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Tax and VAT Compliance
Ownership of Tax Policies & Procedures
Technical Tax, VAT, Transfer Pricing, ESR & CbCR Advisory
Governance and Transformation
Leadership and People Management
DESCRIPTION
Operating in the UAE for over 50 years, CBD manages the financial requirements of some of the largest corporates and businesses operating in the country, driving the UAE economy. Over the years, CBD has transformed into a progressive and modern banking institution winning multiple awards for its digital initiatives, credit cards, bank accounts, mobile app features and services.
CBD has been recognized as the number one bank in the UAE on the Forbes list of The World’s Best Banks 2022.
As we continue to build upon our successes, we are looking for ambitious individuals who are passionate about the banking and finance industry and the markets in which CBD operates. Just as important to us is your ability to demonstrate a talent for dealing with people – your colleagues and our customers – and delivering service that really goes the extra mile.
This is a critical role and responsible for leading, formulating and executing the Group tax strategy and managing the Tax Operating Model involving all direct and indirect (VAT) tax reporting, transfer pricing, economic substance reporting (ESR), country by country reporting (CbCR), Zakat, withholding tax for the Group.
The job holder is essentially the Head of Tax for Commercial Bank of Dubai and hence, the owner of all direct and indirect tax related policies, procedures, tax accounting, record keeping, return filings and be the first point of contact for all related activities and with the relevant authorities.
Responsibilities include but are not limited to:
Tax and VAT Compliance
- Responsible for managing the entire direct and indirect tax reporting including VAT, transfer pricing, ESR, CbCR reporting processes within the Group (including subsidiaries), and assure effective reporting and compliance with all regulations and legislations.
- Modified business practices and enhancing record keeping practices.
- Manage preparation and filing of tax and other returns including ESR, CbCR, Zakat returns ensuring complete, accurate and timely reporting with the necessary authorities.
- Ensuring CBD’s tax reporting is in accordance with the necessary authorities’ regulations/ legislations and provide expert support as required.
Ownership of Tax Policies & Procedures
- Take overall ownership for ensuring that Group policies and practices are tax compliant.
- Contribute towards the development & implementation of Tax principles, policies, processes, Tax accounting to ensure completion and compilation of Tax mechanism across the business.
- Involve in drafting and assessing Tax policies and procedures as needed to improve controls.
- Tax Governance Framework
- Production of technical accounting documentation with regards to any rules or regulation changes.
- Ensure reporting period delivery and concerns are well managed and stakeholders are kept appraised of progress with regular status updates.
Technical Tax, VAT, Transfer Pricing, ESR & CbCR Advisory
- Preparing internal memos on technical tax and tax accounting issues and judgments, including advising the CEO, CFO, Audit Committee and Board of Directors on tax policies, presenting technical tax issues and advising on developments/changes to tax legislations.
- Partnering business stakeholders in charting of tax accounting for new product launches.
- Provide tax advice and direction to the business units.
Liaison with Internal and External Auditors, Tax Authorities & Regulators
- Planning and completion of Tax audits and liaise with external and internal auditors and tax consultancy providers.
- To act as a first point of contact for all tax related activities and manage external adviser relationships.
- Respond to the queries related to the tax and liaison with tax authorities and regulators.
- Track all outstanding tax audits and ensure assistance is provided to all material tax audit to eliminate any future audit risk.
Governance and Transformation
- Formulate and execute the Group tax strategy and manage the tax operating model including substantiation and attestation of tax related balances and general ledger set up.
- Work with business to identify Tax savings opportunities.
- Prepare report on the Tax activities with particular reference to the benefits generated.
- Requires practical knowledge in leading and managing the execution of tax related processes and projects.
- Continuously drive improvements and efficiencies in the tax reporting and controls functions.
- Support the Finance Transformation initiatives
Leadership and People Management
- Liaise with the department, business units, technology team on an ongoing basis for tax projects and ongoing responsibilities.
- Typically has advanced knowledge and skills within a specific technical or professional discipline with understanding of the impact of work on other areas of the organization.
