Manager, Custody Tax Operations
- Singapore Singapore Singapore SG
- Permanent, Full time
- Standard Chartered Bank Singapore
- 20 Jun 18 2018-06-20
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We are currently looking for a "Manager in Custody Tax Operations"
Standard Chartered Bank ("SCB") offers custody services in a number of footprint and non-footprint markets. In 2017 a new team, the Custody Tax Services Utility ("CTSU") was set up to assist the custody teams when working with our third party sub custodians in non-footprint markets to ensure SCB's custody clients can take advantage of lower withholding tax rates should circumstances permit.
Prior to the creation of this team the option for custody clients to benefit from lower withholding tax rates was quite limited. Hence the CTSU has been setup to help close this gap and work with the various custody teams at SCB to ensure our clients are better serviced with regard to custody tax issues.
The team is intended to grow to 4 staff in total, with two managers in Singapore and two staff in KL, Malaysia.
This position is for the second manager role in Singapore which is for a Custody Tax Operations Manager to report to the Senior Manager of the CTSU and help develop and manage the Custody Tax Service Utility.
As this is a relatively new team, we are still growing our capabilities and knowledge and establishing key relationships with stakeholders.
Key Roles and Responsibilities
Document the requirements for our custody clients to obtain reduced rates of withholding tax on their custody asset income
Prepare presentations on custody withholding tax procedures and processes
Work with existing custody teams to help them update their process and procedures in relation to withholding tax
Provide withholding tax guidance and training to internal stakeholders
Assist the custody teams on the validation of clients' tax documentation
Assist the custody team in providing the appropriate tax documentation to clients and sub custodians
Assist internal teams of Securities Services in how systems will need to be update for correct withholding tax recording and reporting
Provide support to processing teams on withholding tax processing
Resolve client tax documentation related issues with sub custodians.
Maintain a database of the various tax forms for different markets.
Advise the custody teams on the storage of tax forms
Update the various records tracking the work and performance of the team
Meet with the various stakeholders to keep them informed of the progress and development of the team and note any issues for resolution
Help manage the two staff members in Malaysia who will be working for the two managers based in Singapore
Assist in presentations to prospective clients with regard to our custody tax offering
Support the roll-out of the Tax Utility Model achieving the quality objectives and standards set
Contributing ideas for improvement on processes, procedures, end-to-end processing, etc. to team management
Manage operational risk appropriately to avoid any operational and / or reputational losses to the Company / Group
Previous experience in an Asset Servicing department of a custodian bank
Previous experience in a tax related role (preferably in an Asset Servicing capacity but not essential)
Proficient in MS Office Applications
Nice to have
VBA programming skills
Documenting Processes and Procedures
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