Becoming a Tax Specialist in South Africa
South Africa’s latest February 2018 Budget Speech announced a tax hike in VAT of one percentage from 14% to 15% to reduce the country’s alarming deficit. In the light of the recent tax developments, let us investigate the important role, education and career requirements of tax specialists.
Tax specialists have a specific role in a country’s economy, servicing either the regulatory government bodies, e.g. The South African Revenue Service (SARS) or working for accounting practices.
In a nutshell, tax specialists are responsible for ensuring the effective tax payments to governments from both individual and businesses. Duties performed may include, but are not limited to reviewing and filing tax returns, calculating tax deductions, and consulting on tax policies and regulations.
A successful career in this industry will require candidates to possess the necessary educational background and skills.
Below is some useful advice if you are considering specialising in tax, whether you are already working in accounting or want to change careers.
Complete an accounting degree. A Bachelor’s Degree in accounting offers a good grasp of important concepts in business management, business law, financial accounting, marketing and strategic management – all mandatory in a tax environment.
Take advantage of accounting courses as tax specialists position may require applicants to meet specific academic criteria, and additional courses may be necessary.
Follow-up accounting studies with formal training. Gain tax knowledge and understand accounting principles by working in the field with current tax professionals.
On-the-job training in an accounting or tax practice is recommended to familiarise further with the tax code and latest regulatory frameworks and software on the market. Apprenticeship programs may also be available.
Keep up to date with tax laws and regulations. You need to have a good understanding of tax basics, tax law, and current tax regulations (Tax Administration Act).
Additional courses in tax law and a formal tax apprenticeship should be enough to get you there. Keeping up with changes in tax laws should not be ignored.
Register with the regulatory body (SARS). Tax practitioners should register with the relevant regulatory body (SARS). See more info about the registration process here.
Professional Sourcing is a top-tier South African-based recruitment agency operating internationally, IPM accredited, LEVEL 2 BEE RATED and 51% Black Owned.
Our agency specialises in professional placements (senior and specialist talent) and exclusive skills recruitment to a wide range of industries, including JSE’s top 100 companies, SMEs and the Public Sector. -- Patricia Koekemoer
Dec 13, 2017
Interested in an Auditing Career? 4 Steps to Consider Before You Make the Move If you already have a financial or accounting degree or qualification, you could expand your career horizon by taking a closer look at auditing. Below are a few steps you might want to consider. Go for Training To become a certified auditor you will need to undergo some training to meet the basic requirements. Opt for an internship with a major auditing firm (you have probably heard of the ‘Big 4’) or sign up for a training course. It is recommended to enquire and check if organisations in your area require applicants to undertake specific courses. Bear in mind most companies prefer candidates with internship experience who worked with an auditor before and know what to expect in such an environment. Interview Succesful Auditors Get a clear picture of your potential career role as an auditor. It is preferable to speak with those who have been working in the profession for an extended period of minimum 3-5 years. Enquire about the specific job requirements, the potential rewards and benefits, as well as career advancement prospects. Getting as much information as possible will help you to make an informed decision. Find the Best Auditing Firms If you are serious about an auditing career, get introduced in the industry by searching for auditing firms or specific organisations that..
Dec 6, 2017
What Do Recruiters Value in an Audit Job? Switching careers into auditing is a bold and rewarding move. Aside from dedication, recruiters are usually interested in the following credentials. The Right Qualification Are you qualified to become an auditor? The basic requirements include a bachelor’s degree in the field of finance, accounting or business administration. However, even if you are in possession of a financial degree, most recruiters are looking for specific accounting certifications or qualifications like CA (Chartered Accountant), ACCA (Association of Chartered Certified Accountants), and ACA (the ICAEW Chartered Accountant qualification). You will also have better chances of landing an auditing job if you have skills and experience in your current career that can be transferred across to the audit field. Understanding the Auditor’s Role An auditor is a person appointed or authorised by an organisation to examine accounts and accounting records and ensure the accuracy and validity of such records. Before you change careers to become an auditor, know what to expect in this important role. An auditor’s responsibilities include any or all of the below tasks: Ensure efficient financial reporting Manage company’s internal and external risk exposure Assess the accuracy and validity of financial data Analyse and review products, systems, processes and organisations Comply with the latest financial and legal regulations Companies recruiting auditors usually require from the succesful candidates in-depth knowledge of finances, financial reporting..