Regulatory Reporting and Tax Manager
First National Bank of Lesotho Limited (FNBL), a highly recognised financial services provider in Lesotho seeks to employ a proactive, innovative, self driven and highly motivated Mosotho to occupy the position of Regulatory Reporting and Tax Manager. The position is based in Maseru.
JOB PURPOSE
To manage the tax function for FNB Lesotho, limit tax risk, provide technical advice on tax matters in order to ensure that FNB Lesotho complies with Lesotho tax legislation.
To manage the tax function for FNB Lesotho, limit tax risk, provide technical advice on tax matters in order to ensure that FNB Lesotho complies with Lesotho tax legislation.
Key Responsibilities;
Regulatory Reporting
Ensure accuracy, correctness and reliability of all returns submitted to regulators
Ensure all regulatory reports are submitted as and when due
Preparation of all regulatory returns required by Regulatory Bodies:
Under the supervision of Chief Financial Officer, respond to and resolve all Local Regulatory Reporting issues
Computation of various ratios
Computation of Capital Adequacy ratios and Risk Weighted Assets
Ensure compliance with Basel requirements
Capital framework planning
South African Reserve Bank(SARB) Regulatory reporting
Support regulatory and statutory returns.
Liaison with Regulatory Bodies
Ensure all regulatory reports are submitted as and when due
Preparation of all regulatory returns required by Regulatory Bodies:
Under the supervision of Chief Financial Officer, respond to and resolve all Local Regulatory Reporting issues
Computation of various ratios
Computation of Capital Adequacy ratios and Risk Weighted Assets
Ensure compliance with Basel requirements
Capital framework planning
South African Reserve Bank(SARB) Regulatory reporting
Support regulatory and statutory returns.
Liaison with Regulatory Bodies
Taxation
Support the company, in the administration and management of an effective tax system
Manage compliance with the local corporate, income and other tax regimes (e.g. Withholding tax and VAT) and minimise the burden of taxation on the Group.
Manage the bank's tax affairs effectively, keeping abreast of the latest developments.
Review monthly indirect & direct tax returns compiled by the Finance Administrator to ensure that accurate and compliant returns are submitted to LRA.
Calculate and review all direct tax computations of the bank compiled by the Finance Administrator to ensure that provisional tax payments are not under-estimated (exposed to under-estimation penalties) and that accurate tax returns are submitted to Inland Revenue.
Monitor & implement control measures to ensure timely submission of all tax returns for the bank to avoid payment of penalties and interest.
Monitor tax legislation, access changes and implement relevant tax procedures and policies to ensure compliance within the Group.
Identify tax opportunities and implement the recommended tax policies and procedures timely to improve the banks tax position.
Liaise with FirstRand Group tax to consult and keep them abreast of new developments to ensure in-country compliance are in line with Group tax practices/policies.
Report on tax matters and the tax risk of the Group to board sub-committees (Audit & Risk committees).
Execute line management accountabilities for reporting staff to ensure efficient use of resources and effective execution of duties.
Liaise with in-country counterparts and Human Resources to obtain information, consult and give guidance on tax compliance.
Oversee tax audits by LRA, Internal/External auditors to ensure queries are resolved timely.
Ensure that reconciliations of direct & indirect tax accounts are executed timely.
Liaise with FAS and/or other branches/business units to query variances on their general ledger and to get an understanding of their business and systems.
Monitor branch/business unit general ledgers to enhance compliance by conducting compliance reviews with regard to valid tax invoices and output vat collections / splits.
Ensure that month end procedures are executed timely.
Ensure that taxpayer accounts at the LRA are in good standing and that outstanding items / queries are resolved timely.
Provide input with new products / services launched within the bank to ensure tax compliance and reduce tax risk of non-compliance.
Engage with tax consultants and provide information to obtain technical tax opinions to enhance compliance and reduce tax risk.
Provide training to up skill staff and initiate tax compliance awareness campaigns within the group to enhance tax compliance.
Align the bank tax function to the overall Bank’s strategy.
Lesotho Revenue Authority-LRA-(Tax and Technical Issues)
Frameworks and Risk
Manage compliance with the local corporate, income and other tax regimes (e.g. Withholding tax and VAT) and minimise the burden of taxation on the Group.
Manage the bank's tax affairs effectively, keeping abreast of the latest developments.
Review monthly indirect & direct tax returns compiled by the Finance Administrator to ensure that accurate and compliant returns are submitted to LRA.
Calculate and review all direct tax computations of the bank compiled by the Finance Administrator to ensure that provisional tax payments are not under-estimated (exposed to under-estimation penalties) and that accurate tax returns are submitted to Inland Revenue.
Monitor & implement control measures to ensure timely submission of all tax returns for the bank to avoid payment of penalties and interest.
Monitor tax legislation, access changes and implement relevant tax procedures and policies to ensure compliance within the Group.
Identify tax opportunities and implement the recommended tax policies and procedures timely to improve the banks tax position.
