Tax specialists see 15% rise in pay

THE annual pay of Irish tax specialists has soared by 15.6% this year compared to a 3% fall across the professional services industry, according torecruitment firm Marks Sattin.

Research by accountancy and finance recruiter Marks Sattin found the pay of tax specialists increased by an average 15.6% this year, with salaries for tax partners exceeding €150,000 and tax directors throughout the country now able to access salaries above €100,000.

The manager of professional services and taxation at Marks Sattin in Dublin, Clinton Donkin, said this compares to a 3% fall across the professional services industry in Ireland, with salaries falling to an average of €38,500 from €40,500 in the third quarter of 2010.

He said: “The adoption in January of the OECD Transfer Pricing Guidelines has put TP specialists under the spotlight and employers are fighting for those with expertise in the new regime.

“This has boosted salaries and job creation at every level of seniority, especially among the Big 4 firms, who are taking the lead in developing their transfer pricing expertise.”

The managing director of Marks Sattin, Dave Way, said: “Tax has been one of the biggest areas for expansion in accountancy firms over the last year as well as among in-house employers as regulatory changes have put professionals with tax expertise front and centre.

“Taxation requirements on companies trading in the EU have become increasingly complex as the array of obligations, deductions and rates, as well as the requirements for completing intrasat returns and EC sales lists have grown.”

Mr Way continued: “On top of this, the passing of FATCA has put the focus squarely on hiring prof-essionals with a comprehensive knowledge of compliance and risk.

“Major financial institutions have started pushing hard to ensure they are as tax efficient as possible. For many employers, the value of the cost savings which can be generated by accountants with these skills has become clear.

“The rise of salaries in industry since the second quarter of 2011 has caused practice — especially the Big 4 — to improve their packages too.

“So successful has this policy been, many tax specialists have reversed the normal trend to move out of industry to take advantage of the excellent offers being made,” Mr Way said.