Ian Barker, UK Director of Professional Services, outlines why there is particular present demand for Interim Senior Tax Specialists and explains whether this demand is going to last.
In the current tax market, senior tax specialists are in high demand because they are required to cater for the increased legislation and accountability of a tax team. More often than not, Senior Tax mandates still require a degree of interaction with traditional tax disciplines such as Compliance and Reporting, however, the day-to-day tasks will often be centred around business aligned tax project work.
Typically, these will include managing relationships with tax authorities and advisors, implementation of BEPS regime, country by country reporting, tax risk management and ensuring tax system efficiencies. The senior tax specialist role would either sit as an overarch to the tax team or alongside the Head of Tax.
Recent legislative changes has caused the increased demand for this position. With new regimes associated with BEPS, CBCR and SAO, tax teams are relying on senior specialists - who possess extensive experience - to deal with the changes.
Brexit and its implications have yet to fully impact the market, however there has been increased appetite for senior tax professionals with a legal background to deal with intra-country agreements, as well as the cross border transaction tax issues.
I anticipate that the demand for these particular roles will be sustained for the foreseeable future - there are no signs to suggest demand is going to drop off any time soon. With the implications of tax becoming more and more complicated with daily introductions of new regimes (FATCA, CRS, QI, SAO, CBCR), the demands of a senior tax specialist seem to be increasing at an exponential rate.
Just because the role may be particularly in demand, it doesn’t mean the professional will receive an increased salary - it tends to be more aligned with the business activity. Salaries haven’t necessarily seen a huge inflation as the supply of candidates for this level of the market is extremely high.
When businesses have looked to either restructure or implement redundancies, it is often around this level where impacts are most felt; professionals are less likely to be hired, making way for internal progression as it is more cost efficient.
The general bracket of salaries for this type of role tend to be c. £450 - £600 per day - remaining stable since the introduction of BEPS.
If you are looking for an Interim Senior Tax position, please contact Ektaa Kumar, Head of Interim Tax, on email@example.com or +44 207 092 0283.