International Finance Corporation Advertises for Tax Transparency Position

The International Finance Corporation (IFC), which is part of the World Bank Group, has posted a job vacancy as follows:

https://worldbankgroup.csod.com/ats/careersite/JobDetails.aspx?id=13205&site=1

“International Tax Specialist

Nearly four years ago, IFC’s Business Risk and Compliance Department (CBR) established a small dedicated International Tax team (International Tax Office) to develop and maintain IFC’s international tax policies and better address the financial, legal, and reputational risks that may arise from international tax issues in IFC projects.  The International Tax Office does this against the backdrop of a rapidly changing international tax environment, including initiatives such as:

…   a small dedicated International Tax team (International Tax Office) to develop and maintain IFC’s international tax policies and better address the financial, legal, and reputational risks that may arise from international tax issues in IFC projects.  The International Tax Office does this against the backdrop of a rapidly changing international tax environment, including initiatives such as:

• The OECD Base Erosion and Profit Shifting (BEPS) project
• The Global Forum Exchange of Information on Request (EOIR), and
• The Global Forum Automatic Exchange of Information (AEOI).

We are looking for a qualified and motivated candidate to join the team in our International Tax Office, to oversee the provision of tax-related support for IFC’s operations as well as for Management and the Board, including analysis and advice on tax policy matters, and to represent IFC in the international tax area, collaborating with peer institutions and raising the International Tax Office’s profile.  The position will be based in Washington DC and will report to the Deputy Chief Compliance Officer.”

The duties of the position are as follows:

Duties and Accountabilities

Lead Tax Unit and Supervise IFC’s tax program:

• Lead the small team of international tax experts in IFC’s International Tax Office.
• Design a program to address tax risk in IFC private sector investments, including:

o Analysis of complex international tax-related risks and structuring of IFC investee companies, clients and partners.

o Advice on challenging cross-border tax issues, including tax treaties, transfer pricing and international tax structuring.

o Addressing tax structuring issues specific to product or client type (e.g., private equity funds, infrastructure project finance, etc.).

o Provision of creative recommendations to manage and mitigate the financial, legal, and reputational risk to IFC resulting from the tax practices of IFC investee companies, clients and partners, and

o Contribution to the advancement of IFC’s tax-related policies and procedures.

• Steer the roll-out of an effective tax training program for staff, including the development of practical written guidance and the provision of engaging training sessions.
• Manage relationships with outside counsel and consulting firms, including advising on selection and monitoring.
• Provide CBR Management with a single point of contact on tax-related issues arising in IFC’s transactions.

Technical project-related work, reporting and analytics:

• Advise IFC project teams on the application and use of IFC’s international tax policies in IFC investment transactions.
• Perform tax due diligence (TDD) to analyze tax-related risks in IFC investment projects.

o Assess IFC’s TDD pilots, currently being tested in Latin America, Africa and the Middle East.

o Implement TDD pilots in Asia and Eastern Europe.

o Graduate TDD from regional pilots to an established ‘mainstreamed’ program.

• Draft TDD disclosures for Board Papers, as needed.
• Participate in bilateral meetings with Executive Directors in preparation for Board meetings and Board consideration of projects, and assist IFC project teams responding to Board and Audit-Committee tax-related questions and concerns.
• Prepare quarterly reporting to the IFC Audit Committee on tax and intermediate jurisdiction matters.

Monitoring World Bank Group Private Sector Tax Policy (Tax Policy):

• Ensure the updated Tax Policy incorporates international tax best practices in a manner that best supports IFC’s mission and operations.
• Support the implementation of the Tax Policy and the ongoing review, in collaboration with CBR Management, IFC Senior Management and the Board of Directors.
• Work with CBR Management in obtaining consensus on tax policy issues amongst IFC’s 180+ member countries and 25 voting constituencies, particularly in relation to intermediate jurisdiction usage in IFC financed transactions.

Team management:

• Oversee day-to-day activities of Tax team to ensure timely provision of high-quality advice.
• Monitor workflow, volume of work deliverables and the delivery of work by Tax team.
• Ensure the efficient and fair assignment of Tax-related project and policy work.
• Lead weekly Tax team meetings and determine priorities of Tax-related projects.
• Foster team-building and knowledge-sharing across Tax team.

Collaboration/profile raising:

• Collaborate with other international organizations to potentially influence policies.
• Collaborate with the World Bank and International Monetary Fund Tax teams to provide private sector insights into international tax issues.
• Participate as observers in the OECD BEPS Inclusive Framework meetings to advise IFC business teams on how outcomes might impact IFC projects.
• Help IFC maintain its leadership on international tax issues amongst other development institutions and advance best tax practices in emerging markets by:

o Leading monthly development finance institution calls on tax issues, and

o Identifying areas of collaboration.

• Maintain profile of IFC’s tax function in speaking engagements on tax, tax and development and responsible tax.”

Analysis

The advertisement for the post indicates how important tax transparency has become.  The IFC is the private sector arm of the World Bank Group.  It has more than 60 years of experience in unlocking private investment, creating markets and opportunities where they’re needed most. Since 1956, IFC has leveraged $2.6 billion in capital to deliver more than $285 billion in financing for businesses in developing countries.

One of its jobs is investment.  Its financial products enable companies to manage risk and expand their access to foreign and domestic capital markets. The IFC operates on a commercial basis. It invests exclusively in for-profit projects in developing countries, and we charge market rates for our products and services.

Another core task of the IFC is providing advice in order to create markets and mobilize private investment. Through this work, we help establish the necessary conditions that will attract the most private capital, enabling the private sector to grow.

Another core function of the IFC is mobilizing private capital for development—which will be essential to achieve the Sustainable Development Goal.

In performing its core functions, the IFC’s international tax office will advise its client, which can be governments, foreign sovereign, and private companies about the importance of and the need to take into account tax transparency on its projects.