Tax Compliance Specialist at African Bank

About the job
MAIN PURPOSE OF THE JOB:

• To assist in the management of direct and indirect tax governance, compliance, administration and reporting function for the African Bank Holdings Group of companies and entities as well as for Residual Debt Services (Limited) (In curatorship).

KEY PERFORMANCE AREAS:

Governance and control

• Assist in identifying, assessing and documenting the tax risks to which the group is exposed, separately addressing: Income tax; Value added tax; Dividend withholding tax; Interest withholding tax; Employees taxes; and Any other levy of tax to which the group may be exposed.
• Assist in monitoring and reporting on tax risks identified on an ongoing basis.
• Assist in maintaining up to date policy documents on deferred tax asset recovery and tax risk management.

Tax Legislation

• Keep abreast of all relevant Tax Legislation
• Assisting in providing tax training on a regular basis for employees.
• Advise relevant stakeholders of amendments to legislation before promulgation
• Review that relevant policies are in line with legislation
• Assist in providing and documenting advise as required on tax related issues
• Escalate contentious matters to functional and executive management for discussion and decisions

Income tax

• Assist in the calculation on a monthly basis of the direct income tax due.
• Assist in the maintenance of a record of the tax bases of all assets and liabilities, which reflects the permanent and temporary differences to the accounting base as reflected on the trial balance; reflects that basis of the differences; and reflects the controls applied and assurance obtained on the validation of the differences.
• Assist in the calculation on a monthly basis of the deferred income tax due.
• Ensure that the required entries are recorded and review the validation there off.
• Perform a reconciliation between the standard rate of income tax and the effective tax rate reflected in the books of account and financial statements.
• Maintain adequate records of the calculations to support management review thereof, as well as audit by internal audit, external audit and audit by SARS.
• Compile and maintain all the relevant tax schedules (e.g. minor assets, repairs and maintenance, consulting, travel, provisions and accruals, prepayments, secretarial services, legal fees, fines and penalties etc).
• Prepare reconciliations on a monthly basis of the tax accounts.
• Prepare reconciliations for IT14SD monthly
• Assist in the drafting of accounting policies for and disclosure of the direct tax charges and associated items in the financial reporting according to International Financial Reporting Standards (“IFRS”).
• Assist in completing and submitting all income tax returns and supporting information (learnerships, donations, financial statements etc) as required to SARS.
• Assist in reviewing the underlying bookkeeping processes, accounting policies and processing systems are aligned to support the tax calculations and tax reporting.
• Advise on changes required to bookkeeping processes, accounting policies and processing systems and assist in implementing changes as required.

Value added tax

• Assist in the maintenance of a master listing of all transaction codes as applied in the product and accounting systems specifying the VAT classification and treatment of each code: Ensure all anomalies identified have been investigated and resolved.
• Assist in the calculation of the VAT due on a monthly basis: Perform analysis of VAT output recorded in Exactus by transaction type and calculate an effective VAT rate, Perform analysis on the VAT numbers to determine reasonableness.
• Output reasonability
• Apportioned input reasonability
• Direct attribution input reasonability
• Capital input reasonability
• VAT on bad debt written off and recovered calculation
• Investigate and resolve variances
• Prepare reconciliations on a monthly basis of the VAT accounts
• Analysis of exceptions within VAT processing and ensure root cause resolved. Ensure that the required entries are recorded and review the validation there off
• Complete and submit the VAT return on a monthly basis and ensure payment is made or refund is received.
• Maintain adequate records of the calculations to support management review thereof, as well as audit by internal audit, external audit and audit by SARS.
• Assist with adhoc VAT projects and business support.
• Assist in the calculation of the VAT apportionment rate and monitor it on an on-going basis.
• Assist in drafting the accounting policies for and disclosure of the indirect tax charges and associated items in the financial reporting according to International Financial Reporting Standards (“IFRS”).
• Engage with financial control and the relevant functions originating and processing transactions and entries to review and ensure that the underlying bookkeeping processes, accounting policies and processing systems are aligned to support the VAT calculations and VAT reporting;
• Advise on changes required to bookkeeping processes, accounting policies and processing systems and assist in implementing changes as required.

Third Party Reporting

• Assist in ensuring third party returns are submitted timeously by liaising with all the relevant stakeholders:
• IT3S, IT3B ,FATCA ,CRS ,EMP201 , EMP501

Stakeholder management

• Advise on tax considerations and provide support internally on queries raised and initiatives launched by
• Executive management
• Financial Control
• Credit
• IT
• HR
• Any other internal function
• Maintain a healthy working relationship with the SARS representatives as assigned to respectively the African Bank group and Residual Debt Services Limited.
• Maintain a healthy working relationship with external auditor and any other external parties that may be engaged.

Minimum Education

• CA (SA)

Minimum Experience

• Extensive theoretical and practical knowledge of the Income Tax Act, Tax Administration Act and VAT Act