Tax Risk Manager: Group Functions and Oversight

2 weeks ago

Sandton, South Africa Absa Bank Limited Full time
Bring your possibility to life Define your career with us

  • With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.
Job Summary


The purpose of the role is to provide support to the Head of Tax: Group Functions and Oversight as 2IC.

Identifying and implementing associated best practice improvements for the income tax compliance and reporting obligations of the Absa Group and to ensure the impact of tax legislation is fully understood and implemented within the group through the various processes.


Job Description:

The role is responsible for but not limited to:

  • Financial and management reporting: Final collation of all tax consolidations and Annual Financial Statement tax disclosure notes. Completion of Absa Bank Ltd tax consolidations, individual tax notes as well as commentary for Management. Review and prepare relevant financial, management and tax transparency reports (ESG / Integrated) for the consolidated Group (IFRS and Normalised).
  • Reconcile, validate and support tax balances through processes and consistant monitoring of Financial Control System (Capone) Tax rules applicable to tax posting.
  • Tax advice and support relating to groupwide functions (for example all divisions of Absa Bank Limited) and other areas which are not specific to a business unit.
  • Participating in / and coordinating Group Tax participation in the groupwide direct tax forecasting, reporting and compliance.
  • Tax Returns and SARS queries / correspondense: Main taxpayer / entity responsibility: Absa Bank Ltd (completion and submission of returns, schedules, payments and replies). Secondary responsibility of review and validation of medium to large returns as identified.
  • Establish and maintain good relationships with all the Absa Group subsidiaries, Financial Control
  • Accounting Control (Tax Team).
  • Disseminate and implement of new Income Tax compliance requirements.
  • Provide guidance and leadership to AVP's within the Functions and Oversight Team including feedback and ratings.
Key Accountabilities

Accountability:
Provide Tax Advice and Support for Group-Wide Functions to ensure full compliance with the tax laws in a tax efficient manner

  • Give advice on the direct tax treatment (including tax accounting) of income and expenditure flowing from projects and initiatives in groupcentre functions in conjunction with other Group Functions and Oversight members.
  • Report on all identified tax risks by questioning and validating risk indicators, considering strategy to suggest optimisation of the tax position.

Accountability:
Tax Reporting and Forecasting

  • Prepare / support monthly, quarterly and annual tax reporting, tax consolidation computations and tax contributions reporting (payments included in cash flow) for all direct taxes tracking the activities to ensure compliance with timelines.
  • Review and identify improvements to existing standard operating processes to ensure high quality and consistent control standards for reporting and forecasting through electronic file creation and updating. Managing the standard and improvement of Group wide tax template(s) and inclusion of changes in tax legislation and/or accounting policies as an when required.
  • Review and validate submissions from business unit and country teams, including the US and the UK reporting to the Head of Tax: Group Functions and Oversight on risks and or opportunities for improvement.
  • Suggesting and implementing technology improvements in the standard operating processes used by Group Functions and Oversight.
  • Support and guide the Group Functions and Oversight team in the completion of monthly income tax reporting templates / reports of Absa's management accounting units / Clusters.
  • Managing the income tax forecasting process by calculating projected tax liabilities and income statement charge, based on forecasted financials

This would include:
o Proactively contributing to Group Function (Head-Office) business unit interactions and sign-off.

As well as collating the Group Tax Attestations for the overall group wide forecast outlook from a tax perspective to enable the Head of Tax:
Group Functions and Oversight to attest.

  • Track and report on the opportunities and risks
  • Ensuring forecasted / outlook information is available for provisional tax estimates for Absa Bank Ltd.
  • Tracking Actual results compared to Forecast / Outlook ensuring all deviations are well communicated and understood on a monthly basis.
  • Preparation and review of tax consolidations on all different levels of consolidation on a quarterly basis including management commentary and analysis of YearonYear results.
  • Preparing income tax disclosures for financial reporting purposes both at a consolidated and legal entity level, includ

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