Tax Principal

GTN Tech; Deira; On-site; USD 60,000 - 100,000; Full time

Job summary

An established industry player in fintech is seeking a compliance expert to enhance QI processes and ensure adherence to US tax regulations. This role involves implementing frameworks for compliance, automating workflows, and liaising with clients and custodians. You will work closely with a diverse team to empower clients and improve the accessibility of trading opportunities. If you have a strong background in tax compliance, particularly with QI, FATCA, and CRS, this is an exciting opportunity to make a significant impact in a dynamic environment.

Qualifications

• 5+ years in tax compliance for QI status firms required.
• Understanding of FATCA, CRS, and US tax regulations is essential.

Responsibilities

• Implement QI compliance frameworks and workflows for subsidiaries.
• Monitor compliance and assist in audits related to QI agreements.

Skills

Understanding of US QI regime

FATCA knowledge

CRS knowledge

Tax compliance experience

Excellent reporting skills

Communication skills

Interpersonal skills

Education

Qualified accountant or tax professional

Job description

GTN is a global fintech, holding broker-dealer and capital markets services licenses in multiple jurisdictions through subsidiaries. We are committed to empowering brokers, banks, asset managers, and fintechs with scalable and innovative investment and trading solutions that enable access to a comprehensive network of global markets and multiple asset classes, making investing and trading accessible to all.

Our investment and trading solutions offer seamless integration with the existing services of regulated financial firms and fintechs via our co-branded front-ends and versatile API suite. Inspired by embedded finance, our API suite provides the adaptability to develop bespoke trading/investment applications or incorporate GTN features into existing platforms, enhancing their value proposition. In addition, our comprehensive global trading ecosystem includes best-in-class execution, custody, and post-trade solutions.

We bring together a diverse team of over 500 talented individuals spread across Brazil, Dubai, Hong Kong, Singapore, South Africa, Saudi Arabia, Sri Lanka, the UK, and the US, united by a shared passion and purpose: empowering clients and transforming the accessibility to investment and trading opportunities for all. We are backed by strategic investors IFC, a member of the World Bank Group, and SBI Ventures Singapore Pte. Ltd., a group company of SBI Holdings, Inc., one of the largest financial services firms listed on the Tokyo Stock Exchange.

Job Responsibilities

• Implement a framework and an underlying technology solution that would assist the Group to comply with QI requirements under US IRS applicable to the operating subsidiaries in Singapore and UAE and extend the same to other entities in the future.
• Design QI compliance workflows under different scenarios e.g., treaty and non-treaty claimants, disclosed and non-disclosed clients trading under a flow through entity (intermediary) and similar. Support automation of workflows as feasible.
• Review the existing QI documentation received from clients under applicable scenarios as stated above and suggest improvements. Review the existing process to validate the QI – W8 forms and supporting documents.
• Implement an appropriate system to record US sourced FDAP incomes in GTN back-office systems that would enable the subsidiaries to produce reports required for 1042S and 1042 filings at the end of each year.
• Automate filing of 1042S and 1042 forms as feasible. Liaise with the consultants engaged by the subsidiaries for tax filings, resolve queries and ensure timely filing.
• Perform periodic reviews on QI documentation, system data capture, QI reporting, etc. and provide recommendations for improvements.
• Provide support to the management and relationship managers by being an interface between client and the subsidiaries, prepare QI workflows and presentations that can provide clients with comfort and value derived from the offering. Assist to present the services to clients and respond to client queries.
• Liaise with US custodian on all matters related to QI e.g., account setup at custodian, review and finalize W8 forms submitted to custodians, review of 1042S forms received from custodian, making tax claims, tax adjustments. Also, review W8 forms submitted to non-US custodians as per their requirement for FATCA compliance.
• Assist the subsidiaries with FATCA and CRS compliance in each of the jurisdictions including understanding the file structures of the different authorities, liaising with technology team to generate required information to populate the upload file, upload the file and ensure timely submission of required information.
• Monitor QI compliance and adherence to requirements of the signed QI agreements by the subsidiaries and provide a report to Management on a bi-annual basis.
• Assist in QI audits (required to be done every 3 years), the audit would be performed by an independent third-party auditor. Ensure resolution of observations made by the auditor within agreed timelines.
  
  

Job Requirements

• Understanding of the US QI regime as applicable to overseas financial firms trading into US exchanges under an Omnibus (nominee) or fully disclosed trading arrangement (if the candidate is registered as a Responsible Officer with IRS would be an added advantage).
• Understanding tax requirements particularly FATCA, CRS and withholding taxes levied on incomes in US for different jurisdictions (familiarity with tax treaty relationship under DTAA between US government and other countries).
• Familiarity with online brokerage services into global financial instruments for underlying clients (B2B2C).
• Min 5 years’ experience of working in tax department of firms holding QI status and required to comply with FATCA and CRS regulations in its jurisdiction.
  
  

Generic Skills

• Familiarity with accounting and taxation will be considered for selection. A qualified accountant or tax professional will have higher possibility of selection.
• Excellent reporting and communication skills.
• Good inter-personal skills to effectively maintain working relationships with all stakeholders.