Studies & Degrees in Tax Consultancy and Management
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Tax consultants are those who are experts in tax laws of the country and can advise and guide their clients in the taxpaying process. Taxation is a challenging area which is subject to change constantly and thereby is also intellectually stimulating. In most countries, tax consultancy and management is a very complex yet well paid job. Growing economies imply growing investments market and this is precisely the area where advice of tax consultants comes in handy.
A tax consultant and manger is supposed to see to that the client complies with the existing rules, regulations and laws and pays the correct amount of tax. However, the revenue generation system and tax consultants of a country quite often find themselves at loggerheads. This is because the tax consultants are mostly hired to minimize the liability of tax. This is done by organizing and structuring the investment scheme of the client so as to reduce the tax bill as much as the law permits. Hence, the revenue the Government receives is minimized by the ways and means sought out by the tax consultant.
Courses on Tax Consultancy and Management
To become a tax consultant, one needs to study at the undergraduate level subjects related to commerce, finance and tax and mercantile laws. Apart from regular commercial studies, students can pursue chartered accountancy for knowledge in corporate taxation. These should be complemented with hands on training in tax consultancy services. Certain certified courses are also available for those who wish to become public accountants. Although recruiters seldom specifically look for post graduate degree holders, most of the times post graduates hardly have to worry about a job. Many accountancy firms and law firms take interns who receive practical training in matters of investment, tax laws and tax savings.
A tax consultant needs to have an excellent grip over tax related legislations of the country they wish to practice in, a working knowledge about the same of other countries, and the ability to perform complex numerical calculations. Additionally they have to have an eye for detail, capability to think logically and honor confidentiality. Someone who has good communication skills and a healthy relationship with clients would be able to analyze the overall situation of the client, in business and at home, and guide in necessary ways. Because these matters involve financial issues, one will often have to defend the client in legal matters. A robust personality, creative outlook as well as leadership qualities are necessary skills to become a tax consultant and manager.
Career as Tax Consultant
As a tax consultant in a chartered accountancy firm, one can function in the area of personal tax, value added tax, employer tax, customs and excise tax. A trained and experienced tax consultant can also act as a financial advisor to a company or organization carrying out substantial financial activities. Private practice is preferred by many as it is most profitable in many countries. Surveys and researches worldwide have shown that demand for professional tax consultants is likely to rise in the near future.