BNP Paribas is the European Union’s leading bank and a key player in international banking. We operate in 65 countries and employ 190,000 people, including nearly 145,000 in Europe. Our Group holds key positions in its three main fields of activity: Commercial, Personal Banking & Services; Investment & Protection Services; and Corporate & Institutional Banking (CIB) for corporate and institutional clients.
Our Securities Services business, which forms part of CIB, is a leading global custodian providing specialist post-trade and asset servicing solutions to buy and sell-side market participants, corporates and issuers. Based in 35 locations around the world, our award-winning Securities Services teams have built one of the most extensive custody network in the industry, giving clients the connectivity and local knowledge they need to navigate change in a fast-changing world.
Company purpose:
Our company purpose is to contribute to a responsible and sustainable economy by financing and advising clients according to the highest ethical standards.
Our employer promise is built around three pillars:
- Being a great place to work
- Committed to sustainability and having a positive impact
- Being dedicated to the development of our people
Business area
Securities Services is a leading global custodian and securities services specialist that provides multi-asset post-trade and asset servicing solutions for buy and sell-side market participants, corporates and issuers.
Organisationally the role will be part of UK Client Line FI&C. The Financial Intermediaries & Corporates (FI&C) Client line is part of BNP Paribas Securities Services business line. The Client Line’s responsibilities span from product & solution initiatives, to P&L management and segment strategy. For the FI&C Client Line this relates to key target clients such as banks, brokers and corporates, as well as products such as Securities Clearing & Custody (SCC) and Debt Solutions.
However as indicated in the scope of role and key responsibilities, the role extends to all business lines except for MFS and whilst tax doesn’t organisationally have its own Business area/Dept, the UK role is similar to tax specialist roles in other BNP Paribas locations that focus on the services provided to the clients (rather than the Bank’s own corporate and income tax position).
As such the role forms part of a BNP Paribas Securities Services Global Tax Community which brings together such tax specialists to inter-alia share technical knowledge, support each other and promote consistent and best practice in addressing the tax implications/considerations of our services/products.
Job purpose
- Use tax technical and practical experience/knowledge to: a) help ensure that the Bank is sufficiently protected from the tax risk generated from the provision of services to clients as well as/and (yet) at the same time b) help ensure that from a tax perspective, we provide a commercially appropriate scope/level of service to our clients.
- This is a senior tax specialist role where the employee will use his significant market experience to define and oversee the tax services provided to the client based on BNP Paribas’ global guidelines and the specifics of the client.
- Due to the nature of the activity, this can only be completed by an experienced tax specialist with good understanding of our client’s business and structure and an ability to undertake tasks independently in line with the agreed products and services provided by BNP Paribas.
- The person undertaking this role does not need day to day supervision and is confident in their own knowledge and responsibility, making them able to guide other teams internally in completing their related activities.
Key responsibilities
Summary
The Tax Service Business Manager is responsible for assisting tax operational and product teams in monitoring, assessing and implementing tax changes affecting the services offered across the markets he/she is responsible for.
The Tax Service Business Manager has a key role to play:
- Assessing & securing the risks linked to the tax business services, with the help of relevant functions.
- Help developing an offer that will generate substantial revenues and be recognized on the market by clients & competitors
- Do this for all BNP Paribas Securities Services business line products – excluding MFS.
He/she will coordinate with internal (when available) and external tax experts (when required) and principally interact with operational, product, legal and compliance teams within Securities Services, as well as Group Tax department.
Working within Securities Services business lines and in coordination with the Global Head of Tax Business Services, he/she is in charge of identifying any sensitive topic that might require Group Tax Department validation and in charge of determining whether a product requires a NAC procedure and whether GTD attendance is required in the NAC procedure.
This is a senior specialist/subject matter expert role within the UK and in discharging this role, the Tax Service Business Manager will be a tax professional with many years of experience so as to demonstrate a very strong breadth and depth of understanding and knowledge of tax matters – he/she will be the go-to person for the more complex tax matters and questions that cannot be provided/answered by the business and for which specialist expertise is required.
This role includes providing insights on UK market updates (specifically including the preparation and issuance of Market Updates to Internal stakeholders & clients) as well as insights on competitor tax services and other clients to the team.
