About BNP Paribas India Solutions:
Established in 2005, BNP Paribas India Solutions is a wholly owned subsidiary of BNP Paribas SA, European Union’s leading bank with an international reach. With delivery centers located in Bengaluru, Chennai and Mumbai, we are a 24x7 global delivery center. India Solutions services three business lines: Corporate and Institutional Banking, Investment Solutions and Retail Banking for BNP Paribas across the Group. Driving innovation and growth, we are harnessing the potential of over 10000 employees, to provide support and develop best-in-class solutions.
About BNP Paribas Group:
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 65 countries and has nearly 185,000 employees, including more than 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment, and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realize their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy, and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group's performance and stability
Commitment to Diversity and Inclusion
At BNP Paribas, we passionately embrace diversity and are committed to fostering an inclusive workplace where all employees are valued, respected and can bring their authentic selves to work. We prohibit Discrimination and Harassment of any kind and our policies promote equal employment opportunity for all employees and applicants, irrespective of, but not limited to their gender, gender identity, sex, sexual orientation, ethnicity, race, colour, national origin, age, religion, social status, mental or physical disabilities, veteran status etc. As a global Bank, we truly believe that inclusion and diversity of our teams is key to our success in serving our clients and the communities we operate in.
About Business line/Function:
Global Market Operations is mandated to provide end to end trade processing within CIB ITO Global Markets. GMO’s teams are focused on cross business standardization to improve efficiency of ITO services, while keeping operational risk under control.
The team is primarily responsible for carrying out following activities:
· Provide best in class service to the institutional and corporate clients of the Bank
· Process settlements, Collateral management, Treasury, payments and corporate actions for transaction initiated by CIB GM business.
· Provide support across regions (APAC, EMEA and AMER) and products (Bonds, Equities, Complex Securities, ETF, SLAB, Repo etc.)
Tax Operations sits within the Transversal Lifecycle teams for Processing and Support functions under GMO and provides support to Operational taxes in the bank like Withholding Tax, Transaction Tax, IRS regulations information reporting etc.
Job Title:
Vice President 1
Date:
24/10/2024
Department:
COCE Trade Processing & Support
Location:
Bengaluru, India
Business Line / Function:
Transversal Lifecycle Support - Tax Operations
Reports to:
(Direct)
Vice President 3
Grade:
(if applicable)
NA
(Functional)
Number of Direct Reports:
NA
Directorship / Registration:
NA
Position Purpose
The incumbent in this role will be a part of the Global Tax Operations within GMO, supporting the Americas region. Specifically, the ITO Tax Operations in Americas is responsible for establishing operational procedures and controls to ensure compliance with IRS regulations regarding US information reporting (i.e. Forms 1099 and 1042S) under Internal Revenue Service code Chapter 3, Chapter 4, and Chapter 61. The group is responsible for maintaining client and counterparty tax documentation (i.e. W-8's and W-9's), withholding and remitting taxes to the IRS, producing Forms 1099 and 1042s issued to clients and counterparties, e-filing all Forms 1099 and 1042-S with the IRS, as well as the preparation and submission of annual 945 and 1042 tax returns with the IRS. The group collaborates with US Corporate Tax to assess the impact of new tax legislation and requirements and engages with cross-functional resources to develop plans to respond and/or comply with new regulations. To the extent a new business process is required, Tax Operations develops business requirements and ensures local IT and operational procedures are enhanced to support new regulations. In addition, Tax Operations supports cost basis updates, transfer reporting and corporate action events by managing client data in the GENEVA portfolio accounting system
Responsibilities
Direct Responsibilities
- Management of tax reporting, withholding, and documentation processing for Prime Brokerage business line in strict compliance with IRC Chapters 3, 4, 61, 871(m), 305(c), and FATCA regulations.
- Supervision of staff to ensure support of tax form collection during client onboarding/recertification, payment tracking and tax withholding processing, and submission of year-end 1099, 1042-S, 945, and 1042 reporting in line with regulatory deadlines.
- Oversight of existing controls policies, support of IT system enhancement.
