The Legal Entity Controller is responsible for managing tax compliance of the legal entities under his / her jurisdiction and working with the Business Unit teams to proactively identify and mitigate strategic and transactional tax risks. The LEC is also responsible for overseeing compliance with US GAAP, IFRS and / or other local accounting regulations as well as company accounting policies; and safeguarding the resources of the company by enforcing internal controls & company policies, and continuously improving them to ensure smooth operations of the business.
Strategic Tax Planning, Mitigation & Compliance – 40%
- Proactively work with the BU functions to mitigate all tax risks & support Commercial Finance and Franchise teams in resolving indirect tax issues (excise, customs, VAT, income and PAYE) affecting the system
- Review significant contracts, agreements and business processes for compliance and tax efficiency
- Maintain tax tracker and engage the BU and Atlanta corporate tax department on all tax issues arising and progress in resolving them
- Review of the monthly VAT, deferred tax and corporation tax computations and related journal vouchers for posting into the ledger and prepare/review monthly tax returns and follow up for timely filing with, payment to & reconciliation with SARS
- Approval of monthly/quarterly GL tax account reconciliations
- In liaison with RC, engage senior tax counsel, external tax advisers and tax authorities and coordinate responses to all tax audits and queries within timelines agreed with or demanded by tax authorities
- Collaborate with Legal and company secretarial service providers to ensure compliance with Companies’ Act and other local/secretarial requirements.
- Monthly/periodic review of Tax Authorities statement of accounts for all taxes to ensure payments are correctly allocated and receipt of refunds are confirmed by treasury.
- Proactively manage work assigned to external adviser to ensure that agreed timelines are met and quality standards are adhered to within the approved budget.
Operational Control and Compliance – 30%
- Administer the Request for Authority (RFA) database, coordinate with Group and Corporate Capital Management, review validity and appropriateness of justifications provided by BU associates and advise on documentary requirements of various business transactions requiring RFAs
- Coordinate the quarterly Securities Exchange Commission (SEC) certification process with BUFD, RC, BU Legal & BUP and follow-up with Group and Corporate
- Work with BU Finance to ensure proper documentation, communication and implementation of all relevant company policies and procedures and manage the implementation, compliance with and periodic review/amendment of the Local Chart of Authority and relevant policies
- Review weekly payment proposals and oversee timely clearance of payment block lists to ensure accuracy & compliance before approval/payment
- Monitor(along with Controls and Compliance Manager) compliance with company’s segregation of duties (SOD) rules and perform other system access reviews
- Support internal and external audit process (CAD)
Accounting and Reporting – 30%
- Manage non-financial reporting to Atlanta including impairment surveys, third party guarantee reports, legal reserves, payments to government officials, carry-forward spend reporting, etc.
- Review monthly computation of service fees
- Prepare monthly legal entity P&Ls and narratives and quarterly legal entity balance sheets and narratives
- Co-ordinate the completion, review and sign-off of the Annual Financial Statements with RC, BUFD, P&CM and external auditors
- Organize a legal entity board meeting with input from BUFD and BU legal director including the preparation of board packs and accompanying power point presentations
- Ensure items highlighted at monthly Balance Sheet Risk and Opportunities meetings are addressed and acted upon within agreed timelines
- Responsible for interacting as needed with other areas such as Accounting Research, Corporate Treasury, Corporate Tax, Controllers Group, etc.
- Review AICs, SPPs, etc. that impact KO business in order to ensure that the financial statements are being properly reported
FINANCIAL/ JOB SCOPE:
- No of Reporting Units Managed : 3
- Countries with operations: 2
- Legal entities: 3
ORGANIZATION IMPACT/ INFLUENCE:
- RFC Regional Controller – Supervision, allocation of work and problem solving
- Senior tax counsel /Accounting Research manager/Treasury services managers– Problem solving & exchange of information
- ASM/Disbursements Manager/Treasury Supervisor /AP Manager – Liaison, exchange of information
- BU Finance Management – strategic partnerships, problem solving, SLAs
- BU operations (Legal) – problem solving
- Suppliers/tax advisers /auditors/Tax officials – exchange of information
- Bottler Investor Group Equity Investment contacts & Equity Investees Finance managers – exchange of information
- Controls and Compliance Manager – Liaison, exchange of information
SUPERVISORY RESPONSIBILITIES: 2 associates based in Lagos and Abidjan
RELATED JOB REQUIREMENTS/ QUALIFICATIONS:
Tax Planning and Compliance
Strategic Financial Consulting
Risk Management, Internal Controls (eg. SOX, Segregation of Duties, etc.) and Auditing
US GAAP, IFRS and local GAAP
Advanced SAP and Excel
Company Specific Behavior Competencies
Balancing Immediate and Long-term Priorities
Driving Innovative business improvements
Importing and Exporting Good Ideas
Setting a Winning Example
Understanding the business
Acting with Integrity
Influencing senior managers
Planning and organizing
Required Experience: 5-10 years’ experience in Tax and Auditing or Accounting preferably with multinational or professional practice in South Africa
EDUCATIONAL REQUIREMENTS: Compulsory that candidate has a University degree preferably in Finance, Accounting or related and is a registered qualified professional accountant (CA, CPA, ACCA, CIMA, or equivalent).
CULTURAL DIVERSITY: Cross cultural exposure is required and an Ability to interact across functions and hierarchies. Ability to communicate with confidence and influence diverse publics is crucial.
- Identifying root causes of non-compliance with procedures and policies, developing actions plans to mitigate and tracking progress
- Understanding queries coming from tax authorities, developing a response that takes care of greater company interest and obtaining alignment of all stakeholders (Legal, Corporate Tax, etc.)
- Developing new internal control procedures to match new business models and ensuring compliance with tax, legal, accounting regulations while avoiding undue complexity
- Processes are well defined but there is complexity in dealing and solving problems in a way that satisfies all stakeholders – also, the problems generally vary on a case by case basis
JUDGEMENT AND DECISION MAKING:
- Full accountability for ensuring that the BU processes are compliant to company rules and all legal entities under area of responsibility are compliant to tax rules and GAAP.
- Ensure stakeholder/business unit requirements are met through effective management routines/processes /planning, partnering, prioritization and organizing
- Ensure escalation/communication of key issues/opportunities including tax risks, BS and CF risks and opportunities – including recommendations for resolution
- This position operates primarily in an office environment in Lagos, Nigeria
- The spread of activities and operations is business divergent and presents a moderate level of complexity
- There is increasing pressure and scrutiny on business continually trying to extract more revenues via tax penalties
- Vulnerable and complex business models with potential exposure to unethical practices
TRAVEL REQUIREMENTS: Minimal travel required: 25% of time mainly requiring overnight stays
1) Values Statement
Honesty and integrity have always been cornerstone values of The Coca-Cola Company. Our passion for people of integrity mirrors our spirited drive for total quality in our brands. These and other elements allow the company to sustain strategic practices and drive business performance.
2) Sell Message
At The Coca-Cola Company you can cultivate your career in a challenging and dynamic environment. We are the largest manufacturer and distributor of non-alcoholic drinks in the world, selling more than 1 billion drinks a day. Unlock your full potential with a future-focused company that is known and respected throughout the world.
At The Coca-Cola Company you can cultivate your career in a challenging and dynamic environment. We are the largest manufacturer and distributor of nonalcoholic drinks in the world-selling more than 1 billion drinks a day. Unlock your full potential with a future-focused company that is known and respected throughout the world.
Application Deadline: 7th May 2014.