Senior Tax Manager: Insurance Tax

Empowering Africa’s tomorrow, together…one story at a time.

Job Summary

The position requires a highly motivated tax specialist with strong technical expertise, a deep understanding of accounting and tax principles relevant to both Long and Short-Term Insurers, and extensive experience in providing strategic tax advisory support. The successful candidate will serve as a trusted advisor to insurance businesses, offering guidance on financial transactions, structured investment products, and financial transaction products.
Key responsibilities include managing tax risk across various direct and corporate taxes, ensuring strict compliance with applicable tax laws and regulations, and delivering high-quality tax advisory services to a diverse range of stakeholders. The candidate will also be responsible for overseeing interactions with internal and external stakeholders, managing SARS audits and information requests, reviewing and enhancing tax compliance processes, and leading the implementation of tax initiatives and projects. Additionally, they will play a crucial role in supporting the Head of Tax in executing the Group Tax strategy.

Job Description

Key Accountabilities

Accountability: Business Advisory and Support

• Support the Head of Tax in executing the tax strategy, ensuring the effective delivery of tax advisory services that align with stakeholder needs, drive business performance, and facilitate sustainable growth.
• Cultivate and manage relationships with key stakeholders in the Long and Short-Term Insurance businesses, providing strategic guidance on tax-related risks, opportunities, and critical technical, reputational, and commercial considerations.
• Engage proactively with stakeholders and Group Tax to deliver expert technical tax advice, ensuring full compliance with evolving tax legislation and regulatory requirements.
• Manage external stakeholder relationships, including National Treasury, SARS, and industry bodies, contributing to tax policy discussions and advocating for Absa’s interests in legislative developments.

Accountability: Compliance and Reporting Oversight

• Oversee the resolution of tax queries, ensuring timely responses and effectively managing objections and appeals.
• Facilitate tax training for businesses, enhancing compliance by providing guidance on regulatory requirements where applicable.
• Monitor and review income tax return submissions for the Insurance entities, ensuring accuracy and compliance with SARS regulations, including tax payments.
• Implement robust tax controls and remediation processes, strengthening compliance frameworks and mitigating tax risks.

Accountability: Management of Tax Risk

• Engage with stakeholders to understand their needs and deliver timely, value-added tax and innovative advisory services through continuous consultation.
• Identify and implement tax opportunities, supporting initiatives that optimize tax efficiency and compliance.
• Represent tax matters at Forums, Mancos, and Board meetings, providing insights into key tax implications affecting the Insurance businesses.
• Approve tax compliance for new products, ensuring adherence to regulatory requirements and best practices.
• Provide expert consultation, opinions, and guidance on tax projects, due diligence reviews, SARS audits, corporate finance transactions, product development, mergers and acquisitions, and other business activities.
• Collaborate with external auditors to address and resolve tax-related findings effectively.
• Develop tax briefs and liaise with external advisors to obtain professional tax opinions on complex tax matters.
• Review and analyze tax legislation changes, providing commentary on their impact on business operations.
• Deliver tax training to business units, enhancing tax awareness and strengthening compliance measures.
• Advise on tax accounting, compliance and reporting, ensuring alignment with Group Tax policies and external regulatory frameworks.
• Assess and quantify tax risks associated with significant transactions across business units, implementing proactive risk mitigation strategies.

Accountability: People

• Team Leadership & Development: Guiding and mentoring junior tax professionals, providing technical training, and fostering a culture of continuous learning.
• Stakeholder Management: Communicating with internal teams, senior executives, and external auditors or tax authorities to ensure compliance and strategic tax planning.
• Client Relations: Managing relationships with key clients, advising them on tax strategies, and ensuring exceptional service delivery.

Role/Person Specification

Education and Experience Required

• Qualified Chartered Accountant or Equivalent
• Post Graduate Qualification in Taxation
• Minimum of 10 years’ experience in tax roles with proven ‘in-depth’ tax experience (Financial Services Industry specifically investment banking required).

Knowledge and Skills

• A highly skilled tax professional with expertise in resolving complex tax and financial challenges within a dynamic banking and insurance environment. Equipped with deep technical knowledge of income tax regulations, particularly in insurance businesses, and a strategic, execution-driven approach to implementing precise tax controls and optimization initiatives.
• An effective communicator and negotiator, adept at engaging with stakeholders across all levels and managing interactions with SARS. Demonstrates strong leadership capabilities, fostering collaboration and ensuring seamless oversight of professional external advisors.
• Possesses exceptional business acumen with a holistic perspective on financial and tax matters, supported by advanced financial analysis skills to drive strategic decision-making. Proficient in delivering clear, insightful analyses and concise summaries, reinforcing informed decision-making.
• Brings a comprehensive understanding of accounting principles and deferred tax requirements, ensuring compliance and operational excellence in all tax-related functions.

Competencies

• Decisive and proactive
• High learning agility
• Entrepreneurial and commercial thinking
• Good interpersonal and networking Skills
• Adaptable and agile
• Persuading and influencing
• Creating and innovating
• Willingness and initiative to share skills and develop a high-performing team

Education

Postgraduate Degrees and Professional Qualifications: Financial Sciences (Required)

Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.

Absa Bank Limited reserves the right not to make an appointment to the post as advertised