Tax Associate

2 weeks ago

Taguig, National Capital Region, Philippines Filinvest Group Full time

JOB SUMMARY:

The Tax Associate serves as the immediate assistant of the Tax Manager for all tax matters and is responsible for the tax compliance of FDC and other related entities handled by FDC Accounting. He/she assists in executing and implementing tax strategies and policies that will help deliver maximum tax efficiency at the same time maintain strict compliance with enacted tax laws and regulations. In addition, he/she works to resolve potential tax problems and propose corresponding solutions. He/she coordinates with the Tax Counsel for tax audit requirements and reconciliations.

DUTIES AND RESPONSIBILITIES:

Tax Complianc

  • Timely prepares and accurately files and pays the taxes.
  • Prepares tax calculations, tax reports, applications and tax returns for filing, payment and submission with regulatory bodies and other external parties (BIR, LGU, External Auditors, etc).
  • Reconciles tax balances in the accounting records (general ledger, trial balance, financial statements) and reconciles with tax returns (tax returns and certificate of creditable withholding taxes) to ease process in reviewing the Tax Deficiency in cases of Tax Assessment/s.
  • Prepares the annual computation of gross receipts to be filed to the local government and its reconciliation against VAT returns and Gross Revenue certification as of yearend, monitoring, and submission of requirements, filing and payment of business permits in LGU.
  • Promptly obtains tax assessment to avail the early payment discounts for certain taxes (real property taxes, interest on final tax assessments).
  • Prepares the annual registration and submission of computerized books of accounts (registered books under Computerized Accounting System/CAS).
  • Monitors the appropriate use, handling, requisition and registration of BIR issued receipts (Official receipts, Acknowledgment receipts), sales invoice, service invoice, billing statement, and other applicable documents, including coordination with accredited printers and obtaining
  • Attends tax updates, regulations and tax compliance processes and ensures that tax regulations and policies are documented and complied with.

Tax Audits and Assessments

  • Monitors the status of tax audit, applies timely coordination of the audit with the Tax Counsel, and ensures strict compliance and response to BIR assessments.
  • Prepares the documentary requirements, supporting vouchers and contracts, and other proofs to substantiate the tax issues.
  • Prepares reconciliation of tax schedule and related reports for review of Tax Manager.
  • Liaises, assists and monitors the documents for signature such as waivers, petitions, testimonials, etc.
  • Prepares computation of tax savings.
  • Coordinates with BIR, Independent CPA (ICPA), Tax Counsel and External Advisors in handling tax audits.
  • Prepares tax computation required in petition drafts and replies to BIR correspondences, and provides necessary recommendations to Tax Manager.
  • Organizes tax files and notices.

Tax Planning, Related Party Transaction and Other Tax Reporting, Transfer Pricing, and Others

Tax Planning

  • Complies with the requirements in the annual tax review of SGV Tax Team.
  • Prepares the presentation of critical tax issues for review of Tax Manager.
  • Studies new Tax Laws, Rules and Regulations (includes attending trainings and seminars) to ensure company's compliance with the new tax laws that are applicable. Prepares the draft of Related Tax Memos (seminar to be conducted as needed) and submits to Tax Manager for approval.
  • Prepares the projected tax computation for budget and 5-year forecast to foresee any future tax impact such as expiration or possible application of NOLCO, utilization of creditable withholding taxes and other tax simulation activities required for fundraising activities.
  • Prepares the tax study of recommendation for future roll-out after a careful study of tax issues, e.g. disposition of issues on nontax or business expenses, optional standard deduction, etc.
  • Assists in providing requirements during the transition from CAS permit applications of current accounting system to new ERP, as needed.
  • Prepares the electronic reporting requirements for E-receipting and other electronic submissions to be required by the BIR.

Related Party Transactions (RPTs) and Other Tax Reporting

  • Prepares the periodical reports on related party transactions for reporting to the BIR and SEC (BIR 1709) on an interim and year-end basis.
  • Prepares the Annual Tax Summary required by RR disclosed and filed together with the AFS.
  • Prepares reports and recommendations on proper take-up and tax implication of RPTs.

Transfer Pricing

  • Checks and reviews the transfer pricing documentation or TPD.
  • Coordinates with External Advisors and internal finance heads to obtain updated TPD every two years or as necessary.

MINOR RESPONSIBILITIES:

  • Assists in internal tax advisory services and support on business operation matters.
  • Conducts status meetings to make sure that the team is on the same page with the goal of the department, to address certain issues that need to be cascaded to the Accounting and Tax Head. In some cases, organizes meetings with related entities to promote uniformity and consistency in the application of tax rules and policies.
  • Identifies and mitigates tax risks by developing or implementing best practices.
  • Coordinates with other departments and other entities regarding various tax matters.
  • Ensures that tax policies are implemented, monitored and documented.
  • Implements proper tax filing system initiate and monitor the organization of tax files to be useful for tax audit
  • Entertains transactional queries concerning tax issues from staff and other departments/sections, subsidiaries, affiliates and auditors (e.g. VAT remitted for contracts and response to access letters from BIR)
  • Renders other related tax services as needed from time to time.

KEY QUALIFICATIONS:

  • Graduate of BS Accountancy or any related degree programs.
  • With a minimum of 2 years of relevant experience in taxation accounting, tax compliance and all types of tax returns. Preference is given to those with experience in handling tax audits or conducting tax audit.
  • Experience in BIR, BOI, LGU and other statutory regulatory requirements
  • Experience in BIR Audit is an advantage.
  • Knowledge in Financial Analysis and Reporting
  • Effective business communication skills
  • Strong interpersonal, people management and development skills
  • Ability to interpret tax requirements, procedures and compliance; and can anticipate its implications and impact on the business
  • Can manage various projects simultaneously
  • Expertise in tech-based systems (including word processing, databases, spreadsheets and presentations)
  • Ability to assess and make effective decision under pressure in complex situations.

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