the industry and in advisory firms, can be highly valuable in the market.
Clients feel more at ease when they interact with someone from an advisory firm, who also has an industrial background.
Bringing in someone with industrial experience can greatly benefit Advisory Firms when dealing with clients. They can understand a client’s perspective and specific needs well.
In my opinion, there isn’t a significant challenge in terms of being able to read and interpret the laws, regulations, and circulars. However, when you can connect with clients on a deeper level and truly understand what they are seeking, it becomes much easier to work with them.
2. Tap into new learnings
Tapping into new learnings and embracing new changes has been a significant challenge for me, especially after spending many years in the industry and then transitioning to the advisory field.
However, I always emphasize the importance of being open-minded and willing to take on new challenges in order to continuously grow and prove oneself.
3. Putting myself out of my comfort zone
Many individuals working in the field of taxes have been doing so for a long time, even beyond the age of 50 or 60.
However, some of them may still be limited in their scope of work within the companies they serve.
I don’t mean to imply that they are inadequate or lacking in any way; in fact, they may be highly skilled professionals. But, continuously seeking growth and improvement is what sets individuals apart, because they are willing to embrace new challenges.
There are some who prefer to remain in their comfort zones and resist change. They may feel that staying where they are provides a sense of security and stability.
It is important to recognize that the world of taxation is constantly evolving, and those who are open to new challenges are more likely to thrive and excel in their careers.
Any challenges?
I personally haven’t encountered any significant challenges in my career transition.
As an experienced professional, I don’t perceive any notable challenges. The work I used to do in my previous role is essentially the same, just with a different perspective or standpoint in an advisory capacity.
The experience and knowledge gained from working in the industry can be seamlessly applied to the advisory role.
But, someone at a junior level, who has worked in the industry for a couple of years and plans to move to an advisory firm, may face some difficulties.
Adapting to the new environment and understanding its dynamics will be a challenging task.
However here are a few aspects which can be considered challenges:
Quick response to multiple clients with diverse needs:
- In an advisory or consulting firm, you will deal with numerous individuals, each with their own specific requirements. Whenever a client contacts you or sends you an email, you must respond promptly.
- Sometimes the client may assume that a task can be completed in just one minute, but it will turn out to be one of the biggest challenges. Drawing from my experience in the industry, I understand that there are times when immediate support is needed.
- Furthermore, it is crucial to ensure that clients are satisfied with your performance.
Continuous updating:
- You should stay well-informed when meeting with clients.
- While nobody can know everything, it is essential to have up-to-date knowledge and a solid background for discussions. Another important point is that if you don’t know something, it is better to say, “I will check and update you later, rather than giving your client the wrong advice.”
- It is risky to pretend to know and provide clients with incorrect advice, especially when it comes to taxes. Staying updated with everything happening in the market is also crucial.
- Considering that you may be managing the tax function for multiple countries, it is essential to stay on top of every single update for each country.
- If a client brings up a topic related to Qatar, for example, it is important to be updated as an advisor. Failing to do so may undermine your confidence in front of the client.
