The WB Finance & Accounting (WFA) Vice Presidency is responsible for all aspects of the financial reporting and internal control framework for IBRD and IDA, and the extensive Trust Fund/Partnership portfolio of the WB entities. It supports an appropriate fiduciary control framework and administering disbursements for Bank lending and leads the client service function for the WB’s corporate expenses.
Organizationally, WFA is comprised of three departments: (1) Corporate Accounting and Reporting, (2) Trust Funds and Loans, and (3) Financial Controls. In Controller’s our mandate supports both internal and external clients while we focus on delivery, optimization, impact, and people & culture.
Within WFA, WFA Accounts Receivable, Payroll and Tax division (WFAPT in HQ and WFAPA in Chennai) is responsible for ensuring that (i) accounts receivable are recorded, monitored, and collected in a timely and efficient manner, (ii) salary and benefit payments to the WB staff are processed in a timely and efficient manner, and (iii) tax allowances to the WB staff and retirees are processed in a timely and efficient manner. It also provides strategic leadership and guidance to business units across the WB on developing and maintaining an effective system of internal controls over AR, payroll, and tax.
The WFAPA is currently seeking an accounting analyst for its Tax function in Chennai. The Tax team in WFAPT administers tax allowances on World Bank compensation and tax supplements on Net Staff Retirement Plan pension payments in accordance with tax laws and WB policies. The Tax team is involved in the development and modification of tax policy, execution of all tax payments, monitoring of corresponding financial data, and actively participating in decisions on tax matters relating to the World Bank compensation and pension. The Tax team also undertakes research of national tax laws and evaluation of World Bank agreements with member countries to determine the tax implications on World Bank emoluments and pension.
How your contributions will help us achieve our goals
The Accounting Analyst will serve as a specialist, primarily to handle the tax allowance and other tax activities within the team in close coordination with the Tax team in Chennai and HQ, as well as design and implement tax processes and system improvements. The position also requires to interact with the payroll, AR, AP, People and Culture (PaC), Pension, and the Information and Technology Solution (ITS) teams.
What you will do
The Accounting Analyst functions as a technical staff and performs a variety of tasks, his/her responsibilities include but not limited to the following:
Process U.S. tax allowance via PeopleSoft Tax Allowance system. This includes, but is not limited to, verify, and analyze quarterly tax allowance calculations/payments and prior year tax allowance reconciliations.
Manage U.S. citizen staff tax transactions, verifying their status through HR-PeopleSoft, their payroll earnings through Payroll-PeopleSoft and any other non-payroll taxable earnings through SAP-AP, to ensure that earnings are in accordance with the Bank Staff Rules, to quality check their integrity and accuracy and to ensure that they are included in the tax allowance calculations in accordance to Staff Rule 6.04.
Verify tax certificates submitted by staff (Form 70) to determine current year tax allowances and necessary adjustments to prior tax allowance payments.
Manage Safety Net transactions, analyzing the tax returns against the World Bank Group Tax System considering Bank Group policy and IRS and state tax regulations.
Monitor the Tax exception reports to detect anomalies in the tax allowance payments that require research and correction.
Analyze/research/act on requests/queries related to tax allowance payments, earnings, and deductions, engaging in discussion as needed to understand and determine actions required.
Provide support to staff by responding and managing Tax Office phone calls and emails queries.
Coordinate tax allowance related matter with overseas staff who are either on extended or short-term assignments,
Provide guidance to Accounting Assistants in the processing and verification of tax allowances.
Identify process improvements, participate in Tax-related projects, and provide testing support for the system enhancements.
Work with Accounting Officer on tasks such as analyze tax laws/policy related matters and determine necessary changes to the tax allowance calculations and tax system; and analyze accounting data to ensure integrity of the WBG’s financial records.
Manage the monthly and quarterly reports for the unit.
Review and update the procedure manuals as and when required.
Selection Criteria :
Bachelor’s or Master’s degree (Finance, Accounting, and Taxation);
Professional accounting qualification (CPA, CA) or IRS Enrolled Agent not mandatory, but is a plus,
Specialized in U.S individual income taxation, preferably in a Big 4 accounting firm with minimum of 3 years’ experience in preparation and review of individual tax returns and gross-up/tax equalization calculations for U.S./Non-U.S. assignees of multinational corporations,
Technical qualification or certification may be desirable (Ex. Six Sigma, PMP certification).
