Abstract: The subject of the research is the tax consulting that is supposed to ensure the proper functioning of companies under today's conditions of financial instability. The object of the research is the financial relations arising between the state, taxpayers and tax consultants in the process of management decision making at all stages of taxation. The author of the article examines theoretical and methodological approaches to describing the role of tax consulting in financial and economic relations. Baburyan proves the need to define responsibility of a tax consultant by giving a definition to the transaction value the tax consulting is given for. The author analyzes the indicators of the efficiency of tax consulting as well as areas of its improvement including evaluation of the influence of judicial practice on the profitability value of a company. In his research Baburyan has used general research methods such as analysis, synthesis, deduction, comparison, generalisation, classification, analogy, and calculation methods. The scientific novelty of the research is caused by the fact that the author describes the main theoretical approaches to tax consulting, principles of tax consulting, and proves the need in the legal regulation of this activity. He also makes a statement that as an economic institution, tax consulting can be divided into two branches, inclusive and extractive. The researcher also proves the prevailing role of tax consulting in business processes and introduces an efficiency of economic entity's tax optimization indicator to evaluate transaction expenses for tax consulting incurred by a company. The author also offers to evaluate the influence of taxation on the company value as a new area of tax consulting and tax audit.