Please give an overview of your sector?
Tax is an ever changing landscape. Chartered Tax Advisers (CTAs) work to ensure that their clients make the best business decisions in light of this continually changing landscape. CTAs monitor and anticipate changes to tax legislation and respond quickly with commercially focused advice specific to their clients’ particular business requirements.
CTAs provide tax advisory services to a wide range of clients who operate in all sectors of the economy. A career in tax could mean working with and advising some of the key people and corporates in Ireland and internationally - from home-grown start ups, pioneering biotechnology companies, global investment advice to leading entrepreneurs.
CTAs also have the opportunity to work in specialised areas of tax such as wealth and retirement planning, pension advice and investment advice.
Tax is a critical part of all commercial transactions, and CTAs knowledge, judgement and expertise are really invaluable at each stage of the transaction.
This is a sector where you never stop learning - legislation changes such as the Budget each year, to changes in EU law, can change key aspects of tax system affecting different clients in various ways. A CTA must always be up to speed on such changes!
One of the great things about a career in tax as a CTA is that it gives you choice - you can choose to work in practice, industry or the public sector. You can choose to work in Ireland or internationally. The best part is that no two days are the same!
Some of the typical work that CTAs are involved in are as follow:
- Offer commercially focussed tax and business advice to clients
- Enable clients to minimise financial and reputational risk
- Assist clients to minimise the tax cost of doing business
- Develop and implement tax planning strategies
- Manage the tax compliance process for clients
- Negotiate with Revenue on behalf of clients
- Consult on the commercial issues facing a particular client/industry sector
- Advise on international financial transactions
- Develop appropriate corporate structures to enable clients to develop their businesses effectively
- Provide tax advice on key life stage events for private individuals
- Consult on property transactions in Ireland and abroad to minimise related VAT and stamp duty costs.
- Assist clients in complying with complex tax reporting obligations.
What is the size and scope of the sector?
Currently, there are almost 5,000 Chartered Tax Advisers (CTAs) in Ireland, and 30,000 CTAs globally based in over 40 cities across the world. 97% of recently qualified CTAs are employed.
The Heads of Tax in Ireland's leading law firms are CTAs. Over half of the tax partners in the Big 4 firms are CTAs and CTAs also hold key tax and financial positions in 30 of the Top 50 companies in Ireland.
What are the current issues affecting this sector?
Tax is a very dynamic area. Changes in government legislation such as the annual Budget and the Finance Act changes key aspects of the tax system which affects different clients in various ways.
The impact of the European Union and increasing global trade means that Chartered Tax Advisers (CTA) need to display a keen awareness of both domestic and international developments and constantly keep abreast of these changes.
What changes are anticipated over the next 5 years
The constant demand for Chartered Tax Advisers (CTA) will continue, as both corporates and private individuals continue to engage in commercial and life stage transactions, all of which incorporate tax advice.
As the global trend continues, a further requirement will be for Chartered Tax Advisers (CTA) with an appetite for working in a dynamic, international setting.