What does a Tax Manager do in Singapore

Finance and accounting talent is difficult to find in the current Singapore labour market, leaving employers across the Lion City in fierce competition with one another for the same qualified candidates.

This includes professionals who oversee an organisation's tax department, in a role referred to as the Tax Manager.

What does a Tax Manager do in Singapore?

The role of the Tax Manager will depend on whether they work in public or private accounting. Some oversee their organisation’s tax plan, while others serve a company’s clients.

The primary duty of tax managers is the accurate preparation and on-time filing of tax documents, including Singaporean and international returns.

In addition, tax managers are often tasked with keeping clients or employers tax compliant, ensuring that all paperwork and business transactions adhere to Singapore and international tax laws.

Some tax managers also collaborate with senior leadership and other staff members to develop and implement tax strategies. This involves research, planning and documenting new policies and procedures.

As part of developing these strategies, tax managers are responsible for identifying beneficial deductions as well as ensuring new processes continue to maintain compliance with ever-changing regulations.

Other common duties of tax managers include overseeing members of the tax and accounting staff, researching tax laws, properly documenting business transactions, and overseeing mergers, acquisitions, and initial public offerings (IPOs).

What are the responsibilities of a Tax Manager?

Tax Managers in Singapore should have a bachelor’s degree in accounting, finance, business administration or a related field, and many will also have a master’s degree.

Most employers expect candidates to have four to 10 years of relevant work experience. Because these roles often involve overseeing staff members, many tax managers also have some form of management or administrative experience.

Professional certifications, such as the Certified Financial Planner (CFP), Certified Public Accountant (CPA) or Enrolled Agent (EA), are often a plus. In some states, however, a CPA certification may be mandatory.

Outstanding tax managers must be proficient in tax laws on a Singaporean and international level. Additionally, they will need to have advanced Excel skills and experience with other industry-standard programs, such as QuickBooks, Oracle and Corptax.

This role also calls for a rich blend of soft skills. Collaboration and communication skills are especially valuable for tax managers, as they work with colleagues from various departments and must break down complex finance regulations and procedures for co-workers.

Analytical skills and problem-solving abilities are also prized in these workers.

What is the salary of Tax Manager in Singapore?

According to the latest Robert Half Salary Guide, a Tax Manager in Singapore can earn between SGD$121,000 and SGD$162,000.

Look also for robust benefits packages and professional development opportunities, along with offerings that enhance your work-life balance, such as flexible working and telecommute options.

What is the future of tax management?

Tax managers most likely to get ahead in the Singapore jobs market will understand how digitisation is affecting their role and will be eager and willing to not only incorporate new technologies, but also find new ways to leverage them.

As robotic process automation (RPA) takes over data entry and artificial intelligence (AI) applications help ensure compliance, tax managers will have increased time to focus on the more interesting aspects of their jobs, such as working with financial leadership to develop and implement new tax strategies or providing support during internal audits.

Technology is also changing the labour model for the finance and accounting field. More companies are using a mix of talent, including interim employees, consultants and managed solutions providers, and here again polished soft skills will be a plus.

The Tax Manager of the future should be comfortable interacting and communicating with all types of workers, on and off site, and should be able to foster collaboration across the team.

The future looks bright for tax managers in Singapore. Make sure you are staying up to date with the trends impacting your role to put yourself on the fast track.

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