- Essential duties and responsibilities include the following:
- Daily contribution to the management of all incoming client and counterparties inquiries via team inboxes (i.e. tax form corrections, US NRA withholding tax reversals or tax rate adjustments)
- Collaborate with internal business stakeholders such as PM teams, Internal Systems support, Front Office Personnel, Operations personnel, and US Corporate Tax
- Support new client onboarding thru the review, validation, and referential data updates associated with W-8 and W-9 client tax forms submissions and related documentation according to IRS Chapter 3, chapter 61, and FATCA regulations
- Support weekly reconciliation of accrued tax withholding, the IRS remittance process, and monitoring remediation of tax ledger cash reconciliation breaks
- Coordination of all year‐end tax information for activities/products in scope and reporting of information in accordance with IRS requirements
- Support preparation for year end production, and contribute to management and remediation of simulation exception report findings
- Coordinate with the primary tax vendors utilized by the bank to ensure proper coordination and data integrity associated with income allocation data for UBOs associated with the bank’s Non-Withholding Foreign Partnership and Non-Qualified Intermediary client population
- Support year end information reporting production in Q1 of each year in order to contribute to the bank’s requirement to fulfill timely and accurate production of Forms 1099 & 1042-S
- Perform quality assurance reviews of year end income reclassification of dividend income paid by RIC and REIT issuers reported on Forms 1099 & 1042-S
Contributing Responsibilities
- Identification and participation in process design workshops to achieve better controls, compliance and efficiency
- Review of Tax Operations policies and procedures supporting various business lines, performance of gap analysis, and drafting of business remediation plans
- Support of technology and system migration projects for workflow enhancements and support for new regulatory requirements
- Contribution towards departmental obligations to adhere to strict regulatory and compliance requirements, per IRS and BNP Paribas policy
Technical & Behavioral Competencies
Candidates are measured on the following four performance drivers, which will dictate how individual impact is considered:
- Results and Impact
- Able to influence peers and team.
- Demonstrates good judgement when making decisions of high complexity and impact.
- Exercise appropriate autonomy in the execution and delivery of work.
- Responsible for driving outcomes, which have meaningful effect on team or department.
- Leadership and Collaboration:
- Creates trust with colleagues.
- Acts in leadership capacity for projects, processes, or programs.
- Client, Customer and Stakeholder Focus:
- Able to build relationships with a mix of colleagues and clients.
- Interacts regularly with management and department leaders.
- Demonstrates the ability to influence stakeholders at the team level.
- Compliance Culture and Conduct:
- Takes full responsibility for personal actions and demonstrates courage in facing problems and conflicts.
- Perceived as a person of high moral character; upholds corporate values and displays high ethical standards
Specific Qualifications (if required)
Minimum Required Qualifications:
- Bachelor’s degree in Accounting, Finance, Business or similar
- 3 - 5 years of experience relevant to US tax information reporting, withholding and management of US client tax documents
- Exposure and comprehension of Internal Revenue Codes Chapter 3, Chapter 4, and Chapter 61
- Experience and familiarity with global markets
- Control oriented mindset with respect to management of daily BAU
- Strong team and leadership skills
- Innovative and adept at assessing opportunities for process improvements and automation
- Strong familiarity with respect to tax accounting rules and regulations
- Strong communication (verbal and written) and organizational skills
- Solutions-oriented thinker who is able to generate creative ideas
- Data analytic skills
Preferred Qualifications:
- Knowledge of settlement systems/products, such as the Broadridge BPS settlement system, Broadridge TMS (Tax Managed Services) and Broadridge TDS (Tax Data Solutions), BANCs, and Intermediary Processing System (IPS) or similar settlement, tax allocation, and reporting systems
- Experience validating client tax forms (Forms W-8 series, Forms W-9) using third party vendor systems (i.e. MD3, TAINA), providing tax rate instructions, and updating back office static data and referential data systems
- Experience in the development and deployment of reporting systems and tools
- Understanding of system requirements and capabilities to ensure appropriate controls and management of BAU activity
- Proven track record of contributing to team-oriented tasks and strategies, with the ability to identify client driven enhancements
- Advanced Microsoft Excel and database management (Alteryx, Tableau, Business Objects or similar) experience and skills
- Ability to perform multiple tasks and meet established deadlines in a fast-paced work environment
Skills Referential
Behavioural
Skills
Ability to collaborate / Teamwork
Ability to deliver / Results driven.
Communication skills - oral & written.
Critical thinking.
Transversal Skills:
Ability to develop and adapt a process.
Analytical Ability.
Ability to inspire others & generate people's commitment.
Ability to understand, explain and support change.
Ability to develop others & improve their skills.
Education Level:
Bachelor Degree or equivalent.
Experience Level
At least 15 years.
Other/Specific Qualifications (if required)
NA
