Corporate Tax Vice President

Who we are

United by a sense of purpose towards our customers – to be a trusted partner for the long-term – and our universal banking platform in EMEA, SMBC Group has an international growth agenda and award-winning products, meaning we provide exciting opportunities to work on a diverse range of projects and initiatives. We deliver a full suite of corporate finance products and solutions to our customers as well as investment banking and advisory services, and a range of innovative solutions in global capital markets. Read on to find out how you could enhance your skills and gain valuable experience, by joining us to support our clients transition to a sustainable future.

VP Tax

Purposes of the job:

• Ensure tax compliance within SMBC group (SMBC values: Quality and sustainable growth)
• Identify issues impacting tax area and propose solutions (SMBC values: proactive and innovative)
• Support front office and non-front departments (SMBC value: Team spirit SMBC) on the area of tax. 

Finance and Control department

The SMBC EU F&C department is responsible for all finance functions of the bank. It is divided in five teams:

1. Accounting & Reporting
2. Management Reporting & Product Control
3. Tax
4. Regulatory Reporting
5. Finance Change.

Facts/Scale

• SMBC EU does have six branches whereas five are outside Germany including France and one subsidiary.
• Finance team is split between Düsseldorf, Frankfurt, London, Luxembourg, Milan and Paris
• SMBC EU AG Paris Finance team includes 6 Headcounts, covering all activities from financial reporting ,  Financial control, accounting, regulatory reporting, management reporting, product control , and Tax .
• SMBC Bank EU AG Finance tax is currently composed of 2 Head Counts in Frankfurt (without Head of Tax) plus 1 Head Count in Milan.

Background

• SMBC EU operates in a constantly evolving environment. In the coming years, both regulatory requirements and business activities are expected to increase significantly. To ensure the tax team can respond effectively and within the required timeframes, we proactive strengthen our capabilities and processes.
• SMBC EU Paris branch is an important branch within the EU AG group, covering a wide range of activities including Banking, Trading, Project Finance, LBO financing, Sales and Trading activities for products such as FX, Rates, Fixed Income, DCM.
• Considering the contemplated growth of SMBC EU Bank EU AG Paris branch a dedicated tax resource is required ensuring tax compliance in all main areas 
• The role will cover local French Tax Compliance as well as German Tax Compliance, with a dual reporting line in this respect.
• Implementing a Tax Compliance Management Framework along German IDW PS 980 guidance and transitioning into run the bank is an essential step for SMBC Bank EU AG (“SMBC EU”) ensuring ongoing compliance.
• The constant change in tax law environment requires SMBC EU group to monitor and evaluate the contemplated changes carefully. By providing timely and accurate tax insights, the tax team supports both front and non-front departments in achieving their goals while ensuring compliance and efficiency.
• To ensure alignment across the region close cooperation with EMEA tax team and Head of Tax SMBC Bank EU AG required which enables transparent and coordinated information flow

Position Description

• Establish a tax function within SMBC EU Paris ‘s Finance team, reporting locally to the SMBC BI Paris Financial Controller, and functionally to SMBC EU’s Head of Tax located in Germany
• Accounting for all tax-related entries, preparation of the tax account justification and substantiation file for audit trail and internal control, preparation of the quarterly tax proof for consolidation purpose and ensure the accuracy in case of event implying change.
• Ensure materialization of level one of controls relating to calculation, booking of taxes and maintain the set-up of appropriate control in case of change.
• Regarding invoicing for internal or external purpose, ensure the compliance of all required mentions and advise internal contacts if necessary for this matter.
• Ensure in cooperation with external advisor preparation of required tax returns and auxiliary returns (direct taxes, indirect taxes, any data/information collection report/return to Tax Authorities) for SMBC entities in France such as, without limitation:
  • Corporate Income Tax return
  • Value Added tax
  • Transfer Pricing Documentation
• Ensure in cooperation with EMEA tax and external advisor on time preparation of annual transfer pricing documentation and declaration and perform or ensure the appropriate level one of controls to ensure substantiation, accuracy of figures and consistency across locations.
• Review of the tax clauses of loan agreements when FO request according to internal guidelines to mitigate tax risks for the Bank. Be the key contact for the local FO for any information relating to tax ID updates.
• Implementing a Tax Compliance Management Framework along IDW PS 980 for SMBC Bank EU AG (“SMBC EU”) and potentially further SMBC group entities or branches in close cooperation with SMBC EU Head of Tax.
• Maintain tax-related controls and procedures across relevant business areas for SMBC EU Paris
• Coordinate with internal audit, risk management, and compliance functions to align tax control framework with broader control frameworks
• Transition the Tax Compliance Management Framework into business-as-usual (BAU) operations, ensuring sustainability and integration into daily processes
• Monitor tax law changes for France and evaluate the impact for SMBC EU
• Support to design in close cooperation with Finance teams an effective New Product Process to ensure compliance with SMFG Values, Tax policies and French tax law
• Review existing and new products proposed by the business partners and assess the impact for SMBC EU Paris. Support transition of any new processes as a result of New Product Process into run the bank modus. 
• Support possible tax audits and data requested by the tax authorities.
• Drafting formal responses to inquiries from the tax administration, structured as memoranda that reflect the company’s legal and factual position.
• Ensure close cooperation with Finance Change team to improve efficiency within daily business to use resources effective
• Act as reliable and solution orientated business partner through internal networks and key contacts with front and non front areas in order to support them with professional tax advice
• Maintaining key relationships with External Advisors, local fiscal authority, Banking peers & industry bodies in France  
• Take ownership of on-the-job training initiatives while also actively participating in external training programs to ensure up-to-date knowledge of tax law and regulatory developments

Education

Master’s degree in accounting/tax & audit

Skills/Knowledge/Experience

• Stakeholder management skills and experience
• Robust and clear communication style in French and English
• X+ years technical experience in main French tax areas notably; Corporate Income Tax, Value Added Tax and Transfer Pricing
• Ability to manage tax related projects
• Open to explore new technologies
• Ability to explain technical tax knowledge to non-tax experts
• Understand complex concepts, challenge them and support to provide explanations in a clear and precise way
• Responsive, and ability to handle tight deadlines and a wide variety of technical issues.
• Chartered Accounting firm experience for at least 5 fiscal years