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  • Posted: Jan 17, 2022
    Deadline: Not specified
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  • Absa Group Limited (Absa) has forged a new way of getting things done, driven by bravery and passion, with the readiness to realise the possibilities on our continent and beyond.
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    Tax Risk Manager: Group Functions and Oversight

    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 Absa Group and to ensure the impact of tax legislation is fully understood and implemented within the Group through 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 group-wide functions (for example all divisions of Absa Bank Limited) and other areas which are not specific to a business unit.

    • Participating in / and co-ordinating Group Tax participation in the group-wide 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

    Accountability: Provide Tax Advice and Support for Group-Wide Functions to ensure full compliace 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 group-centre 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:

      • 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 Year-on-Year results.

    • Preparing 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.

    • Obtaining and compiling the financial information required to ensure the necessary country-by-country table 1 information are available to the convert for annual upload to SARS.

    • Managing the Financial Control tax entry rule system – providing sign-off and guidance (Capone) as well as any Direct Tax Sarbanes Oxley process(s).

    Accountability: Direct Tax Compliance

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

    • Preparation and submission of the SA direct tax returns of assigned portfolio of taxpayers, and for tax payments/refunds for the same portfolio of taxpayers. This would include a review of the submissions and calculations for the medium/large entities.

    • Preparation and communication for all prior year adjustments to be processed to align the ledger to the final approved and submitted tax return of Absa Bank Ltd.

    • Preparation of reconciliations and underlying supporting schedules for Absa Bank Ltd and providing same with explanations where required to the tax (external auditors) and or SARS.

    • Collation/ tracking of reconciliations for ITR14SD supplementary submissions and fourth schedule paragraph 19(3) responses to SARS for assigned portfolio of taxpayers.

    • Review of tax assessments by checking same against the relevant return submitted and object and/or appeal if/ when required. Track prescription for Absa Bank Ltd and assigned portfolio of taxpayers.

    • Ensuring the tax compliance environment is consistent and effective, identifying any control or process gaps and solutions raising it with the Head of Tax: Group Functions and Oversight.

    • Prepare the response(s) to all Absa Bank Ltd SARS enquiries / audits / disputes and tracking non-routine correspondence with SARS as required. Discuss and arrange review and sign-off by the Head of Tax: Group Functions and Oversight.

    Accountability: Regulatory Engagement and Oversight of Tax Developments

    Supporting the Head of Tax: Group Functions and Oversight with legislative changes and assessing the impact to the group to ensure appropriate communication and planning for the group

    • Assist with tracking of legislative changes or case law developments within SA and ensure that the changes are being considered by Financial Control for tax entry processing rules.

    Accountability: Networking

    Responsible for proactively establishing and managing relationships with key internal and external stakeholders to ensure delivery of tax reporting, compliance as well as forecasting.

    • Establish and maintain strong relationships, across Finance (Including but not limited to: Financial Reporting, Control, FSSA and BP&A).

    • Establish and maintain a good relationship with the external auditors by providing workings, supporting evidence, documentation, and explanations.

    • Establish and maintain effective relationships with SARS for Absa Bank Ltd tax matters.

    • Provide tax training to colleagues and encourage knowledge sharing to support with the wider team’s strategy and in delivering the above accountabilities effectively.

    Accountability: People Management Responsible for leading, supervising, developing and mentoring the AVP’s of Group Functions and Oversight team.

    • Supervise and provide guidance to the Group Functions and Oversight AVP’s.

    • Apply the formal performance development, career development plans and coaching agreed upon with the Head of Tax: Group Functions and Oversight.

    • Establish and maintain a succession plan for the AVP’s

    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

    Method of Application

    Interested and qualified? Go to Absa Group Limited (Absa) on absa.wd3.myworkdayjobs.com to apply

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