Cardno is an international consulting firm, with expertise in the development and improvement of physical and social infrastructure for communities around the world. Cardno is implementing a USAID funded project in Serbia and is looking for qualified individuals to join our Belgrade based team.

We are looking for

Implementation of the Alternative Investment Funds Law – Corporate Income Tax Expert - Short-term

JOB DESCRIPTION AND STATEMENT OF WORK

USAID Cooperation for Growth Project (USAID CFG), implemented by Cardno Emerging Markets USA is 4-year initiative launched in 2018, whose goal is to improve conditions for broad-based economic growth through improvements in Serbia’s business enabling environment.

The USAID CFG focuses on improvements in the business enabling environment that increase predictability and transparency as well as remove regulatory constraints to economic activity, thereby creating a stronger foundation for investment and facilitating private sector growth.

This assignment will assist the USAID CFG efforts under Objective 1: Improved Business Environment and Related Administrative Efficiency in Selected Areas, Subobjective O1.4: Improvement of tax policies and regulatory framework impacting New Economy (growth-driving SMEs), and Objective 2: Improved SME Access to Finance, Subobjective: O2.3: Diversification of Financial Market.

CFG is providing technical assistance to the Ministry of Finance of the Republic of Serbia (hereinafter: MoF) in implementing the Alternative Investment Funds Law (hereinafter: Law on AIF) to attract foreign and domestic investment in private equity funds.

During the previous period, USAID CFG provided extensive technical assistance to the MoF in preparation of the Law on AIF, which has been adopted in October 2019. In order to stimulate the emergence of local private equity and venture capital funds, the new Law on AIF must be accompanied with a clear tax treatment and appropriate tax incentives for AIFs and AIF related transactions. Therefore, USAID CFG seeks to engage highly skilled expert in the area of corporate and income tax law with the view to carry out tax analysis and consultancy services described in the Scope of Work below.

Scope of Work

Scope of Work consists of two components. Component 1 includes drafting interpretative opinions on tax treatment of AIFs and AIF activities. Component 2 includes expert support for further development and implementation of tax incentives for investors in AIFs.

Under Component 1 the short-term Expert shall:

  • Review outstanding issues related to tax neutrality of AIF, with special reference to fiscally transparent AIFs, including but not limited to the following: 1) tax treatment of dissolution of AIF, 2) tax treatment of sale of AIF investment units, 3) taxpayer status in the case of fiscally transparent AIFs, 4) tax treatment of returns on an investment unit of fiscally transparent AIFs.
  • Review outstanding issues related to the treatment of fiscally transparent real estate investment funds, including but not limited to the following: 1) VAT treatment of leasing real estate, 2) fulfillment of property tax obligations.
  • Participate in the organization of round tables with relevant institutional and professional stakeholders for discussions over items above.
  • Draft legal and regulatory solutions under items above.
  • Prepare STTA Completion Report outlining the work of the Consultant and the results achieved.

Under Component 2 the short-term Expert shall:

  • Develop a strategic guidance mapping out and identifying legal, administrative and technical requirements for implementation of tax incentives for investors in AIFs.
  • Present and elaborate the item above to the relevant governmental and other institutional stakeholders.
  • Review possibilities for introducing a tax credit for investing in AIFs.
  • Draft legal and regulatory solutions under items above.
  • Prepare STTA Completion Report outlining the work of the Consultant and the results achieved.

These activities will be done in cooperation with the Ministry of Finance, with guidance and oversight by the USAID CFG staff.

Capacities Required for Position

  • Advanced, preferably academic, degree in tax law;
  • Demonstrated knowledge of policy and regulatory environment in area of taxation;
  • Proven ability and experience in conceptualizing, designing and producing comprehensive reports and legal opinions;
  • Demonstrated technical knowledge in research methodologies and international best practices;
  • Prior experience of at least 10 years in analyzing and consulting on tax matters, particularly in areas of corporate income tax and personal income tax;
  • Excellent English and Serbian written and presentation skills;
  • Advanced academic degree (LL.M. and/or PhD) in tax law obtained in a reputable academic institution for area of taxation would be considered as an asset;
  • Prior experience of at least 5 years in managing positions in one of Big4 companies would be considered as an asset;
  • Experience working on a USAID or other international development projects is preferred.

To apply please submit a CV and one-page cover letter in English. Only shortlisted candidates will be contacted.

Assignment duration:

For Component 1 up to 30 working days.

For Component 2 up to 20 business days.

Deadline for applications:

January 10, 2020.

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