My work consists of 3 essential elements analysing client businesses which involves communicating with the client, understanding the dynamics of a particular case and interpret the laws which would be relevant for a specific situation. An example of a case could be a client transporting a food product from one state to another and creating the product using raw materials fetched from multiple states. What are the tax implications that the client should be aware of?.
In some cases, we help the client by providing ways to structure a transaction (A case can consist of multiple transactions). For example, I want to import goods from Singapore and sell locally. After understanding the client's requirements, I would suggest to set up a company overseas or work with a local agency (in Singapore). Each model has different tax implications. This process is called a Tax Optimisation study, and we suggest the best option for the client.
We often end up working on dispute management for a completed transaction in terms of a tax position. There are times where we would be questioned by Tax Regulatory authority. For example, a client has paid a lesser tax based on their interpretation of the law. We spend time to understand how we can support the client stand or in some cases, Tax Regulatory authority might be right.
My dad is a Chartered Accountant (CA). I didn't have anything specific in mind to force me to do otherwise in high school. I had a love for numbers. Solving equations in mathematics gives me a thrill. A client comes with a set of numbers, and we give a result (e.g. how much savings for the client). It was a blind choice I didn't think deep into it. I wanted to do CA so didn't think about college, and I enrolled in a CA institute. There are 3 levels in a Chartered Accountancy course. Articleship (a 3-year practical training that allows students to work on real assignments for employers) will start only after 2nd level of the examination is cleared. I did articleship at a big company, and I got interested in indirect taxes during that time.
To be successful in this role, you would need 2 sets of primary skills: mathematics and interpreting the law. If you have a love for language, it might be you're calling. You should love logical reasoning, as you would have to read law and interpret it for different situations. If you are good with writing it helps a lot, especially when drafting appeals which go for interpretations by judges. Finally, your language and way of communication should be good as you would be representing the client most of the time.
Based on conversation in January 2020