Support the IFRS 17 project team from a tax perspective with a focus on local territory GAAP, IFRS 17 interaction and proposed changes and US GAAP tax including the related reporting processes. This will encompass:
- Leading and preparing the monthly IFRS 17 activities including Project team and EY liaison. As we are currently moving forwards on a split resourcing model basis, we need a tax IFRS 17 specialist who can engage with local teams, the core IFRS 17 project team and EY.
- EY liaison is very important, as EY resource will be used for specialist activity (tax model assistance/ design, tax authority scan etc.) and to provide additional resource when needed (i.e. testing phases).
- Managing and preparing the required accounting policy review and suggested tax impact/ requirements.
- As Tax Authorities are unlikely to publish local tax rules in the short or medium term, this role will need to run the preparation of various tax reporting models and the required disclosure, including liaising with Statutory Auditors, local accounting teams, Tax Authorities and various tax technical bodies to provide relevant central and local analysis and respond to any associated tax queries.
- Develop an understanding and build the perceived deferred tax positions across all GAAPs and prepare supporting documentation.
- Develop and lead a Tax Account process for US and Local financial documents.
- Building and maintain positive relationships with the IFRS 17 team, Regional Finance (AsiaPac, Canada and LatAm) and Group Tax.
- Develop, Lead and prepare tax reporting packs as required by the IFRS 17 team and Group.
- Consider the use of the Accounting Hub, Aptitude, Onesource as a development of an appropriate IFRS 17 tax reporting model/ tool.
- Support and train junior members of the team.
The tax landscape will continue to change during the IFRS 17 project implementation and beyond. As tax details are announced the tax plan will evolve, therefore this role will need to monitor the position and engage on multiple levels. The business is undertaking a significant review of and investment in process and technology across Finance operations and this role will support this initiative from a tax reporting perspective with a focus on IFRS 17 and other similar changes (there is a recognition that there are multiple areas impacting tax that need to be considered in order to ensure IFRS 17 is considered appropriately):
- Review and improvement of current reporting and compliance processes (locally and centrally) for standardisation or automation to drive efficiency.
- Identify, implement and detail best practice in reporting and compliance processes.
- Provide tax support across the broader finance transformation initiative as directed.
Whilst there may be legal and language barriers in certain jurisdictions which means we will have to use local advisors to assist, this role will have to have the ability and technical knowledge to challenge, assist with review and/or prepare regional tax computations as needed and support Tax Authority engagement as directed.
Monitoring legislative changes in respect to IFRS 17 and ensure impacts of such areas as BEPS 2.0 are understood, specifically their impact on the Business.
Potential backfill of all tax areas to allow project prioritisation and focus within the wider tax team, this will include assisting the EMEA Head of Tax and EMEA Head of Direct Tax as required/ directed.
This role is a dedicated IFRS 17 project tax resource and will encompass:
- Liaise with the core project
- Review tax policies
- Support required country lobbying and Tax Authority engagement. Continued local engagement within the Business and with professional service firms to understand local tax rules and ongoing monitoring
- Use questionnaires, engagement with the core IFRS 17 project, local industry bodies and professional service firms to establish a base line country position
- Ensure appropriate application of local tax rules and develop hypothetical IFRS 17 tax/ financial models. An appropriate tax model should be assigned to each territory, based on the perception of local country rules, to ensure the IFRS 17 team have basic tax knowledge to direct central and local decisions
- Countries need to be assigned to specific IFRS 17 tax financial models as and when pre-tax data is available
- Handle the activity tracker and EY engagement, whilst a specific workstream is needed for Korea, the aim of each step/ activity is to be applicable to and consider multiple countries
- Consider impacted structures, tax opportunities and risks; then engage with Tax Authorities based on perceived impact
- Update local country processes and controls
- Take part in local country testing and development
- Consider local country tax reporting (as modified by IFRS 17) to feed in to central US GAAP processes