The role also utilises the person’s expertise and experience to work at a strategic level with senior stakeholders to define our tax strategy/ tax service model, This including working very closely and directly with the most strategic clients booked in the UK to define and communicate (with others) responses to client needs/requirements that balances such needs/requirements with the need to remain in compliance with regulations and not create undue risk to the Bank
Detail
- Monitor tax changes using internal (own expertise, Group Tax Department, etc.) and external information providers. Assess the first level of impacts on our services. Liaise with Group Tax Department, Global Head of Tax Business Services, product and operations, depending on the impacts and ask for a NAC when necessary. This includes but it’s not limited to:
‒ monitoring changes of tax legislation impacting taxation of securities (e.g. withholding tax on income from securities, securities transaction tax, capital gains tax) and related tax relief and tax reclaim procedures,
‒ inform tax operational team, product team and clients (via Market Updates as applicable) of relevant tax changes,
‒ assisting tax operational and product teams in the understanding of any change of tax regulation (e.g. how it affects our tax treatments and tax liabilities),
‒ assist product teams in the assessment of the impacts of such tax changes on our tax product offer including but not limited to validating the changes required to the tax documentation in place with clients and the client communication (via Client Update as applicable),
‒ coordinate internal meetings on tax market change in order to identify any need for discussion/action at market place level and lobbying actions;
- Take ownership of tax questionnaire to collect tax information when on boarding new clients. This includes, in coordination with Group Tax Department and Global Head of Tax Business Services as applicable:
‒ ensuring the questionnaire is kept up to date following changes in our tax services;
‒ being the point of escalation in case there is any issue/doubt with the way the questionnaire has been completed by a client.
- Take ownership of the tax matrix used in our systems and ensure it is reviewed on a regular basis
- Provide tax technical/tax risk view to support any internal or external assessment of our tax procedures, Confirm that the defined tax services are in accordance with our tax obligations (especially where we are a withholding tax agent) and, Group Tax Department guidelines
- Appoint external advisors to provide specific tax advice whenever internal tax resources are not available, in compliance with the tax procedure for recourse to external tax advisors.
- In close coordination with the Group Tax Department and the Global Head of Tax Business Services, participate in international and local industry associations to represent our business:
‒ debating tax matters to provide thoughtful stewardship with the aim of influencing workable market change outcomes,
‒ representing and protecting our and our clients’ interests,
‒ influencing efficient and effective changes tax legislation and associated administrative procedures;
- Be the point of escalation for complex tax matters and client requests and escalate to local Group Tax Department and/or the Global Head of Tax Business Services when necessary :
‒ assisting tax account managers in answering complex clients questions related to understanding of tax regulation,
‒ in case of litigation with clients, collaborating in analyzing/understanding/solving the incident from a tax regulation point of view,
‒ in case of litigation with local tax authorities, assisting in having a clear understanding of the underlying tax issue and tax regulation at stake and in solving the litigation,
‒ in case of tax audit from tax authorities, attending meetings with tax inspectors in case tax expert interlocutor is required (involve Group Tax Department when required),
‒ for client’s tax matter, be the point of contact for tax authorities for Securities Services’ activity (otherwise directly managed by Group Tax Department),
‒ when necessary, support strategic client meetings, RFPs and deal presentations;
- Be the point of contact of the Tax Function for the purpose of:
‒ getting information about Securities Services’ activity (services description, markets presence, agreements signed with tax authorities, BP2S fiscal status, etc.)
‒ answering tax queries from the Tax Function,
‒ escalating to the Tax Function tax analysis/interpretation issues and the need for lobbying actions,
sharing with the relevant teams any guideline/message from the Tax Function
Note: The detail above reflects a globally approved job description since there are people in other locations who perform or may in the future perform a similar role.
Requirements
Essential
- UK accountancy and/or UK tax qualification
- Big 4 accountancy firm or Service provider tax technical specialist/advisory (not purely operational) role/experience
- Detailed knowledge of securities taxation, including impact upon a custodian (such as withholding taxes, double tax treaties, tax transparent structures) with specific knowledge of UK withholding tax applicability : Expert
- Detailed knowledge of UK client types (such as collective investment vehicles, pension funds) including legal form and UK tax treatment. Specifically for collective investment vehicles to include UK & VAT compliance : Expert
- Detailed knowledge of UK Reporting Fund Regime : Proficient
- Detailed knowledge of non-UK client types (in particular FCPs, SICAVs and other non-UK established collective investment vehicles) including legal form and local tax treatment : Basic
- Demonstrated ability to think strategically with respect to product strategy and development agenda : Proficient
- Presentation skills and previous client facing experience : Proficient
- Ability to work independently and also effectively in a matrix organization : Proficient
- Experience in managing and influencing key business partners for the delivery of the services : Proficient
- Communication, influencing and negotiation skills with the ability to establish and communicate the tax strategy : Proficient
- Organizational and planning skills and a track record of delivery : Proficient
- Understanding of commercial aspects : Basic
- IT experience in Microsoft Office applications : Basic
- Command of English, both spoken and written : Expert
- Good working knowledge of a wide range of BNPP policies, procedures, regulations and legislation.
