According to a recent ISCA survey, Small and Medium-sized Entities (SMEs) ranked taxation as their greatest need, while Small and Medium-sized Practices (SMPs) ranked auditing as the service they were most keen to provide. The apparent mismatch emphasises the need for SMPs to go beyond audit services to provide more value-adding services such as tax services. These findings were highlighted in the recently concluded ISCA SME-SMP Forum, and prompted many practitioners to ponder, ‘How can practitioners provide more value-adding services, such as tax services, to their clients and what does it take to do so?’
An important enabler in building this capability is training. ISCA Continuing Professional Education typically provides tax seminars and workshops. This includes tax compliance and tax advisory topics like transfer pricing. The Tax Academy also has programmes such as the Structured Tax Training Framework that provides the essential building blocks in tax education for professionals. Such programmes aid individuals to attain a high level of competency in taxation.
What else does it take to succeed in the provision of tax services? Two seasoned practitioners share nuggets of wisdom on providing more value-adding services to their clients.