Opportunity for practicing CAs – International Taxation

Over the past few decades, post liberalisation of the Indian economy, the demand for young Chartered Accountants (CAs) has increased. Attractive payment packages tempt most CAs to choose employment over practice. Opportunities for CAs in practice, however, have opened significantly in recent years.

The globalisation of economies, and new regulations and laws introduced in the country, increased the growth opportunities for CAs. There are endless career opportunities for practising CAs, especially those who specialise in specific fields. You can explore specialisations in international taxation, IFRS, corporate law, service tax, or others.

Globalisation

The process of globalisation has led to the following opportunities for practising CAs:

• Projects with the government on international harmonisation of taxation and corporate laws and standards
• Developing associations with professional and associated organisations internationally

Tax consultancy

Currently, every business needs an advisor to help them track their income and expenses. You can start a tax consultancy business if you are an expert in tax law, planning, and compliance. Starting a tax consultancy will enable you to meet the global and domestic tax compliance requirements of clients. For starting a tax consultancy, one needs to spend on an experienced team. There are other inevitable expenses of setting up the workplace, subscription to journals, and so on.

Chartered accountant loans are now available to meet your various practice expenses. Integrate the loan with various borrower-friendly features like Flexi Loan facility and doorstep document pickup. Other features include quick loan disbursal, easy eligibility criteria, and so on. Moreover, with pre-approved offers on your loans, the process of taking loans becomes simpler and quicker. You just have to share a few basic details and check out your pre-approved offer. Hence, tax consultancy is a small business that you can easily start.

International Taxation (including NRI taxation, DTAA, transfer pricing, and tax in foreign countries)

Transfer pricing and double taxation avoidance agreements (DTAA) have come into sharp focus. This shift is due to rapid globalisation and cross-border transactions. Revenue authorities globally want to ensure their respective countries benefit from their legitimate share of taxes on cross-border transactions.

In the international tax consultancy business, practising CAs provide guidance and consultancy services in areas covering:

• Taxation of non-resident Indians following clause (6) of section 6 of the Income Tax Act, 1961
• Companies operating in multiple countries that are subject to intense reviews and scrutiny of transactions with their related parties
• Preparation of transfer pricing reports and other aspects of international taxation wherein experts in DTAA and transfer pricing regulations can contribute in an advisory capacity

Hence, tax consultants must understand the external environment in which the entity operates and the company’s internal structure. They help organisations and individuals effectively communicate with the authorities. Tax consultants provide the justifications relevant to the posture adopted by them in various taxable jurisdictions.