- Excellent written and oral English skills to articulate technical issues and to be able to take the complex and make them simple to enable effective communication with individuals across the business.
Preferred
- Big 4 accountancy firm and Service provider tax technical specialist/advisory (not purely operational) role/experience
- General knowledge of investor tax reporting regimes applicable to other jurisdictions e.g. German equity ratio : Basic or Proficient
- General knowledge of non-UK capital gains tax regimes/requirements for which we may provide a service e.g. India : Basic or Proficient
- IT experience in Microsoft Office applications : Proficient
And of course, we expect all our colleagues to embody and practice the Group values (alignment with the Bank’s strategy, commitment, work ethic, integrity and Code of Conduct).
A bit more about why you should join us
1. We’re a great place to work
We aim for optimal work/life balance (depending on role, this includes hybrid working, flexible working and agile)
We are proud of our award-winning flexible benefits and health & wellbeing strategy. Our flexible benefits include:
- Generous holiday allowance of at least 26 days (plus bank holidays) – with option to buy and sell holidays.
- Valuable financial plans – a 12% non-contributory pension which has been moved to sustainable investments*, life assurance*, income protection and personal accident insurance.
- Extensive wellbeing and mental health offering – one of the most advanced private medical schemes in the UK, dental cover, wellbeing app, Cognitive Behavioural Therapy support, subsidised gym memberships, bespoke health assessments including genetic testing, Private GP (including digital GP services to parents of employees), Employee Assistance Programme, menopause & fertility support (we are an accredited Menopause Friendly Employer), neurodiversity assessment and support.
- Key onsite services and facilities in London – include physiotherapy, nutrition, massage therapy, physiology, mental health first aiders, seasonal flu vaccinations and free onsite fitness centre.
- Plus, emergency back-up care for dependants, green car leasing, season ticket loan, and a range of other benefits.
* Subject to relevant caps
2. As the eurozone’s largest bank, we are committed to having a positive impact in the world.
For example, we are committed to Net Zero in all of our financing and investment portfolios by 2050. By 2030, 80% of our energy production financing will be low carbon.
But impact for us means more than climate. It means empowering our people every day. Everyone gets four volunteering days each year - in 2023, we achieved over 18,000 hours of volunteering across the UK and reaching over 4,500 young people.
3. We believe in our people
We support our people to develop skills to adapt to the ever-evolving world of work and to prepare for the jobs of today and tomorrow. We do this through a comprehensive training offering, talent programmes, mentoring, career days and inhouse career tools.
We are proud of the number of our people who progress and secure new roles internally. In fact, in 2023, nearly half of our positions in UK CIB were filled internally.
Investing in our people also means we have a collaborative and inclusive culture:
- Direct feedback from our people shows that our internal culture sets us apart from our industry peers.
- Each year, nearly 30,000 employees globally are involved in professional networks that play an active role in promoting Diversity and Inclusion within the Group. These include our:
Pride Network, Ability Network (which supports disabled employees), MixCity (gender equality network), Women in Global Markets, Women in Global Banking, Women in IT, Diversity Equity & Inclusion in Technology, Early Careers Network, Multicultural Network and Parents & Carers Network.
Equal opportunities
BNP Paribas is committed to providing a work environment that fosters diversity, inclusion, and equal employment opportunity without regard to age, disability, gender reassignment, marriage or civil partnership status, pregnancy and maternity, race, religion or belief, sex or sexual orientation, or any other legally protected status.
Adjustments
We don’t want anyone to be disadvantaged in our recruitment processes, so if you have a disability or health condition which may mean that you’d benefit from some adjustments or additional support, please let us know as early in the process as possible.
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