The World Bank Group (WBG) is one of the world's largest sources of funding and knowledge for developing countries. It uses its financial resources and extensive experience to help its client countries reduce poverty, and address pressing social and economic challenges. To ensure that countries can access the best global expertise and help generate cutting-edge knowledge, the WBG is constantly seeking to improve the way it works. Innovation and partnership are central to the five institutions of the WBG: The International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA), which together form the World Bank; the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). For more information, visit www.worldbank.org
The World Bank Group Finance & Accounting Vice President Unit
The World Bank Group Finance & Accounting (WFA) Vice Presidential Unit is responsible for all aspects of the corporate reporting and internal control framework for the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA) and the extensive Trust Fund/Partnership portfolio of these entities. WFA also leads the client shared service function for the WBG corporate expenses and WBG trust funds, ensures fiduciary responsibility for all disbursements related to Bank operations.
WFA has three departments - WFA Corporate Accounting & Reporting (WFACA), WFA Financial Controls (WFAFC), and WFA Trust Funds & Loans (WFATL) - that each carry out a specific range of functions and corresponding activities and interact with a broad range of stakeholders across the WBG that enable it to fulfill its various responsibilities.
The WFA Financial Controls (WFAFC) department is responsible for providing corporate accounting services for the WBG entities. Activities include quality assurance, accounting, oversight and reporting of administrative transactions, managing various payment mechanisms to support payments to staff and vendors including the global payments program and global travel cards for WBG, and managing the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) program (for the Bank). The department consists of three divisions – WFA Accounts Receivable, Payroll and Tax (WFAPT), WFA Accounts Payable, Travel and Quality Assurance (WFATA) and WFA Country Office Accounting and Ask Accounting (WFACO) – with three separate managers.
Unit and Tax Team Overview
WFA’s Accounts Receivable, Payroll and Tax division (WFAPT in HQ and WFAPA in Chennai), part of the Financial Controls Department, will be 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 WBG staff are processed in a timely and efficient manner, and (iii) tax allowances to the WBG staff and retirees are processed in a timely and efficient manner. It also provides strategic leadership and guidance to business units across the WBG on developing and maintaining an effective system of internal controls over AR, payroll, and tax.
The Tax team in WFAPT administers tax allowances on World Bank Group compensation and tax supplements on Net Staff Retirement Plan pension payments in accordance with tax laws and WBG policies. Among other responsibilities, the Tax team is involved in the development and modification of tax policy, manages the Tax Allowance Budget, executes all tax payments, monitors corresponding financial data and actively participates in discussions and decisions on tax matters relating to the World Bank Group compensation and pension. The Tax team is also involved in the research of national tax laws and evaluation of World Bank Group agreements with member countries to determine the tax implications on World Bank Group emoluments and pension. Additionally, the Tax team ensures that the tax allowance/supplement policies are applied to staff members on a consistent and equitable basis.
Duties & Accountabilities:
The Senior Accounting Assistant’s responsibilities includes but not limited to the followings:
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) in order 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,
Identify process improvements, participate in Tax-related projects, and provide testing support for the system enhancements.
Review and update the procedure manuals as and when required.
Selection Criteria;
Bachelor’s degree (Finance, Accounting, and Business Administration); Professional qualification (CPA, CA) or IRS Enrolled Agent would be an added advantage
Training in accounting and finance with three years of relevant work experience and a minimum of 2-year experience in preparation of individual tax returns and gross-up/tax equalization calculations for U.S./Non-U.S. assignees of multinational corporations
Core Technical Knowledge:
Strong knowledge of tax calculation, impact of different calculation elements in final tax allowance results,
Thorough understanding of U.S. Accounting Standards and Generally Accepted Accounting Principles,
Experience in financial data verification utilizing accounting systems,
• Proficiency in Microsoft Windows applications, namely Excel, Word and Power Point, including advanced spreadsheet design, manipulation, and analysis skills.
A proven track record of problem-solving in an automated accounting environment; experience with SAP, PeopleSoft system is desirable, but not required.
Strong client focus, flexible, and excellent team player.
Demonstrated ability to learn new technology quickly and effectively use it for maximum productivity.
Strong communication skills with the ability to prepare present and discuss findings in written and oral form.
Outstanding interpersonal skills with the ability to collaborate and deal with tact with staff at all levels.
Proven ability to multi-task, meets tight deadlines, and attention to details.
Ability to deal sensitively in multi-cultural environments and build effective working relations with clients and colleagues.
Meet WFA Core Competencies at GD level (given below):
