** Direct Reporting to foreigner at regional office
** 팀원 1명
- Drive treasury & tax functional agenda to bring synergies, efficiencies through In Country Treasury Centers and deploy and drive treasury & tax strategy
- Be the single point of contact for Business Units, Corporate T&B teams for providing treasury & tax expertise to implement appropriate treasury & tax policies and procedures ensuring good governance and controls.
- Responsibility for managing and coordinating the day-to-day tax and treasury activities for all business units across all segments in Korea, ensuring that Business Units meet their tax and treasury obligations and objectives (e.g., tax compliance & reporting, tax controversies, transfer pricing and tax planning)
- Manage Relationship with Tax Advisors, Tax Authorities, Strategic & Preferred Banking Partners and any other service providers.
- Recruit, engage and develop Korea ICTC associates to perform quality tax and treasury activities to support business units and other stakeholders.
Bank Relationship Management
• Developing & maintaining relationships with the local branches of Strategic/Preferred banks, including regular bank meetings along with Business Units and participation in the Annual Bank Review meetings.
• Collaborate with Global Treasury and Business Units for RFI/RFP from Banks and participation in RFP review meetings.
Global In House Bank
• Where applicable, drive Business Units connectivity to the Global In House Bank for cash pooling, payment factory, intercompany netting, supplier financing & any other GIHB functions.
• Manage cash and liquidity in each country ensuring that cash is available at all times for the required amount, in the required currency, at the required time to meet payment obligations as and when they arise. • Where permissible, drive cash pooling consolidation for cash management efficiency. • Drive the cash forecast accuracy improvement of all units in-country. • Ensure surplus cash is invested in line with the principles of Security, Liquidity and Yield with approved banks per Global Treasury. • Approval of payment proposals in banking system.
Working Capital Management
• Ensure working capital at business units is managed in accordance with the Finance Manual including optimizing inventory, timely collection of receivables and payments to vendors including intercompany affiliates.
• Provide early notification to Global Treasury for any financing requests (at least 3 months notification).
• Provide treasury and tax recommendation on the financing taking into account applicable corporate and tax regulations.
• Review and approve the Internal Financing request on behalf of the Business Unit.
• Drive and develop local Treasury strategy in line with corporate policies.
• Support through implementation the rollout of global Treasury strategic initiatives.
• Monitor local legislation and ensure compliance with changing regulatory requirements.
• Maintain relationship with internal stakeholders for partnership and collaboration on local initiatives. New Credit Facilities, Extension or Renewal of Existing Facilities
• In coordination with the Controller, determine any short term credit facility requirements for letters of credit or bank guarantees or overdrafts whether new facility, renewal of existing facility or changes to facility limits.
• Approach Global Treasury for approval on obtaining any such credit facility.
• Ensure Finance Manual requirements with respect to issuance of Bank Guarantees are met.
• Coordinate for approvals and sign off of Global Treasury Director on each Bank Guarantee issuance.
Managing Currency & Commodity Exposures
• Work with Global Currency teams and Global Treasury teams in monitoring and advising on currency and commodity exposures of business units including its tax implications.
• Ensure currency risk management strategies as advised by Global Currency Teams are implemented.
•Coordinate from a tax, legal and treasury perspective the cash repatriation plans as requested by Global Treasury for all Legal Entities in Korea. Liaise with accouting firm and Legal to comply with local regulations and clarify tax implications of any repatriations.
• Ensuring timely and accurate reporting of periodic Treasury Reports
• Notify Global Treasury in case of issues and missed deadlines and lead issue resolution
• Review all reconciliations prepared by Tax & Treasury analyst
• Drive efficiency improvements for Treasury reporting processes and systems.
Tax Policy & Procedures
• Develop, implement, manage and enhance local tax policy, standard operational procedures, process and systems used for tax returns preparation and reporting and monitoring of related compliance.
Tax Compliance & Reporting
• Ensure accurate tax computations in a timely manner to comply with statutory reporting (including corporate income tax, VAT, and other taxes) and management reporting (including GAM, FIN48, A32, Transfer Pricing Data Collection Package).
• Ensure all required documentation in support of tax computations and submissions related to tax and transfer pricing matters.
• Responsible for all Korea tax returns. Tax Controversy & Transfer Pricing
• At all times, follow the Principle of Mutuality in engaging with both internal (Business Units, Global Tax teams and external stakeholders (Accounting firm, Tax Authorities)
• Ensure Global Tax Teams are informed of any notice for tax assessment or audit.
• Ensure coordination between Business unit, Global tax teams and accounting firm tax (local and US) prior to engaging with Tax Authorities on tax assessments or audits.
• Ensure terms of engagement of accounting firm to represent Business Unit is line with global engagement arrangement
• Ensure accounting firm transfer pricing rule book is adhered to for any transfer pricing related matters on the tax audit.
• Responsible for responses to queries from local tax authorities in relation to tax audits or assessments by communicating with Regional and Corporate tax teams and coordinating review and submission of supporting documents and responses in line with the tax defense strategy.
• Determine tax planning opportunities to optimize taxes in coordination and with the approval of the Global Tax Planning and M&A Tax Team.
• Implement tax planning measures, and strategy aligned with Corporate and Business needs, as determined above and ensure robust documentation is in place to support tax defense.
• Monitor benefits arising out of tax planning measures implemented.
Managing Tax Risks
• Develop and implement a framework for internal and external control and governance in tax management
• Lead the implementation of tax risk control initiatives including annual self-assessment to identify, evaluate and mitigate tax exposure.
• Ensure good governance and compliance with finance manual.
• Support Execution of tax strategies and support implementation of tax projects initiated from Global Tax
1. Level of Role
Individual Contributor • Delivers Consistent Results • Creates Collaborative Relationships People Leader • Develops Talent • Engages Associates Senior Leader • Practices Breakthrough Thinking • Navigates Complex Challenges
2. Key Supporting Leadership Competencies
Decision Quality Building Effective Teams Planning Negotiating Integrity and Trust
3. Key S&F Functional Competencies & Technical skills
Tax & Treasury Management Financial Control Accounting Financial Analysis and Insights
4. Experience (Minimum Needed):
5 to 7 years of progressive experience in tax and treasury in a MNC/FMCG environment. Prior experience with a Big 4 in tax is a definite plus.
3. Specialized Knowledge Needed to Perform the Role:
High learning agility to learn banking, regulatory & tax legislations to preempt any business