The Evolving Roles and Responsibilities of a Tax Consultant in the Contemporary World

. According to David Justin Urbas, a renowned tax advisor, today is more about making the most of opportunities while helping the leadership at MNCs understand the impact of several tax laws on crucial business decisions.

At the end of a financial year, we resort to tax consultants for the last minute investments. It will not be an exaggeration to say that death and taxes are inevitable. However, when it comes to taxes, we tend to be very jittery. Hiring a tax consultant is a saving grace as he helps us plan things and save most of our hard earned money from going into taxes. According to David Justin Urbas, a renowned tax advisor, today is more about making the most of opportunities while helping the leadership at MNCs understand the impact of several tax laws on crucial business decisions.

David Justin Urbas

Areas of Specialization for a Tax Advisor

A tax consultant has an important role to play in the global arena as businesses are facing stiff competition because of various market forces in operation. Some areas of specialization for a tax advisor are listed as follows:

  1. Corporate tax services: If you aspire to be a tax consultant but only want to concentrate on the various facets of business taxes, specialization in corporate tax services can be the perfect choice. However, in this case, you should possess a solid knowledge of corporate taxes right from the production stage to the sales of product or service. You need to have a sharp business acumen if you want to be an expert in corporate taxes.
  2. International tax: With organizations focusing more on contributing towards global economy, the role of international tax consultants is gaining a strong footing. It is an offshoot of corporate taxes where tax consultants focus only on MNCs or businesses having overseas operations. International tax laws, risk and compliance, business model optimization, etc. are some of the areas of specialization. David Justin Urbas is of the view that for an individual to be an international tax consultant, he/she must possess sound knowledge of international tax laws.
  3. Mergers and acquisitions: Mergers and acquisitions are one of the most important events of a firm. In this case, tax advisors have an important role to play. Besides suggesting the best tax implications during the process till the post-transaction stage, tax advisors need to be involved at every step. During mergers and acquisitions, taxation experts need to accomplish a lot of tasks with diligence.
  4. Interstate tax services: Regulatory issues are a hindrance to companies that operate in several states. A tax consultant needs to be acquainted with the prevailing tax laws of the respective state. You need to have a clear idea of the different taxes levied across states, the state-specific duties on doing business, etc.
  5. Wealth taxation: India is a land of cultural diversities. You will come across families who are pursuing a lavish lifestyle and poor people who have barely anything to eat. For managing complexities in tax structure in a country like India, several people hire tax advisors to assist them on estate planning, will creation, etc.

Tax Consultant

Tax consultants will have a more important role to play in the coming days. Before choosing a field, a tax advisor should assess his/her areas of strengths and weaknesses. Gain proper knowledge of the tax structures of several countries before making your mind to be a tax consultant.

Author: justinurbas

Justin urbas is a well known entrepreneur & tax specialist,his abilities are to build multi million dollar company from the ground up.He has an expertise in tax strategy and planning,wealth creation,motivation and leadership. Visit: http://www.davidjustinurbas.com/

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