- Responsibility executing the day-to-day tax and treasury activities for units in Korea ensuring that Business Units are supported for their tax and treasury needs and meet their tax and treasury obligations.
- Support ICTC Manager in driving tax and treasury agenda to bring synergies and efficiencies through In Country Tax & Treasury Center and deploy and drive tax and treasury strategy in coordination with Global T&B.
• Preparation of Corporate Treasury reporting. • Preparation of Bank evaluation with feedback from all client units. • Initiate MeBAM requests for bank account administration (opening, closing, and changes to Signatories). • Preparation of payment proposals. • Prepare bank account reconciliations and Black Line. • Responsible for bank statement posting. • Preparation of bank documentation. • Initiate bank payments, recording collections and preparing bank reconciliation statements. Liquidity Management • Strike a daily cash position (forecast) for all Korea units. • Review and update the corporate Daily Cash Reporting System. • Ensure bank deposits are redeemed and re-invested on a timely basis.
Working Capital Management
•Support Manager in ensuring 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 inputs to Manager for determining internal financing needs and preparing internal financing proposals.
• Update loan documentation on ICLMS (Intercompany Loan Management System) and ensure the system is kept up to date.
• Execute drawdown and repayment of facilities in accordance with loan documents.
• Ensure interest calculations and payments are accurate and these are recorded and paid in a timely manner.
• Ensure loan balances are reconciled on a periodic basis with the counterparty.
• Initiate MeFAM requests for facilities approval (credit lines, letters of credit, etc.) Managing Currency & Commodity Exposures
• Coordinate with business units for collection of currency and commodity exposures for submission to Global Currency teams.
• Execute timely and accurate reporting of: o DCR: Daily Cash Report balances o ICLMS: Inter-Company Loan Management System changes o I&B: Periodic Investment & Borrowing position on Monday Week 1 o Distributable Reserves: Q19 submission on SharePoint (semi-annually) o MeBAM/MeFAM: execution of the MeBAM/MeFAM process in line with Treasury policies and o Q21 submission (quarterly)
• Notify Manager in case of issues and implement action plans to ensure timely reporting.
• Drive efficiency improvements for Treasury reporting processes and systems.
• Responsible for preparation of tax returns (income tax, VAT, and other taxes) • Prepare tax reports (including GAM, FIN48, A32, Transfer Pricing Data Collection Package) • Assist manager in responding to tax audits
• Assist manager in local tax planning initiatives • Support manager on local management of outside service providers, e.g. Accounting firm