Thursday, 7 April 2016

Qualities You Need to be A Cross Border Tax Specialist

A tax specialist with a CIOT or a CTA qualification can earn between $40,000-$70,000 annually. Even without a certification, the starting for junior tax specialist is $30,000.

Anyone of any degree can be a tax specialist, especially to those with degrees related to business. All one needs is to undergo tax training from an accounting or soliciting firm or from an in-house tax department. Those who have a degree in accountancy or law can also specialize in taxation and become a specialist.

Not all who aspire, however, are qualified for this job. Taxation itself is a complex discipline. Cross border taxation, in comparison, is a lot more difficult. Aside from being knowledgeable in the taxation laws of each country, one also needs to be familiar with existing treaties or agreements.

Ideally, a Cross Border Tax Specialist must possess the following qualities: 
  • Exemplary mathematical abilities. Although the mathematics involved in taxation is not as complex as with Engineering, still, a cross border tax specialist would need to crunch up number, sometimes, in their head. Taxation computations have no room for error. A person who has all qualities required except mathematical abilities could end up imposing more or less taxes than required, which could spell a disaster for the client.
  • Problem-solving skills. Often, a cross border tax specialist would need to solve taxation problems and issues. But a good cross border tax specialist is quick in providing solution and provides the best possible solution for a problem.
  • Analytical and logical skills. The rules and laws involving cross border taxation are intricate. A rule may or may not apply to a situation, for instance, on a given condition. One has to have an in depth knowledge about the rules and laws in taxation for the countries and must be able to use all available information in order to correctly decide which law is applicable or not.
  • Proclivity for details. The task of a cross border tax specialist is highly detailed oriented. Not only would you need to have a knack for details, but you also need to have the patience to scrutinize and analyze each detail.
  • Interest in business and finance. Your motivation for becoming a cross border tax specialist should not only be the compensation. Above all, you must have an interest in business and finance in order for you to easily get a grasp of the core concepts involved. Although those who don’t have the natural interest in business and finance can still become a tax specialist, those who have the natural inclination for it will be able to learn faster and will remember things in greater detail.
Cross border tax specialists are among the professionals who earn the most. In about 10-15 years of practice, you’d be able to save up a hefty sum of money. Although with other professions, there are still bad sides to this.

One bad side of this job is that you don’t get to enjoy the same warm welcome other professionals have. Since you are dealing tax issues with a person or a business, be prepared to be dealt with coldly. After all, nobody wants a part of their money to be taken from them.


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