Job Details

JOB PURPOSE

To ensure the Bank complies with all necessary tax requirements such as Income tax, withholding tax and Value added tax etc, so as to minimize the bank’s tax liabilities and positively impact the bank’s profitability.

Ensure accurate preparation and reporting of regulatory returns in accordance with applicable regulations such as Banking and Financial Services Act, LuSE/SEC Act and other applicable regulations and third-party lenders. Under the supervision of the Head Finance Operations the following are among the Job Key Responsibilities :

• Development of the Group’s Tax Policy Framework and implementation of strategies which minimize the Groups income tax expense and liability through sound and informed application of tax laws and regulation
• Assist Business units and subsidiaries with advice on a variety of tax and business-related items including transactions, contracts and identification of fiscal incentives in the market
• Translating fiscal pronouncements by the fiscal authorities into Group’s strategy through detailed evaluation of fiscal pronouncements
• Accurate determination of bank’s provisional and final income tax liabilities, provide support for bank’s accounting for income tax and tax compliance matters as well as the Banks’ subsidiaries income tax.
• Managing the Group’s tax risk exposure through the regular conduct of detailed tax status reviews covering all tax types and other identified schemes to minimize tax exposures
• Assist with the preparation and review of quarterly and annual tax provisions including tax balance sheets, tax risks, effective tax rate and foot note disclosures
• Investigation and Identification of tax planning and optimization opportunities by undertaking detailed research of the tax legislation.
• Demonstration and quantification of the potential benefit realization in terms of tax savings and mitigation
• Optimally scheming and implementation of benefits realization as demonstrate
• Undertake detailed reviews of tax assessments with the aim to prevent, efficiently manage, and favorably resolve tax audits and disputes;
• Perform detailed research combined with deep technical understanding of the matter under dispute by application of relevant tax legislation provision and mitigate potential interest and penalty thereon;
• Development of coordinated approaches to audits and disputes resolution by adopting preventative measures such as pre-filing rulings and enhanced relationships with the ZRA officers;
• Leverage both traditional and new alternative dispute resolution techniques in order to achieve the best possible results; and
• Perform procedural assessment management including filling of objection within the required timeframe.
• Responsible for planning and execution of detailed tax compliance audits and reviews to highlight exposures to various tax liabilities and tax saving opportunities and making necessary recommendations; and
• Preparation of detailed submission of the Revenue Appeals Tribunal on behalf of the bank on matters regarding the interpretation of Zambian tax law and practice

• Accurate quantification of income tax provision for inclusion in the financial statements;
• Deferred tax assets and liabilities identification and quantification for inclusion in the financial statements in line with the International Accounting Standards; and
• Management of all tax related accounting and disclosure requirements and monitoring of tax general ledger accounts.

• Check and review the regulatory submissions to ensure that they are prepared accurately and timely in accordance with the regulatory framework i.e. BOZ, SEC, LuSE;
• Ensure all queries from the regulator are timely resolved;
• Assist in the review of all third-party borrowings and ensure all reporting requirements are considered;
• Check compliance with covenants and ensure compliance and timely reporting; and
• Check and review the quarterly publication to ensure that they are prepared accurately and timely in accordance with regulatory framework.
• Managing outsourced tax compliance and advisory services from external tax advisors and professionals.

• Conduct in house tax briefings to management and professional staff and also making presentations on specific issues;
• Conduct research, Preparation of position paper on tax rules and their implications;
• Advisory on international taxation and interpretation of double tax treaties and agreements regarding cross border investments and transactions; and
• Involvement in the new products and services development processes and advice of all tax implications of the proposed new products and services.
• Agree clear KPI’s with team members, monitor Performance and Performance Reviews for each team member as per stipulated guidelines;
• Coach and develop line supervisors, building their skills and competencies to manage and maximize their effectiveness and performance and that of their teams;
• Manage staff leave plans and foster a culture that strives to attain a work life balance for teams, maintaining a motivated staff with open communication;
• Ensure all staff matters are documented, communicated to the Head of Finance timely and follow through for resolution where appropriate;
• Provide day to day guidance to the section. EXTERNAL CONTACT
  • External auditors
  • Regulators
  • Industry networks – future looking researching, monitoring, awareness of industry trends and practices

  INTERNAL

  ·        All internal Business Units

QUALIFICATIONS/EXPERIENCE

• Grade 12 Credit or above mandatory in Mathematics and English and any other three subjects
• Degree in Accounting/Finance or equivalent
• MBA/relevant post graduate certification will be an added advantage
• At least seven (7) years of relevant experience in Tax and Regulatory Reporting with experience and exposure to the Banking sector. Audit Tax background will be an added advantage
• Strong Microsoft Excel and analytical skills
• Strong Tax legislation awareness, understanding and application.
• Strong awareness, understanding and application of BOZ/SEC regulatory frameworks

JOB CORE COMPETENCIES

• Research/ Information gathering skills
• Networking Skills
• Stakeholder Management
• Financial/Budget Management
• Drive for results