How has the tax advice changed since Wim was a head of tax of a multinational company comparing to now when he is a head of a global advisory firm?
The conversation started with.. my beloved John Grisham & The Firm, of course. How the non-transparent world of the times of The Firm changed to substance-over-form, transparency and data leakage. This has transformed the needs to manage the tax risks within companies – from complex rules still possible to explain to concepts now (like a fair share and a general anti-avoidance debates) that are more reputation and common sense based.
Why tax?
That is exactly why Wim loves tax - because of its complexity and because its an international practice area. And tax is a premium place to learn about mechanics of a business – supply chain, funding, acquisition, operation. Just one conversation with a senior of a multinational company more than 25 years ago telling this truth inspired Wim to choose the profession.
Why Wim agreed to the interview?
On the same note Wim picks up why he likes the idea of Tax Stories podcast – with experienced people sharing their thoughts others might be as inspired as he was when being at the crossroads 25 years ago: “if there is just one person who just picks up one line of the podcast, I will be happy.”
“On a Journey. A vision of International Tax Management”[1]
It’s an old pilgrimage route to Santiago de Compostella that is described in the book together with Wim’s thoughts on tax management during that long journey. A nice dinner and chatting with friends and people met on the journey gave space to think broadly about the bigger questions that matter in everyone’s life. Also for me as an external advisor it was interesting to learn in the book what a head of tax of a large multinational firm is thinking about.
In-house vs. outsourcing
Being inhouse means to deal with risk management, governance, project management – coordinating international situations with advisors and stake-holders. “Peter, are you willing to give up the tax code,” Wim asked once when hiring an inhouse for a role of an international tax manager in charge of 25 countries, because in a role like that a person becomes more a project manager, not so much an expert advisor. Whereas the outsourced consultants should help the in-house to make a decision. Different worlds, but both fascinating.
The best kept secret
Wim also has been teaching within a business management program @ CEDEP / INSEAD in Fountainebleau, France for a consortium of 25 large multinational companies, where a Tax Leadership program has now been set up as well, for both tax practice leaders of WTS member firms and their clients.
WTS Global
The network with Fidal law firm in France joining recently is crossing ~5000 tax experts mark globally – in more than 100 countries, with more than ½ billion in tax advice revenues. The network has built a TP centre in Manila, AI centre in Berlin, a US & digital hub in Amsterdam to help US and global (esp. digital) platforms to set up in Europe, the training facilities for the clients, a strong presence in Africa for setting up there. One of the interesting projects together with a client is an app to help with legal reorganisations, which just raised USD 3.6m to bring it to the next level. An audit is where WTS will never go and that makes it different from Big4. Many of the WTS member firms have emerged from people who wanted to do something different and with an entrepreneurial and innovative spirit became successful quickly. Now those firms unite in a global success story. The next two regions on Wim’s travel lists are Ruanda and the Baltics which says a lot about importance of the businesses there. And the politics or cultural differences do not play that important role once you focus on people relations.
[1] You can buy your copy here:
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