Head of Group Functions and Oversight (Tax) at Absa

Job Summary

• The purpose of the role is to provide leadership, oversight and accountability for the income tax compliance and reporting obligations of the Absa Group and building strong relationships with the various external and internal stakeholders to ensure impact of the legislation is fully understood and implemented within the group.

The role is responsible for but not limited to:

•     Tax matters relating to group-wide functions (for example the group’s real estate portfolio) and other areas which are not specific to a business unit
•     Defining the group-wide direct tax forecasting, reporting and compliance policy and control framework.
•     Leading the team undertaking the group tax forecasting, reporting and compliance, and consolidation of tax forecasts/results, validating submissions from business unit and country teams.
•     Overseeing the group’s engagement with tax authorities and government bodies, with the aim of influencing the development of robust and effective tax law, primarily in SA. Monitor legislative changes within SA and ensure the changes are understood by the tax team and that any consequential actions are tracked and closed out (working in conjunction with the relevant internal regulatory change forum).

Job Description

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 of income and expenditure flowing from projects and initiatives in group-centre functions. These include corporate real estate activity, sourcing (e.g. material contracts entered into for the whole organisation), non-business-specific M&A activity and optimising the central cost base
• Proactively manage tax risks by monitoring and assessing a number of risk indicators, setting strategy to optimise the tax position and execution in line with strategy.

Accountability: Tax Reporting and Forecasting

 Lead monthly, quarterly and annual tax reporting and compliance including returns and payments for all direct taxes accurately and on a timely basis

• Setting policy and framework and establishing high quality and consistent control standards for reporting and forecasting the balance sheet and income statement position in relation to direct taxes.
• Ensuring that processes are appropriately efficient and aligned to materiality levels, and that the tax team has adequate oversight and understanding of numbers produced outside of the SA tax team (i.e. validating submissions from business unit and country teams, including the US and the UK). Technology should be used to produce the desired information efficiently and the role will include securing funding to make technological improvements.
• Leading the team in the completion of monthly income tax reporting packs of Absa’s holding company and its subsidiaries, including overseeing the activities of preparers who are outside the SA tax team.
• Managing the income tax forecasting process by calculating projected tax liabilities and income statement charge, based on forecasted financials. This would include:
• Proactively understanding all material tax efficiencies being sought throughout the group and known financial exposures
• Playing a central role in closing out the opportunities and risks
• Ensuring the range of outcomes is transparently and timeously reflected in the current outlook for the income statement tax charge and balance sheet position and communicated effectively to relevant stakeholders
• Providing income tax disclosures for financial reporting purposes both at a consolidated and legal entity level, including the supplementary tax disclosures made by the group in its Integrated Report.
• Ensuring the necessary country-by-country reports are submitted annually to SARS.
• Managing the Direct Tax Sarbanes Oxley processes.

Accountability: Direct Tax Compliance

Responsible for the income tax compliance and reporting processes and systems, ensuring that all activities occur in a timely and accurate manner and identifying and implementing efficiencies.

• Overseeing the environment for the preparation and submission of the SA direct tax returns, and for tax payments/refunds. This would include a review of the submissions and calculations for the most material entities.
• Ensuring the tax compliance environment is consistent and effective, with remediation plans for any control or process gaps.
• Identifying process or financial inefficiencies through the compliance process and ensuring they are addressed in a timely manner.
• Oversee the response to major SARS enquiries / audits / disputes and review non-routine correspondence with SARS as required, with appropriate controls to ensure the correspondence is timely, complete, accurate and transparent.

Accountability: Regulatory Engagement and Oversight of Tax Developments

Responsible for playing an active role in legislative changes and assessing the impact to the group to ensure appropriate communication and planning for the group

• Monitor legislative changes or case law developments within SA and ensure that the changes are being considered by named members of the tax team (and/or business areas if more appropriate)
• Maintain tracking to ensure the impact of the developments is understood, communicated to stakeholders and that any mitigating actions and process alterations are tracked and closed out (working in conjunction with the relevant internal regulatory change forum)
• Oversee and, where appropriate lead, the group’s engagement with tax authorities and government bodies, with the aim of influencing the development of robust and effective tax law, primarily in SA but also where there are significant changes overseas.
• Ensure that the impact of any tax developments are recognised in the firm’s forecasting processes

Accountability: Networking

Responsible for proactively establishing and managing relationships with key internal and eternal stakeholders to ensure delivery of the tax strategy and initiatives

• Establish and maintain strong relationships, across Finance Exco in particular and country Finance Directors, to assist with delivering the above accountabilities
• Build an effective working relationship with the external auditors ensuring the group transparently and rapidly provides appropriate information and that significant issues are communicated and resolved timeously. Oversee that all areas of the tax team are preparing contemporaneous transaction summaries of material transactions to allow for timely and efficient engagement with the auditors.
• Establish and maintain effective relationships with SARS and other relevant authorities (in SA or overseas) and industry bodies (eg the Banking Association of South Africa).
• Provide tax training to colleagues and encourage knowledge sharing to support with the wider team’s strategy and in delivering the above accountabilities effectively.
• Maintain productive working relationships with a range of external tax advisers.

Accountability: People Management Responsible for leading, recruiting, supervising, developing and mentoring the Group Functions and Oversight team.

• Supervise the Group Functions and Oversight team to ensure it is aligned to the strategy of the firm and tax department, in an effective and efficient manner.
• Develop a high performing team by embedding formal performance development, career development plans and coaching. Address any underperformance at an early stage.
• Play a central role in attracting, developing, motivating and retaining professionals across the tax team and ensure that their efforts are recognised.
• Establish and maintain a succession plan for the team

Education

• Postgraduate Degrees and Professional Qualifications: Taxation (Required)

Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.

Absa Bank Limited reserves the right not to make an appointment to the post as advertised