An accounting firm in the client’s home jurisdiction might propose a strategy. Lawyers might be involved in preparing contractual documentation to implement the strategy. The advice of professionals in other jurisdictions might be needed to complete the details of the strategy. Professionals in a number of jurisdictions, might set up any entities needed to implement the strategy. Any rules to improve the incentives placed on tax professionals need to take into account the different functions that professionals perform in providing tax advice, and the fact that there may not be a single professional (or professional firm) that is responsible for the whole of a particular tax strategy.
Tax professionals, whether they are accountants, lawyers or members of a separate tax advisory profession, broadly speaking, can perform three different roles for their clients: the preparation of tax returns, giving advice on a client’s tax position (tax planning), or representing the client in a tax dispute before the tax authority or before tribunals and courts (litigation and other dispute resolution). Lawyers are rarely involved in the first role, but they predominate in performing the third role, especially before tribunals and courts. This report is principally concerned with the second role, tax advice.
Fiscal advice can help you:
- Set and achieve your financial and fiscal goals
- Save and Make the most of your money
- Get any government assistance you're entitled to
- Feel more in control of your finances and your life
- Avoid expensive mistakes
- Protect your assets