Faisal Nawaz

Working as Head of Finance, Accounts and Taxation since October 2018 with RICI Group (promoted from Manager Tax). Worked as Manager Taxation for a period of one year from October 2017 to September 2018.

The Group operates from different corners of the world (i.e. Saudi Arabia, Bahrain, Pakistan and Canada). The Group is ensuring quality and safety of products through Inspections, Civil Material Testing, Calibration, Auditing and Training Services. Following are few of my major responsibilities;

Formulating and implementing of the Group’s finance management strategy;

Participating in key decisions as a member of the executive management team and assisting in formulating the Group's future direction and supporting tactical initiatives;

Managing the cash flow, capital request and budgeting processes;

Preparing and submitting the group’s monthly financial results, budget and quarterly rolling forecasts and complete the reporting requirements to the parent Company;

Coordinating with the external auditor to complete the Annual Financial Audit of the companies; and,

Reviewing, investigating, and correcting errors and inconsistencies in financial entries, documents, and reports.

Advising on the VAT implications of transactions and informing the board and team of the VAT issues and legislation changes;

Developed and implemented of VAT principles in Kingdom of Saudi Arabia and Bahrain;

Supervising the preparation and filing of State and International Tax Returns and responded to state audits;

Implementing tax accounting policies and procedures regarding tax provisions, tax forecasting and budgeting, and tax basis balance sheets;

Monitoring and evaluating impacts of tax law changes and adjusting business processes and policies;

Researching, drafting, and implementing intercompany agreements to minimize state and foreign taxes and decrease exposure to transfer pricing issues;

Reviewing, investigating, and correcting errors and inconsistencies in financial entries, documents, and reports; and,

Preparing miscellaneous other reports / statements as required by management from time to time.

Working as Manager Taxation with RICI Group. The Group operates from different corners of the world (i.e. Saudi Arabia, Bahrain, Pakistan and Canada). The Group is ensuring quality and safety of products through Inspections, Civil Material Testing, Calibration, Auditing and Training Services. Following are few of my major responsibilities;

Advised on the VAT implications of transactions and informing the board and team of the VAT issues and legislation changes;

Developed and implemented of VAT principles in Kingdom of Saudi Arabia;

Supervised the preparation and filing of State and International Tax Returns and responded to state audits;

Implemented tax accounting policies and procedures regarding tax provisions, tax forecasting and budgeting, and tax basis balance sheets;

Monitored and evaluated impacts of tax law changes and adjusting business processes and policies; and,

Researched drafted, and implemented intercompany agreements to minimize state and foreign taxes and decrease exposure to transfer pricing issues.

Worked as Finance Manager with Marmul Group. There were total four Companies in the Group and engaged in Civil & Road Construction, Electromechanical & Oilfield Services, Trading of Aggregate, Crush Material, Asphalt and Rental of Heavy Equipment. Following were few of my major responsibilities;

To manage credit facilities arrangements with banks/financial institution, including ensuring company stays in compliance with debt covenants, advise management on the liquidity aspects of short & long term planning;

To prepare and submit the group’s monthly financial results, budget and quarterly rolling forecasts and complete the reporting requirements to the parent Company;

Preparation, maintenance and filing of projected P&L Account and Balance Sheet as required by bank authorities and other financial institutions;

To monitor and Interpret Cash flow & predicted future trend;

Responsible for cash management and liaison with banks on day to day operations;

To Coordinate with the external auditor to complete the Annual Financial Audit of group of companies;

To reviews, investigates, and corrects errors and inconsistencies in financial entries, documents, and reports.

To analyze transactional processes and identify areas where additional accuracies and efficiencies can be achieved.

To prepare and filing of Annual Income Tax Returns of the Companies;

Tax planning and management in order to reduce all companies effective tax rate and help them to achieve tax optimization; and,

Coordinating work allocation amongst other staff by providing guidance in handling day to day accounting functions.

My Association with KPMG Oman as Associate (promoted as Associate 4 from Associate 3) had given me the opportunity to work on diverse and challenging assignments that enabled me to broaden my professional perspective and ensured that I am equipped with the skills demanded by current and future workplaces. Developed expertise in Audit & Taxation of various national and multinational manufacturing, banking, pharmaceutical, food & beverages, service organization.

Before my job with KPMG Oman, I had been associated with KPMG Oman (for audit and tax) due to Secondment from KPMG Pakistan (from October 2008 to April 2009 and March 2010 to June 2010).

Performed all aspects of client service including multi-location coordination, resolution of audit issues, proposed adjustments and financial statement preparation. Conducted reviews of accounting systems, processes and internal controls and made recommendations to management.

Performed and reviewed the audit of the financial statements in accordance with the requirements of International Standards on Auditing.

Ensured that the financial statements being audited are prepared in accordance with the requirements of International Financial Reporting Standards (IFRS) and Generally Accepted accounting Principles (GAAP) wherever applicable.

Preparation and filing of Provisional and Annual Returns of Income.

Preparation responses to Query Letters and getting the assessments finalized from the tax authorities.

Preparation notes to the accounts to recognize the Income Tax provision in Financial Statements.

Correspondence with income tax authorities and meeting various compliances required as per Income Tax; and,

Laws and Regulations in Oman.

Completed my CA training from KPMG Taseer Hadi & Co. (A member firm of KPMG International, a Swiss cooperative). Developed expertise in Audit & Taxation of various national and multinational manufacturing, banking, chemicals, pharmaceutical, telecommunication, food & beverages, power generation and service organization

Performed all aspects of client service as Audit trainee senior including multi-location coordination, resolution of audit issues, proposed adjustments and financial statement preparation. Conducted reviews of accounting systems, processes and internal controls and made recommendations to management;

Gained comprehensive understanding of International Financial Reporting Standards (IFRS) and their practical application;

Proved to be a dependable point-of-contact through proactive communication with clients to provide quality service and resolve any contentious issues while maintaining relationships;

Performed all aspects of client service as Tax coordinator including preparation and filing of Income Tax and Sales Tax returns and statements, filling of refund claims, appeals and representation before Income Tax Appellate authorities;

Getting the approval from Board of Investment (BOI) in case of companies establishing liaison/branch office in Pakistan;

To get the companies be incorporated/registered under the Companies Ordinance, 1984;

Advising about any change in the Charter of the companies; and,

Other Statutory Compliance and advisory work required to be done under the Companies Ordinance 1984.

Association with Ghee Mills as Assistant Accountant had given me the opportunity to work on diverse and challenging assignments in the field of accountancy.

Data Entry of ACCOUNTING and INVENTORY Window based Software;

To post Vouchers (Bank, Cash, Journal, Sale, Purchase) both of Head Office & Factory;

Other Office routine tasks like payment to parties & Correspondence with other departments;

Reconciliation of Bank Statements & Parties Ledger;

To monthly Check Physical Stocks at Factory and Reconciliation.

Internship with various department of bank i.e. in general banking, personal and corporate finance etc.