“Tax isn’t one thing, it’s many. As it is rightly said nothing is certain except death and taxes!”
Tax career is always evergreen, relatively stable and a fast-growing career opportunity. Tax is crucial factor in this fast-changing technologies, disruptive business environment, dynamic globalization and constant regulatory reforms. Tax career now no more remains a conventional aspiration with limited boundaries for growth.
The common thing one face while choosing tax career is that tax professionals live a monotonous and boring life but being in this career path, I have found this journey dynamic, fast paced and challenging.
Tax career requires you to be academically minded, disciplined, to have high level of attention to minute details, updated with dynamic and deep interest towards understanding fiscal and commercial laws and policies. Also, one needs to have an excellent problem-solving skills and analytical ability. To really thrive in this industry, one needs to have effective communication skills, to see a bigger picture and deliver out of the box and strategically sound solution to the clients.
Tax career can be started in one or more of the following areas:
1. Tax Consultancy (Role of Advisor) - This role requires you to provide advisory for business solutions and managing overall tax and regulatory compliances of business. This role helps you develop experience in various industries. This role requires in depth knowledge of provisions of tax laws, rules and regulations along with legal jurisprudence applicable to particular industries that you serve. Depending on the role, one can choose either serving to various industries or select specific industry and serve as tax acumen or expert over a period of time.
2. International Tax – This role will lead you to serve businesses that operates across international borders. This role typically requires you to understand the concept of residency, cross border taxation and regulations under domestic law, accurate knowledge and skills to interpret Double Tax Avoidance Agreements and underlying Model Convention as well as legal jurisprudence applicable in the country. There are specialization courses like Diploma in International Taxation (ICAI), Advanced Diploma in International Tax UK (CIOT), courses offered by The Tax Institute of Australia and various LLM and other courses offered in various universities and other institutes across the world.
3. Transfer Pricing – This role requires to understand the complexities and risks of transfer pricing by creating and developing sound approaches. This is very dynamic role and requires critical thinking related to business aspects as transfer pricing deals with rules and methods for pricing transactions within and between enterprises under common ownership or control. This role requires skills beyond understanding tax laws and one should have knowledge of economic and financial principles in which business transactions take place.
4. Tax Representation and Tax Dispute Resolution – This role requires personality of attorney with the knowledge of above tax areas discussed above called as tax counsel. This role develops understanding about history of tax laws, necessity for making such law as well as changes in law and its jurisprudence. This role involves legal representations before revenue authorities, tribunals and various judicial courts depending upon the role. This role demands an effective oral and written communication skills. With the CA qualification, one can represent before revenue authorities and appellate authorities. To represent before higher courts, one will have to also pursue career and practice in Law like LLB and LLM.
Thus, this career lands you with the role that requires abilities, ranging from technical legal knowledge to interpersonal skills. Education, dedication, discipline, ongoing training, experience and self-improvement and growth are ways to upgrade your professional and personal skills -- and have a good tax career. This career brings your expertise to your clients and create your personal brand as well. This career takes commanding responsibility with a strong ethical compass to advise clients for the right thing!
“It’s easy to tell a client what he wants to hear,
but a good tax expert tells a client what he needs to hear!”
Ready for a sound tax career? Confused how to develop tax career and become a tax expert? Connect to Tax Mentor at Ace Mentor Club for planning your tax career..
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