Senior Tax Manager - Corporate Business
- CDC is the UK’s development finance institution. Established in 1948 we invest in the most challenging markets of Africa and Asia with the aim of supporting economic development.
- CDC has net assets of £6.8bn and a portfolio of £5.2 billion. In 2020 we committed over £1.22 billion of capital to business in Africa and Asia and are now invested in 1,200 businesses which directly employ over 875,000 workers and support many more.
- CDC is a Public Limited Company and is wholly owned on behalf of the UK government by the Foreign, Commonwealth & Development Office (FCDO).
- In the last few years, we have expanded our presence in Africa and Asia by opening new offices in Bangladesh, Egypt, Kenya, Myanmar, Nepal, Nigeria and Pakistan with additional locations opening soon.
- At CDC, we take an entrepreneurial approach to investment. We think innovatively about ways to deploy our capital, attract and mobilise other investors, and drive transformational impact.
- Primarily, CDC invests through direct equity, direct debt and funds products to achieve impact and a financial return which is reinvested into more businesses. We aim to create jobs and accelerate economic prosperity and focus on sectors that will do this; manufacturing, food and agriculture, infrastructure, financial institutions, construction, health and education.
- CDC works with like-minded ambitious people who are primarily motivated by our mission to deliver impact. We are a growing team of over 485 and place immense value on diversity within our organisation.
- Read more about us on our website cdcgroup.com
- CDC, has in recent years received access to significant funding from FCDO to deploy in the most difficult places, a commitment that remains unchanged by the pandemic.
- With the growing investment mandate, CDC has also established a number of investment platforms with specific mandate to invest in select sectors, products and geographies as well as offices in Pakistan, Bangladesh, Myanmar, South Africa, Kenya, Ethiopia, Egypt and Ghana to provide CDC with local on-the ground knowledge and expertise to help with its investment processes.
- CDC and these entities together make up the CDC Group although we expect to open more support offices in Africa and South Asia in the medium to long term.
- Our growing investment mandate has resulted in a significantly more complex group and it has become increasingly apparent that our tax function needs to evolve accordingly.
- Specifically, working under the Head of Tax, the tax function will be split into two specific divisions:
- The Tax Investment Business (“IB”) whose focus will be on providing tax advice and support to CDC’s legal and investment teams in a manner which ensures that CDC manages tax on transactions efficiently and responsibly; and
- The Tax Corporate Business (“CB”) whose focus will be on the groups operational tax affairs
- This is a newly created role for a Tax Senior Manager to head the CB Tax division within CDC. The CB Tax Division will be responsible for ensuring CDC remains compliant with all relevant local regulations, manages relevant tax risks in all jurisdictions and to develop and evolve CDC’s strategy and policies on tax.
- We are therefore looking to recruit high quality professionals who are motivated to use their skills to assist the group remain operationally compliant.
- The Tax function sits within CDC’s Legal team. Whilst the successful candidate will report to CDC’s Head of Tax, they will, necessarily, work closely with CDC’s finance, legal, HR and corporate secretarial teams as well as the Tax IB Team.
- The CB Tax Senior Manager will have one reporting line.
Tax compliance and reporting
- Responsible for monitoring and evaluating key tax risks for the business and develop appropriate risk management controls and processes.
- Oversee and manage the direct tax compliance and financial reporting obligations for CDC Group plc and its subsidiaries.
- Work with the Tax IB, Finance, Treasury and Legal teams to ensure transaction structures as advised are implemented correctly and reported accurately.
- Review and implement transfer pricing policy for all cross-jurisdictional transactions across the CDC group.
- Develop controls and oversight for reporting and settlement of transaction taxes, including VAT, WHT, GST and any other service tax. Additionally, in the UK, work with finance to ensure compliance with agreed methodology with HMRC on UK VAT recovery.
- Work with Payroll and Rewards teams to develop controls and oversight for reporting and settlement of employment taxes and align corporate tax implications for employing entities.
- Seek to improve compliance processes, leveraging IT to do so. Assist CDC Investment Operations with respect to tax related processes.
- Develop standards and tools for CDC to monitor tax practices of portfolio companies and to encourage best practices. Work with the Development Impact team on how best to gather data on taxes contributed by portfolio companies to assess CDC’s impact on economic development across all jurisdictions in which CDC invest.
Tax risk management and planning
- Act as a tax business partner on international tax issues including providing advice on CDC’s international growth strategy and to plan and manage direct tax exposures in relation to permanent establishment risk and transfer pricing.
- Develop and manage relationships with key personnel within the business and ensure they understand the strategy and to guide behaviour within controls framework.
- Raise awareness of global tax developments issues and effectively communicate these issues to the wider CDC business. Keep pace with CDC’s evolving structure and ensure tax matters are adequately considered.
- Provide internal tax advisory services and support on day to day business operation matters to the Group.
- Advise HR team and report to Head of Tax on all employment tax obligations in countries of operation.
- Support the Head of Tax with ad hoc projects, including group restructurings and tax exemption applications.
- Support the Head of Tax in communicating with governments, government departments and tax authorities (in the UK and in CDC’s target countries) on specific transactions and on CDC’s general tax position
- Supporting the Head of Tax in developing CDC’s strategy and policies on tax including tracking international tax initiatives, such as the OECD Base Erosion and Profit Shifting (“BEPS”) package and their impact on CDC and its investee companies.
- Corporate and employee tax implications of international remote working and business traveller arrangements.
- Updating the Head of Tax on relevant global tax developments.
- Put processes in place to identify risks associated with new activities and entities being created, the form they should take and the extent to which they should be added to existing VAT groupings in the UK.
- Engaging in discussions with government departments, tax authorities and non-governmental organisations on tax and regulatory policy and how regulatory environments might be improved in CDC’s target countries.
- Interfacing with other development institutions to discuss best practices regarding tax policies and procedures.
- Work with our Business Integrity and Tax IB teams to ensure we only use offshore financial centres which are fit for purpose and CDC’s transactions comply with those policies.
Background and experience
- Must be a qualified accountant or chartered taxation adviser (or equivalent) with suitable post-qualification experience in an international tax practice at a major accountancy or tax advisory firm and/or an in-house international tax role (ideally with Emerging Markets exposure)
- International tax experience particularly a working knowledge of proposed future tax developments is essential.
- UK tax experience is preferable but not essential.
- Experience of tax compliance either gained in house or in practice is essential.
- Ability to assess risks and make well-reasoned, independent and transparent decisions with quick turnaround expectations.
- Proven ability to communicate complex taxation concepts for non-tax professionals.
- Ability to influence and provide consultation to a wide composition of stakeholders.
- A self-starter – able to work independently with a willingness to “muck in” and get involved in all areas of the business where required.
- An effective team player with strong communication, organisational and interpersonal skills.
- Cultural sensitivity and a proven ability to work across cultures.
- Candidates should be strongly motivated by CDC’s development mission and ideally demonstrate some commitment to development or social goals through previous executive or non-executive activity.
Our cultural values
We look for team members who aspire, as we do, to work at our best and to be:
- Impact-led, commercially rigorous
- Tenacious in the face of challenges
- Collaborative and caring
CDC is committed to diversity and inclusion and welcomes all applicants regardless of age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex, sexual orientation or educational background.
Please provide a cover letter with your application