Liaise with FirstRand Group tax to consult and keep them abreast of new developments to ensure in-country compliance are in line with Group tax practices/policies.
Report on tax matters and the tax risk of the Group to board sub-committees (Audit & Risk committees).
Execute line management accountabilities for reporting staff to ensure efficient use of resources and effective execution of duties.
Liaise with in-country counterparts and Human Resources to obtain information, consult and give guidance on tax compliance.
Oversee tax audits by LRA, Internal/External auditors to ensure queries are resolved timely.
Ensure that reconciliations of direct & indirect tax accounts are executed timely.
Liaise with FAS and/or other branches/business units to query variances on their general ledger and to get an understanding of their business and systems.
Monitor branch/business unit general ledgers to enhance compliance by conducting compliance reviews with regard to valid tax invoices and output vat collections / splits.
Ensure that month end procedures are executed timely.
Ensure that taxpayer accounts at the LRA are in good standing and that outstanding items / queries are resolved timely.
Provide input with new products / services launched within the bank to ensure tax compliance and reduce tax risk of non-compliance.
Engage with tax consultants and provide information to obtain technical tax opinions to enhance compliance and reduce tax risk.
Provide training to up skill staff and initiate tax compliance awareness campaigns within the group to enhance tax compliance.
Align the bank tax function to the overall Bank’s strategy.
Lesotho Revenue Authority-LRA-(Tax and Technical Issues)
Frameworks and Risk
Plan and advice on capital framework and any risk related issues.
Plan and advice on Tax framework and any risk related issues.
Carry out all other tasks assigned by Finance Managers or Chief Financial Officer.
Plan and advice on Tax framework and any risk related issues.
Carry out all other tasks assigned by Finance Managers or Chief Financial Officer.
Qualifications and Experience;
First degree in any discipline plus professional qualifications in accounting e.g. ACCA, CA(SA) (part or fully qualified) with at least four years work experience in Regulatory and Financial reporting department of a financial institution.
Working experience in Accounting/Banking Systems
Substantial experience in audit firm will be an added advantage
First degree in any discipline plus professional qualifications in accounting e.g. ACCA, CA(SA) (part or fully qualified) with at least four years work experience in Regulatory and Financial reporting department of a financial institution.
Working experience in Accounting/Banking Systems
Substantial experience in audit firm will be an added advantage
Knowledge:
Building and managing relationship with clients.
Good working knowledge of the Local Regulatory requirements and Group Accounting practice. supplemented by all round Banking experience.
Good knowledge of financial statements analysis.
Understanding of the GL accounts is essential in assessing whether the trend of an account is irregular and requires immediate management attention.
Knowledge in applying numerical concepts
Knowledge & understanding of Banking systems (eg Hogan, Quartz, ILP, Essbase).
Knowledge & understanding of Accounting standards, procedures & policies.
Knowledge, sound understanding and interpretation of Lesotho tax legislation is essential.
Building and managing relationship with clients.
Good working knowledge of the Local Regulatory requirements and Group Accounting practice. supplemented by all round Banking experience.
Good knowledge of financial statements analysis.
Understanding of the GL accounts is essential in assessing whether the trend of an account is irregular and requires immediate management attention.
Knowledge in applying numerical concepts
Knowledge & understanding of Banking systems (eg Hogan, Quartz, ILP, Essbase).
Knowledge & understanding of Accounting standards, procedures & policies.
Knowledge, sound understanding and interpretation of Lesotho tax legislation is essential.
Competencies and Skills;
Analytic & Innovative thinking – conceptual continuous improvement
Attention to detail
Team player
Computer literacy (excel, word, ppt)
Ability to work independently
Time management skills
Interpersonal skills
Ability to make decision independently
Problem Solver
Flexibility
Tolerance
Ability to work under pressure
Ability to work in a busy and strenuous environment for long hours in order to meet set deadlines.
Good communication and interpersonal skills are esentila in dealing with both internal and external customers
Accurate record keeping
Attention to detail
Team player
Computer literacy (excel, word, ppt)
Ability to work independently
Time management skills
Interpersonal skills
Ability to make decision independently
Problem Solver
Flexibility
Tolerance
Ability to work under pressure
Ability to work in a busy and strenuous environment for long hours in order to meet set deadlines.
Good communication and interpersonal skills are esentila in dealing with both internal and external customers
Accurate record keeping
Closing date for applications is 03 February 2015
Application letters accompanied by a detailed curriculum vitae and names and contact details of three referees must be sent to:
Application letters accompanied by a detailed curriculum vitae and names and contact details of three referees must be sent to:
The Head of Human Resources
First National Bank Lesotho – Limited
Corner Kingsway and Parliament
Maseru
100
First National Bank Lesotho – Limited
Corner Kingsway and Parliament
Maseru
100
OR
Email: pqato@fnb.co.za
DISCLAIMER: ONLY SUCCESSFUL CANDIDATES WILL BE CONTACTED.
