MSELECT is looking to hire a Senior Insurance & Tax Officer for an international oil and gas operator in Basrah. Candidates must have a minimum of 6 years of relevant experience. Fluency in English is a must.
JOB OBJECTIVE
To assist Finance Manager and Section Head Insurance & Tax to manage roles and responsibilities in relation to Insurance Coverage and management of tax affairs including regulatory compliance and filings in line with applicable laws, guidelines and approved policies and procedures.
KEY ACCOUNTABILITIES
People Management
- Work in co-ordination with other finance team members and other department users to perform the operations. Currently no supervised direct reports however, broad interactions with all Dept's, Budget Holders, Finance, Planning, CPL Team, audit, and other stakeholders
Insurance Management
- Co-ordinate with users, finance and planning team for seeking information for existing assets and ongoing contracts / projects to identify the assets for which insurance coverage is required.
- Preparation of periodic insurance plan for consideration by management and approval by JMC.
- Co-ordination with the insurers, reinsurers and brokers for seeking insurance quotes and arranging insurance coverage/ periodic renewals thereof.
- Co-ordination with insurers and treasury / AP to ensure timely premium pay-out to insurers.
- General administration of insurance policies including
- ensuring policies are aligned with the insurance coverage sought
- keeping record of insurance policies/ endorsements
- insurance claims management including related negotiations / correspondence with users / insurers and record keeping.
- Provision of periodic data and responding to queries by insurers to facilitate in Operator Extra Expense / True up adjustments by insurers and related matters
- Support to all other departments with insurance related issues
- Proper storage for supporting workings/ schedules /documentation for audit trail
Tax Matters
- Preparing working papers / schedules for corporate income tax and withholding taxes.
- Ensure schedules are matched with the financial statements and any adjustments are reflected in the books of accounts.
- Ensure accurate withholding tax deduction on invoices.
- Preparation of withholding tax and corporate tax schedules for periodic / annual payments as required by relevant laws as may be further advised by the tax advisors.
- Custodian of tax receipts for payments released to tax authorities on behalf of vendors.
- Respond to vendor queries / requests in relation to withholding tax payments to tax authorities and submission of receipts to vendors once available.
- Support section head in relation to workings for tax exposure and impact analysis.
- Co-ordination with Tax advisors to remain update date with changes to the taxation laws and requirements as may be relevant to the business.
- Coordinate audits by various taxation authorities.
- Maintain complete database of tax filings, tax receipts and assessments.
- Respond to letters from tax authority, BOC, PCLD and other authorities/ stakeholders.
Others
- Preparation of Insurance Budget for submission to JMC/Head office as part of annual budget
- Facilitation in responding to BoC letters seeking information in relation to Insurance & Tax matters.
- Preparation of finance related policies and procedures as and when required.
- Maintain a close coordination with audit team, will be focal person for audit from Insurance and Tax section.
- Support in Company wise Risk assessment in relation to Insurance & Tax.
- Responding to queries and information requests by Internal Audit.
- Preparation and submission of adhoc information /reconciliations as and when required.
- Provision of periodic Value of Work Done (VoWD) to reporting team and ensuring accuracy of prepayments / accruals available in the books.
- Provision of information to reporting team in relation to cost allocations for insurance spend for CAPEX & OPEX in SAP based on nature of insurance coverage
Policies, Systems, Processes and Procedures
- Contribute to the identification of opportunities for the continuous improvement of systems, processes, and practices to increase productivity and operational efficiency.
- Implement all relevant policies, processes, procedures, and instructions so that work is carried out in a controlled and consistent manner.
Health, Security, Safety and Environment
- Follow all relevant company's health, security, safety and environmental policies, processes, procedures, and instructions to ensure Health and Safety compliance in all aspects of work by applying them on self, others, and corporate assets.
COMMUNICATIONS & WORKING RELATIONSHIPS
Internal
- Division Heads, Managers, Budget Holders, User Dept
- Legal
- Contracts, Procurement & Logistics
- Financial Reporting, Accounts Payable and Treasury Function
External
- Insurers i.e., Insurance Company, Reinsurers and Brokers
- Vendors
- Statutory auditors, Joint Venture partner auditors, Internal auditors & BOC auditors etc.
- Tax and other financial consultants
QUALIFICATIONS, EXPERIENCE & SKILLS
Minimum Qualifications
- Fully qualified accountant (CA/ACCA/CPA/CMA or equivalent) and
- Bachelor's in Accounting or Finance
Minimum Experience
- Over all 6-8 years of experience
- 4-5 years of experience in the upstream Oil & Gas Insurance & Tax matters preferred
Job-Specific Skills
- Knowledge of insurance i.e., various exposures and relevant insurance coverages.
- Good working knowledge of taxes incl. withholding taxes
- Knowledge and understanding of Asset's financial policies and regulations
- Good working knowledge of E&P accounting, IFRS, external statutory audit, JV partner audits
- Advanced excel financial analysis skills,
- Effective interpersonal, verbal, and written communication skills
- Good analytical capabilities and problem-solving skills
- Knowledge and understanding of local regulatory policies
*Only applicants meeting the strict criteria outlined above will be contacted as part of the shortlisting process.