Head of Tax

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.

Job Purpose

Head of Tax is a critical role with full responsibilities encompassing leading, formulating and executing the Group tax strategy and managing the Tax Operating Model involving all direct Corporate tax 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 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. 

Principle Accountabilities

Strategic Leadership

•   Establishing a tax strategy for the Bank and its wholly owned subsidiaries and associate.

•   Lead the UAE Corporate Tax law implementation in the Group

•   Complete management of Direct and Indirect Tax Management across the group

•   Drive all tax audits towards successful completion

•   Lead the tax function and ensure full tax compliance across the Group

Corporate 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.

•   Overview of the preparation and filing of tax and other returns including ESR, CbCR, Zakat returns ensuring complete, accurate and timely reporting with the necessary authorities.

•   Overview of all VAT matters and controls including signing of monthly VAT returns and Annual Wash Up Returns for the FTA.

•   Modified business practices and enhancing record keeping practices.

•   Ensuring CBD’s tax reporting is in accordance with the necessary authorities’ regulations/ legislations and provide expert support as required.

•   Regular review of tax charge code and ensure that the tax master database is updated and amended in the systems for any irregularities.

•   Maintain the issue log file and ensure closure of action points.

Ownership of Tax Policies & Procedures

•   Take overall ownership for ensuring that Group policies and practices are tax compliant.

•   Managing and improving the Group’s-transfer pricing documentation and Country by Country Reporting

•   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

•    Prepare communication on the impact of changes in tax legislation and tax accounting for the Board and identify opportunities which will optimize tax efficiencies.

•    Promote tax awareness across the group and support the business concerning all tax matters, including identifying and communicating changes in tax legislation that impact the business.

•    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, including tax clauses in legal agreements.

Liaison with Internal and External Auditors, Tax Authorities & Regulators

•   Maintaining a good relationship with the various external stakeholders including tax authorities, tax advisors and statutory auditors

•   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.

Experience and Qualifications

• Minimum 15+ years’ experience in tax preferably trained in a big 4 firm with subsequent in-house experience.
• Experience working in international financial services organization managing direct and indirect tax compliance, policies, procedures, control, reconciliation, substantiation and attestation practices preferred
• Knowledge of finance, commercial and accounting concepts, processes and procedures.

Skills

• Good command of English with additional language skills
• Superior report writing and presentation skills
• Strong stakeholder management and influencing skills
• Strong technical knowledge of direct and indirect tax and transfer pricing
• Experienced in leading regulatory and internal audits.
• Highly computer literate.
• Comprehensive knowledge of commercial business drivers.