Tax Accountant
Pak-Arab Refinery Limited
Total years of experience :22 years, 11 Months
Responsibilities:
• Income Tax and Sales Return filing along with income tax planning for quarterly advance tax payments and seeking tax credits and refunds
• Providing guidance to Procurement, Payment and Treasury staff concerning tax matters including giving presentation to the staff on impact of changes in country’s tax laws on the company
• Maintaining updated record of Income Tax Litigation
• Responding to tax authorities’ notices
• Co-ordinate with IT Department for implementing changes in ERP for PARCO and subsidiary Companies related to changes in tax laws and automation of tax related reports
• Preparing tax related notes to Annual Financial Statements
• Budgeting of tax related expenses
• Represent the company for tax matters in meeting with Tax authorities, tax advisors, vendors, service providers, customers and other forums like Oil Companies Advisory Committee
• Prepare and update company’s tax related SOPs
Achievements
• Managed to get relief of Rs.630 Million from settlement of income tax cases during financial year 2013 and 2014
• Co-ordinated with IT Department to implement changes in SAP to align the ERP with changes in law Federal Finance Act 2013 and Provincial Sales tax laws with in-house available resources
• Managed to get relief from Lahore High Court for adjustment of Rs. 86 Million of input sales tax on services against output sales tax on goods
• Prepared detailed document to determine impact on PARCO of the changes in provincial sales tax on services that enabled finalizing the decision of registration of the company with Punjab and Sindh tax authorities
• Primary responsibility includes preparing annual audit plans, planning and conducting business process and compliance audits.
• Conducting follow-up audits and special assignments at management request
• Preparing quarterly performance review of audit department
• Assisting Head Internal Audit in preparing quarterly presentations for audit committee meeting
Achievements
Conducted the audits covered in the three year rollover audit plan of the Company to the satisfaction of the Audit Committee; identifying control weaknesses and recommended improvements covering major business processes and locations of the company as under:
• Financial Audits
Sales Tax Audit and review of related controls in SAP-FICO
Treasury and Risk management
Accounting for local crude procurement
Budgeting and Accounting Controls in SAP FICO
• Business Processes Audits
Audit of external services and material procurement in SAP-MM
Audit of the pumping and terminal station of the company consisting of review of controls on inventory, fixed assets, plant maintenance routines and HSEQ controls
Lube sales including review of controls at regional sales offices
Land acquisition process and review of Fixed Assets Register for compliance
Human resource management including review of medical, leaves, travel and post retirement benefit policies
• Review of company policies and standard operating procedures
• Liaison with external auditors for SAP Implementation Review
• Active involvement in review of crude oil mass balancing at pipeline and refinery
Responsibilities:
• Primary responsibility includes reporting Segment Based Analysis of branches and investigation of significant variances
• Reporting of Product Profitability and related variance analysis
Achievements:
• Participated actively in development of oracle based system & controls design of consumer products, specifically personal loans, business loans, auto loans and deposits
• Evaluation of Loans systems implementation (FinnOne from Nucleus Software Services, Singapore)
• Supervised the audit section with the responsibility of planning, executing and concluding various audits, including formulation of initial opinion and reporting to the engagement partner
• Performed review and analysis of internal controls, tax and related issues
• Supervised the audit team with the responsibility of planning, executing and concluding audit, including formulation of initial opinion and reporting to the engagement partner
• Conducted accounting, auditing, internal control review and sales tax assignments of diverse sectors
• Conducted special assignments relating to nostro and vostro accounts reconciliation and provision for non-performing loans for a leading commercial bank
CA-Finalist
