- Head of Tax role for CIB Pan Africa, including Treasury leading a team of experienced banking tax professionals. This role takes full ownership, accountability and responsibility for coordinating the support of CIB activities by the AGL Tax team. The CIB Pan Africa Head of Tax will lead the relationship of AGL Tax with the CIB Chief Financial Officer (CFO), CIB front office heads, ARO CFOs and external bodies (eg auditors and regulators) in relation to CIB matters.
- In addition, the role will lead the delivery of International tax advice, opportunities in relation to initiatives or projects within Absa Group Limited, Absa Bank Limited, Absa Regional Offices.
- The role requires broad knowledge of all taxes including corporate Income Tax, International Tax, Value Added Tax, Capital Gains Tax and Securities Transfer Tax, etc
Accountability: Tax advice /Tax Structuring and business support
- Develop and lead relationships with key stakeholders in the relevant business unit, e.g., CIB CFO, ARO CFOs, Business and infrastructure heads (including Legal, Compliance, Risk,). Proactively communicate major items (e.g., risks and opportunities) to stakeholders, guiding them on key technical, reputational, and commercial issues from a tax perspective.
- Implement a tax approach which is aligned to and supports the CIB strategy, appropriately optimising the tax position on commercial transactions.
Ensure the team delivers high quality advice:
- Suitably early in the process in relation to new products and other business initiatives; and
- Proactively in relation to potential opportunities for tax efficiencies, identifying and mitigating tax risk, and explaining and managing of changes in tax law.
- Advise management on all matters relating to tax, particularly relating to the development of new activities, new ventures, new investments, disposals and new products.
- Influence legislative changes by interacting with National Treasury on tax policy matters.
Accountability: Compliance and Reporting:
- Ensure required tax compliance is in place as directed by legislation, adopt new requirements and drive adherence to the legislation.
- Ensure all direct and indirect tax filings/matters are current, accurate and up to date.
- Review high-risk tax returns and disputes to mitigate tax risk.
- Ensure replies to enquiries from Revenue Authorities are appropriately managed.
- Ensure procedures are in place to make timely tax payments.
- Ensure tax training is provided to businesses as regards tax compliance, to enhance the level of compliance.
- Manage tax disputes and negotiate tax settlements where appropriate.
- Interact with tax authorities to discuss tax compliance matters and establish/maintain appropriate relationships.
Accountability: Management of Tax Risk:
- Ensuring Tax controls and processes are documented, understood and effectively implemented.
- Ensuring risk frameworks, appetite and limits are communicated and understood by relevant colleagues, and that transactions are appropriately reviewed against these.
- Quantifying risks and communicating the status of the risk environment (utilising both qualitative and quantitative factors) on a regular basis.
- Ensuring plans are in place to remediate known or inherent risks.
- Ensure tax reviews are conducted to enhance compliance with tax legislation, regulations and policies and to effectively manage tax risks.
- Record analysis and conclusions clearly, including references to supporting work papers (and their location) and the basis on which assumptions were made. Where appropriate, obtain opinions and advice from external specialists to support. Ensure conclusions of external/internal tax advice are delivered to the Forecasting, Reporting and Compliance team within Tax to enable effective financial reporting of tax effects and correct filings in tax returns and payments are made.
- Oversee the resolution of discussions with external auditors at an early stage to agree financial statement position of activities and transactions regarding CIB.
- Set the agenda and coordinate the production of papers for the CIB Tax Committee (for which the CIB Head of Tax will also be a member).
- Participate as a member of BASA Tax Committee, Absa Group Tax Committee and CIB Tax Committee.
- Attend the BASA - SARS Tax Forums as a member.
- Ensure tax training to businesses is provided where appropriate to enhance tax awareness and effective tax management.
- Interact with senior SARS (or other tax authorities) officials to discuss any tax issues, disputes or obtain recommendations on tax policy.
Accountability: People Management
- Manage team members in the performance of the above objectives.
- Develop a high performing team by embedding formal performance and career development plans and coaching.
- Motivate team members and ensure that their efforts are recognised.
- Encourage and partake in frequent knowledge sharing between team members.
- Determine development needs for the team and support team members in addressing.
- Assist with the interviewing and recruitment of new members to the broader Tax team.
- Approve team leave requests and ensure adequate coverage during periods of absence.
- Monitor workload and ensure that it is kept to a sustainable level including ensuring work amongst the team is evenly balanced.
- Participate in the creation and implementation of actions in response to staff surveys or other identified areas of improvement.
- Resolve grievances raised by team members and escalate if required.
- Address any poor performance through the formal Performance Accelerator programme.
- Establish and maintain a succession plan for the team.
- Develop and maintain industry knowledge and represent Absa on industry committees.
- Lead the resolution of CIB issues with the South Africa Revenue Services.
- Support the AGL Head of Tax and Tax Leadership team in delivering the Tax Strategy.
- Support the CIB CFO/ARO CFO in delivering and implementing the CIB Finance Strategy.
Role / Person Specification
Education and Experience Required
- Qualified Chartered Accountant
- Honors Degree (in Accounting)
- Master’s Degree in Business Taxation
- Ongoing tax updates and / or qualifications
- Minimum of 10 years’ experience in tax roles with proven ‘in-depth’ tax experience (Financial Services Industry specifically investment banking required)
- Minimum of 3 years’ experience in people management
Knowledge & Skills
- Ability to resolve complex global tax and finance issues
- Excellent technical income tax and international tax law knowledge
- Excellent international tax law knowledge
- Control and execution focused
- Strong ability to identify opportunities and add value
- Maturity to interact and communicate with management and employees at all levels
- Strong negotiation skills and experience in negotiations with SARS
- Strong manager of professional external advisors
- Proven business acumen and strategic outlook
- A strong understanding of economic/financial analysis
- Excellent provider of analysis and summaries
- Proven leadership and People Management Skills
- Strong understanding of accounting and deferred tax requirements
- Understanding of regulatory requirements
- Deciding and initiating action
- Learning and researching
- Entrepreneurial and commercial thinking
- Relating and networking
- Adapting and responding to change
- Persuading and influencing
- Creating and innovating
- Willingness and initiative to share skills and develop a high-performing team
- Postgraduate Degrees and Professional Qualifications: Financial Sciences (Required)