On April 26th, second-year students of the Accounting and Audit program met with social partners of the program, "Ernst & Young Baltic" (EY). During the meeting, the highly relevant and controversial topic of Lithuania's 2023 tax reform was presented, as well as a discussion on the similarities and differences between the professions of a financial expert, auditor, and finance manager.
The presentation "TRENDS AND KEY POINTS OF LITHUANIA'S 2023 TAX REFORM PROJECT" was given by Leonas Lingis, Tax and Legal Services Practice Leader for the Baltic States, Central, Eastern and Southeastern Europe, and North Countries of the Central Asia Region (CESA) at EY. His specialization is international taxation and transfer pricing between related parties.
On March 21st of this year, a package of proposals related to tax changes was presented to the Parliament of the Republic of Lithuania. The proposed changes would affect a large part of the country's taxpayers in one way or another. If the Parliament of the Republic of Lithuania approves these changes, some of the tax changes would take effect as early as next year, while the rest would take effect within the next two years until 2026. This would also affect current students who will be entering the job market or starting their own businesses during this period. According to L. Lingis, the improved projects aim to create a fairer and more balanced tax system that would encourage business growth and investment in achieving the goals of the green agenda and innovation development and create incentives for more convenient tax payments. The tax reform proposes a new real estate tax, higher taxes for individuals engaged in high-paying self-employment, and a reduction in the tax burden for small businesses, among other changes. Specific examples were presented to illustrate the main proposals and their impact on the tax base. It was emphasized that most of the tax reform proposals have a positive impact on the state and municipal budgets. They would help the country's economy to increase its competitiveness, sustainability, and resilience.
The presentation "FINANCIAL MANAGER, AUDITOR, FINANCE DIRECTOR - WHAT CONNECTS THESE PROFESSIONS, AND THE BENEFITS AND MEANING OF EACH PROFESSION" was given by Andrius Jurelė, Partner and Head of Global Compliance and Reporting in Lithuania at EY. A. Jurelė's areas of activity include the life sciences and financial technology ("FinTech") sectors.
For anyone studying, questions arise about how and where they can apply the knowledge they have gained at university. Will my accumulated knowledge meet the needs of the job market? During the presentation, financial manager, auditor, and finance specialist specialities were introduced. A financial manager is a person who plans, organizes, executes, and controls the use of an enterprise's financial resources, seeking to maximize its use. An auditor is a person who analyses and evaluates the activities, management, or financial statements of an economic entity and provides an objective and independent opinion on audited objects and suggestions for strengthening internal control. A finance specialist is not an accountant or bookkeeper; this concept is much broader - accounting knowledge should be only a small part of all knowledge about financial markets, business finance management, investment management. Also, a good finance specialist should have excellent knowledge of financial engineering, be oriented in economics, business, investment market, related legal and other fields. During the meeting, the guest described these professions, their interrelationships, differences and similarities and the qualification requirements for them. His main idea was: Do not be afraid to dream, do not limit your ambitions, and strive purposefully for your goal.
To solidify the knowledge gained during the lecture, students were given various practical tasks, such as what control measures should be created to prevent or avoid errors, omissions, or frauds and who should create them? In addition, guests presented the company "Ernst & Young Baltic" which is one of the leading providers of audit, tax and business consulting services in the Baltic States and a part of the international "Ernst & Young" network. "Ernst & Young" is a professional services leader in the world, a reliable business advisor for many leading corporations and rapidly growing companies, helping its clients identify and implement business process improvement opportunities in audit and accounting, tax, finance, human resources, technology, and risk management. This company is an excellent place for growth and success for talented and dynamic individuals who want to improve and grow quickly. The company has interesting programs for students and career starters in the field of auditing. Students were introduced to employment and various internship (targeted, mandatory) opportunities in the company.
We want to thank our social partners for their active communication and collaboration in contributing to the training, improvement and growth of young professionals. The meeting was truly inspiring.