Lead Tax Advisor : Insurance Cluster / Cape Town
Responsible for various tax provisioning and tax reporting processes as well as certain tax advisory services to Life Insurance companies and other (non-life) subsidiaries in the Group.
Report to the Head : Long Term and Short Term Insurance, in the Group Tax team and will be based in Cape Town.
Assume responsibility for the following areas of tax advisory work, as well as the execution of tax reporting and compliance related processes :
Be the tax representative for several segments and significant entities in the Group, as well as other (non-life) subsidiaries in the Group, as the need arises
Provide advice on new products, and outline the tax reporting requirements for each product
Review tax reported numbers for the segments and entities in the group at required times
Provide tax advice to our Group Balance Sheet Management and Treasury team and in relation to Corporate Finance transactions.
Review tax returns and provisional tax returns for all entities in the segments that fall into this portfolio.
Tax Management And Reporting
Assessment of tax process and financial impacts as a result of changes to Tax legislative changes or SARS practice changes or Business structural changes
Assist with establishing best practice processes for interim and year end reporting, forecasting and business planning processes for tax reporting
Effective Tax Rate Analysis
Review and / or preparation of tax disclosure in annual financial statements for life companies
Monitoring and assessing key controls over TAX processes; the identification and documentation of TAX risks
May be responsible for the review of more complex TAX, VAT or PAYE, DWT, FATCA statutory submissions on an ad hoc basis.
Governance And Compliance
Assist with the development and implementation of Group Tax Policy and codes of best practice across the business and across all tax types
Ensure that the business complies with all aspects of tax compliance
Ensure that compliance of various RSA Tax Acts are regularly monitored
Sound business process and internal systems tax related knowledge
Responsible for putting together tax process and compliance guidelines and quality standards and enforcing them throughout the business
Responsible for identifying Operational Tax Risks and providing input into and maintaining Tax Risk Logs, dashboards and developing risk mitigation strategies
In addition to strong relationships with colleagues in Group Tax, drive cross-functional and segment collaboration
Build strong relationships with SARS at the middle management and Tax Specialists subject matter experts
Build relationships with industry members on industry related tax compliance workgroups and sub-committees e.g. ASISA
Prepare opinions and motivations to justify tax positions taken by the Business
Prepare, review and submit tax returns, tax objections and appeals and alternate dispute resolution cases, as well as requests for tax directives to the Revenue Authority, on behalf of the Business
Provide advice and recommendations to the Business on the implementation of new tax processes and tax controls, new products, administration platforms and systems
Prepare Voluntary Disclosure submissions and requests for penalty remission to SARS
Seek opportunities to minimise tax payments and identify tax risk mitigation strategies for the Group
Prepare or assist with addressing customer tax-related (eg PAYE, IT3a / b) queries of a legislative nature escalated by Client Servicing areas, the internal or external Ombudsman, or sales advisor and brokers, as and when necessary
Qualifications, Experience, Knowledge and Skills
CA(SA) with at least 3-5 years core Tax advisory, Tax compliance experience and Tax reporting experience.
Relevant under-graduate degree plus H.Dip Tax or Tax Honours / Masters required.
Strong knowledge of financial services industry and understanding of Life Insurance products, an advantage
IFRS knowledge particularly related to deferred tax and tax disclosure is beneficial
Good operational understanding across the financial services industry, such as long term insurance companies, Unit Trusts, Lisps, Asset Managers and short-term insurers is essential.
Strong communication skills : is able to communicate large complex matters / changes using simple written, verbal and listening skills.