TAX ADVISORY

Help companies and individuals comply with tax laws and pay taxes in the most efficient way possible.

Overview

Tax advisors work with businesses and high net-worth individuals to ensure compliance with tax laws while minimising their tax liabilities. They may also provide consulting services to help clients understand changes to tax laws, or the tax implications of certain business or investment decisions.

Aside from major corporate tax issues, like compliance, tax returns, and taxes on large transactions like business mergers and acquisitions (M&A), there are other smaller specialist areas in tax advisory. This includes employee-related issues such as stock options and EPF/ SOCSO contributions, advising on indirect taxes like VAT, GST, and import duties, as well as personal taxation services for high-net worth clients (e.g. estate or inheritance taxes, asset liquidation, etc.).

Tax rules are complex and always changing, so it is important for those working in the field to keep up to date constantly to ensure that they can offer the best possible advice to their clients. Tax advisors must also build up strong relationships with their clients, who demand discretion with their financial matters. Such clients may also have investments liable to taxation in many different parts of the world, so a tax advisor may have to be aware of what is happening in multiple tax jurisdictions at the same time.

Career Pathways

Graduates typically start off as trainees within the tax advisory division of an accounting and professional services firm while they work towards the professional qualifications to become a chartered tax accountant. Once qualified, you can choose to either be a generalist or focus on specialising further in certain areas of taxation.

As a trainee, you will typically be assigned to an established team of tax advisors, performing research duties, assist with calculating client tax projections, and learning the necessary tax regulations on the job.

Once you become a full-fledged tax advisor, you will be responsible for handling clients directly, preparing their taxes in such a way that it decreases the amount of tax that needs to be paid while still complying with government regulations. This will involve research into previous tax filings, attending strategy meetings with clients, and preparing reports and presentations on potential tax liabilities to keep them updated.

Tax professionals often work in teams with varied backgrounds and specialisations, so you will gain exposure to different aspects of accounting and financial advisory work as well. This role also involves a lot of relationship-building, and you will likely build up a solid network of professional contacts over time as a result.

Required Skills

Tax advisors must stay constantly up to date with changes to tax codes and regulations, not just in Malaysia but around the world as well. Knowledge of broader market movements both locally and abroad will also be key to helping you understand and forecast where potential changes in tax laws might be applied.

Strong analytical skills are crucial for tax advisors, as you must be able to analyse financial data and calculate tax liabilities accurately. Attention to detail is also critical, as even small errors can have significant consequences.

Critical thinking abilities and problem solving skills are also essential. You must be able to evaluate complex tax issues and develop effective strategies for minimising tax liabilities. You will also need to be able to constantly anticipate and identify new opportunities for helping your clients optimise their tax positions.

You must also have excellent time management and stress management skills. Tax advisors often handle multiple clients at once, and the pressure to offer solutions and execute them will amplify greatly as tax filing deadlines roll around each year.

Lastly, strong interpersonal and communication skills are a must in this line of work. A large part of your job will be building relationships with clients and stakeholders. You will have to build that bond of trust since you will be handling a lot of sensitive and confidential financial information.

Plus, every once in a while, tax professionals can still encounter difficult clients who insist on being frustratingly secretive of their business accounts. Knowing how to navigate such cases diplomatically will be key to getting your job done.