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Accountants working in tax have seen their salaries rise more than seven times faster than the rest of the industry. According to research by accountancy and finance recruiter Marks Sattin, tax accountants' salaries have increased by +19.7% in the last year, while salaries across the industry rose only by +2.1%.
Dave Way, Managing Director of Marks Sattin, commented "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 Intrastat returns and EC sales lists have grown. On top of this, the passing of FATCA has put the focus squarely on hiring professionals 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."