Finance Manager
Oman Sail
Total years of experience :14 years, 0 Months
Oman Sail is a government-funded initiative with the goal of reinstating Oman's maritime heritage through the introduction of sailing. Oman Sail recently introduced a commercial wing to the company to assist in the promotion of the country as a tourist destination and contribute to the socio-economic development of the country. Serving as Finance Manger reporting to the Chief Finance Officer. Responsible for managing all aspects of the accounting and finance department including financial reporting, taxation, cash management, banking relations, accounts payable and receivables, risk management and insurance as well as the accounting, tax and audit consultants. In addition to this worked across departments, responsible for restructuring processes, policies and implementation of new systems.
Key Responsibilities
Manage teams responsible for internal financial reporting, external reporting and treasury activities.
Direct and finalise periodic (monthly, quarterly and annual) financial reports in compliance with regulations and IFRS.
Produce intelligent management reports together with variance analysis and projects progress.
Responsible for dealing with all direct and indirect tax issues, including the submission of annual tax returns.
Review the existing structure on an ongoing basis to manage tax exposure in overseas jurisdictions in which the business operates.
Oversee the submission of European VAT 13th Directive reclaims and ensure intercompany guidelines are clear to maximise recoverability.
Monitoring cash flow transactions and projecting future cash flow requirements.
Formulating budgets and conducting variance analysis to determine difference between projected and actual results to be followed up with corrective actions.
Responsible for writing and implementing the sales process for the new commercial aspect of the business.
Develop, implement and maintain strategic, business and financial 2020 plans.
Oversight of preparation and final approval of monthly payroll.
Key member of special projects team, reviewing all new operations for commerciality and potential tax exposure both in country and internationally.
Key Accomplishments
Built and developed a highly motivated team who produce exceptional results.
Redesigned the financial model for annual budgets and corporate plans and introduced use of advanced techniques of budgeting such as flexible budgets and sensitivity analysis.
Within weeks of joining the company, identified and quantified a budget deficit of 30% of the annual budget.
Implemented cost cutting measures and created strategic plan to manage the shortfall.
Reviewed and rewrote all company policies relating to finance, procurement, IT and certain HR issues. Recommended implementing new systems and procedures, which contribute towards improved financial performance, heightened productivity and enhanced internal controls.
Introduced processes to ensure VAT was only payable on qualifying overseas transactions, minimising the cash outflow and maximising the recovery of reclaimable VAT.
Reviewed complex areas of legislation together with guidance provided by federal government agencies to develop unique tax planning idea. Engaged first rate technical writing skills to prepare report for review by specialist committee, presenting possible challenges and associated counter arguments in a logical manner. Idea approved and potential tax savings for client circa $40m.
Independently responsible for the collection and verification of technical content for the creation of an internal database, detailing the environmental taxes and other related financial incentives in the renewable energy sector for over 35 countries.
Provided attestation services for a fuel cell and landfill gas site to enable clients to each avail of 7 figure tax grants under renewable energy legislation. Undertook a detailed review of invoices, technical specification documents and federal agency guidance, to confirm adherence to specified criteria for submission to US Treasury.
Global Compliance and Reporting
Ernst & Young offers multinational companies a centralised service for the preparation and coordination of all their statutory accounting and tax filing requirements in every jurisdiction in which they operate. This service reduces risk and inefficiencies whilst improving access, visibility and control.
‘Global Engagement Leader' for a $27.5bn utility group and a Fortune 500 manufacturing company. Primarily responsible for managing the client relationships and coordinating with international EY offices to ensure timely completion and submission of relevant statutory filings in over 10 countries.
Solely responsible for large project delivering advice to a US company expanding overseas for the first time.
Liaising with international EY offices to provide detailed guidance on the background of the respective country, methods of investment, together with the statutory reporting and tax requirements for 7 jurisdictions.
Key member of markets team in the Midwest, providing local support to partners and tailoring marketing materials for specific clients. Highlighting and developing potential opportunities and drafting proposals to drive growth in this new market.
Quick learner, with an immediate grasp of the US tax system; able to undertake detailed research, advise on federal and state tax issues for inbound companies and prepare US tax returns for companies operating overseas.
Led the tax service delivery over a 2 year period for the office's largest client, a utility company privately owned by a Bahrain investment firm with turnover in excess of £2.3bn. Total fees for this period were in excess of £1m.
Engaged excellent verbal and written communication skills in all projects. Able to tailor advice to suit the audience, such as presentations in ‘layman' terms for non-tax professionals or detailed tax technical instructions for UK Tax Counsel. Experienced in liaising with clients up to Board level.
Took complete ownership of projects, drafting the UK tax technical advice in addition to coordinating the input of partners and directors from various overseas offices to ensure advice was provided within agreed timeframe and budget.
Outstanding record of exceeding sales targets, achieving 670% of target in 2010.
Consistently rated as having exceeded or significantly exceeded expectations compared with relevant peer group in all performance reviews.
Active role as a counsellor for junior staff members, providing support and guidance with respect to career development. Role involved undertaking performance reviews together with dealing with disciplinary procedures.
Significant experience in a wide range of corporate tax issues, demonstrating strong tax technical skills, ability to manage multiple projects simultaneously and first class report writing skills. Have provided tax advice to clients on the following subject matter
International tax advice on the corporate restructuring of a £1.7 bn energy group to divest the British and Irish operations, covering UK, Irish, Luxembourg and Cayman Island issues;
- The cross border tax implications of a £1.3 bn group refinancing by way of “Whole Business Securitisation”;
- Negotiated an Advance Thin Capitalisation Agreement with the UK taxation authorities;
- International tax advice on the creation and structuring of a pan-European solar fund, with initial investment of €200m, including their first acquisition of solar assets in Southern Italy;
- The sale of over 500MW of wind farm assets in Italy & Germany held by members of UK Limited Liability
Partnerships.
- The availability of the Substantial Shareholdings Exemption to a £1.2bn transaction governed by Shariah law.
- Instructions for UK Tax Counsel for specific planning relating to the cross-border sale and leaseback of a £50m property portfolio.
Completed professional tax training within this medium sized accountancy firm.
Managed a portfolio in excess of 300 clients, gained substantial experience in all aspects of UK accounting and tax, both in the preparation and submission of tax returns (including accounts preparation) and the provision of consultancy advice.
Associate of Taxation Technicians