Manager, Tax and Regulatory Reporting Job Details
Finance: budgeting and forecasting, creating interim and annual financial statements, facilitating internal mergers and acquisitions, as well as dealing with analysts and investors.
Job Purpose
- This position is responsible for ensuring compliance with the Bank of Tanzania’s financial reporting requirements
- Preparation and review of the bank’s regulatory reports
- Management of the bank’s taxation affairs
- Capital management
Key Responsibilities/Accountabilities
Regulatory
- Ensuring compliance with Bank of Tanzania and South African Reserve Bank (SARB) regulations
- Manage and review the daily, weekly, monthly and quarterly regulatory reports to the Bank of Tanzania in accordance with the Bank of Tanzania’s regulations.
- Manage and review monthly and quarterly reports for regulatory reporting to the SARB (BA 610).
- Facilitate internal/external regulatory audit and Bank of Tanzania examination process by providing the information and explanations required.
- Implementation and ensuring compliance with Basel II accord capital and regulatory requirements when adopted by Tanzania.
- Liaison with Bank of Tanzania on all matters relating to regulatory reporting.
- Preparation of statutory Financial statements for publication
- Prepare quarterly competitor analysis and circulate to EXCO
- Preparation of daily positions through MIS report and distribution to Management, also alert management in case of any breach
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Taxation
- Remit statutory payments (PAYE, VAT, WHT, NSSF) and obtain receipts and certificates.
- Manage compliance by SBTL with tax laws and all tax aspects including transfer pricing, withholding taxes, indirect taxes, PAYE and tax planning
- Monitor tax compliance within SBTL.
- Identification and evaluation of taxation risks within SBTL
- Implementation of systems and processes to mitigate identified taxation risks.
- Preparation of monthly and annual taxation computations and returns.
- Review monthly deferred taxation calculations/ reconciliations.
- New and existing product evaluation to determine taxation impact.
- Optimisation of SBTL taxation expense, by identifying areas of tax savings.
- Improve taxation knowledge within SBTL through communication and tax training where appropriate.
- Review tax reconciliation in FIP.
- Liaise with Tax Consultants on tax related matters including tax planning.
- Liaison with Tanzania Revenue Authority on all matters relating to taxation.
- Responsible for tax side of budgets and forecasts.
- Review and sign off all tax related reconciliation accounts prepared monthly e.g. PAYE, WHT etc.
- Liaison with Africa Tax Team.
Capital Management
- Maintenance of adequate capital as required by Bank of Tanzania.
- Capital management planning and forecasting, ensuring both Tanzania and South African requirements are met.
- Optimisation of capital structure, ensuring appropriate mix of Tier I and Tier II capital.
- Maintain a minimum capital base whilst ensuring compliance with minimum capital requirements and providing adequate capital for business growth.
- Monitoring of legal lending limits; ensuring that this is not breached. Report discrepancies to direct manager.
- Monitor capital adequacy levels and report discrepancies to direct manager.
- Responsible for Capital side of budgets and forecasts
General
- Liaison with External Auditors.
- Liaison with BOT examiners and TRA auditors
- To be responsible for own development and that of subordinates
- To assist with regulatory queries and to provide mentoring and coaching where this is appropriate.
- To develop line staff by assisting in the identification and addressing of training and development needs if applicable.
- To provide relevant training, updates or guidelines to branches in conjunction with relevant line managers at the Bank.
- To complete and be responsible for delivering against own balance scorecard in line with finance division’s balance score card.
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Preferred Qualification and Experience
- BCom (Accounting/ Finance).
- ACCA or CIMA.
- Postgraduate diploma or certificate in taxation (an advantage)
- Minimum of 4 years banking experience in a financial management position.
- Knowledge of Tanzania Banking regulations.
- Understanding of South African Banking regulations will be an added advantage.
- Good understanding of Tanzania Taxation regulations.
- Understanding of IFRS.
- Working knowledge of accounting software. (Knowledge of SAP, Finacle will be an advantage.)
Knowledge/Technical Skills/Expertise
- An appreciation and a good understanding of macro economics and external factors affecting the business strategies adopted, and market serviced by SBTL.
- Ability to analyse and evaluate data for acceptability and correctness.
- Analytical mind with strong orientation to financial analysis.
- Ability and experience in communicating with all levels of management regarding management information needs
