Sylvanus BASSOUNDA is our exclusively recommended Tax Services expert in Chad on the Advisory Excellence website. If you need assistance in this area, please contact Sylvanus directly using the contact details listed above.
Tax is an important ingredient of literally every commercial, corporate or personal transaction. Every facet of life today involves tax in some respect. It’s a big source of revenue for authorities and its subject-matter is voluminous and complex.
There are lots of stereotypes surrounding tax. It sounds very boring, but then again so are lots of things that are difficult to understand. To be clear, this area of law is often reserved for the most analytical of aspiring lawyers.
What does tax involve?
Tax involves contentious and non-contentious work and is a crossover service, which is associated with almost all other areas of law practice. Much of a tax solicitor’s work today covers what used to be the domain of accounting firms. More and more clients are looking for professionals who combine legal and accounting expertise to ensure the uniformity and quality of advice that they receive.
Tax lawyers are required in both private and public domains. A private sector tax practitioner’s workload will cover various core areas; normally this involves focusing on the best way to structure assets, assisting with documentation, negotiating transactions and jockeying the deal to completion. They will advise clients on the implications of tax during transactions, especially when structuring financial and administrative frameworks in different markets.
Tax lawyers in the public sector will work for governmental tax and revenue departments, tax statutory bodies and panels. Their work will include investigating tax evasions, auditing the tax accounts of companies, prosecuting tax offenders, assisting in the interpretation of tax rules and regulations and defending public authorities against private sector claims.
Tax is a particularly lucrative area for solicitors, as good advice can often result in clients saving literally millions of pounds.
What makes a good tax lawyer?
Clients now often expect their law firms to act as their accountants too. As such, many departments at law firms are now looking to bolster their accounting credentials by way of boosting their client rosters.
Tax can be very complex and confusing; hence a strong background in academic excellence is a must. Tax solicitors require exceptional skills in analysis, communication and negotiation. They scrutinise and study business structures and constitutions to provide clients with the best possible advice. Furthermore, the job involves plenty of study and research and tax solicitors need to have a close eye for detail.
Extra qualifications in accounting will be an added advantage. Clients will be very interested in getting all their business advice in one shop. Tax is an integral part of every business transaction and therefore, it makes sense to have a good, solid all-around knowledge.