YOUR MISSION :
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 products as applicable for the location 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.
DAILY WORK :
Principal Duties and Responsibilities
- Monitor tax changes for the Swiss markets 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;
- From a Swiss tax perspective, 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.
- From a Swiss tax perspective take ownership of the tax matrix used in our systems and ensure it is reviewed on a regular basis Expanding on this, it inter-alia includes:
- Preparing market change template for Operations to update the matrix in response to market changes in Switzerland
- Responding to global and other location requests on tax rates for Switzerland as a source investment country
- If applicable, responding to requests from other locations for information on Swiss resident entities
- With support from other source investment country locations, reviewing matrices for Swiss booked entities to help mitigate local client risk
- Provide Swiss 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 for Switzerland 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 for Switzerland:
- 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 for Switzerland
- 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;
- In so far as relates to Switzerland, 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
- Local Tax reporting responsibilities (supervision of operational procedures and tax reporting executed by operations)
- Sign off of operational tax procedures and generic control plans (GCP’s)
- Ensure the correct implementation and the tax reporting to the tax authorities for
- Manufactured dividends
- Additional withholding tax
- Swiss and UK stamp duty
- AEOI reporting
- FATCA reporting
- 871m reporting
- US Qualified Intermediary-Record files supervision and validation
- FTT (Spanish, French)
- Depending on business growth: Supervision of operational tax reclaim outsourcing to the International Operational Centers
SEARCHED PROFILE :
Professional Career Track/Experience
- Minimum of 5 years of experience of securities taxation, including impact upon a custodian
- Proven experience interacting with clients at all levels
- Experience working with remote teams
- Good knowledge of Asset servicing Products and procedures
- Language skills: Perfect German skills, written and spoken, very good English skills, written and spoken, as role implies extensive (written and oral) communication within the network,
- Demonstrated ability to think strategically with respect to product strategy and development agenda
- Strong presentation skills and previous client facing experience
- Ability to work independently and also effectively in a matrix organization;
- Experience in managing and influencing key business partners for the delivery of the services;
- Excellent communication, influencing and negotiation skills with the ability to establish and communicate the tax strategy;
- Strong organizational and planning skills and a track record of delivery;
- Understanding of commercial aspects of the Securities Services industry
- Fluent in English & German
- Computing skills and MS office Suite
- Ability to deal with difficult situations
- Empathy and resilience
- Ability to engage and motivate
- Ability to share/pass on knowledge
- Ability to synthetize/simplify
- Solution oriented approach and ownership
- Analytical and critical thinking
- Conflict management
Why join us ?
BNP Paribas is a leading global custodian. Its Securities Services business provides multi-asset post-trade and asset servicing solutions to buy-side and sell-side market participants, corporates and issuers. With a global reach covering 90+ markets, its custody network is one of the most extensive in the industry, enabling clients to maximise their investment opportunities worldwide. Joining the BNP Paribas, Paris, Zurich Branch will give you the opportunity to take part in an authentic company project, in which innovation and career management act as driving forces to help talents emerge, express themselves fully and open up to career opportunities on an international level, by integrating a group that stands as a leader within the Eurozone. Please visit us at BNP Paribas, Paris, Zurich Branch: securities.cib.bnpparibas/switzerland
In a changing world, diversity, equity and inclusion are key values for the well-being and the good performance of teams. At BNP Paribas, we wish to welcome and retain all talents, without any distinction: together we will build the finance of tomorrow, innovative, responsible and sustainable.
Finally, we insist on the particular importance of having our employees act daily in a spirit of ethical and professional responsibility.
NB: all terminologies apply in both the feminine and the masculine.