Overall Experience in VAT (including VAT implementations)
Elahee Buksh Group, Allied Group, PWC
Total years of experience :19 years, 11 Months
Key Highlights / Responsibilities in Tax Role:
Advisory
•Implementation of VAT in Real Estate Company - Elahee Buksh Group.
•Identify tax planning opportunities, legally minimizing exposure of tax liabilities, keeping update on changes in tax laws and advising to Board / Top management for the suitable strategies and potential impacts on business and profitability.
•Restructuring the transaction s for VAT planning and advising potential impacts.
•Review of Agreements /Contracts / Purchase Orders to advise VAT / Income Tax impacts & withholdings.
•Customizations in ERP on need to need basis to ensure proper accounting and data availability, designing of appropriate reports, aligned with the changes in VAT and Income Tax Regulations from time to time.
•Examining legal complexities, consultation with lawyers for filing court petitions.
•Review pricing, potential impacts of VAT on pricing and appropriate trade discount policy.
•Ensure effective Cash flow management by developing strict early recovery Credit Policies / Policies for early VAT recoveries from customers, extended payment terms with Vendor to reduce finance cost.
•Drafting and review of Legal contracts and Rent Agreements.
Compliance
•Review and supervise the accuracy of data, VAT /Income tax calculations including critical areas of (input tax adjustments allocation for zero rated & exempt supplies, allocation of expenditures under different heads of income etc). Ensure timely payments of VAT/ Income tax, filing of monthly VAT Returns, Annual Income Tax Returns, Withholding tax statements.
• Liaison with tax consultants, tax authorities, for tax audits, other routine notices by tax authorities, .
• Maintaining Tax Position Summaries to keep the track of tax status (tax audits, assessment orders, appeals, refunds, adjustments etc) of all previous assessment years.
Achievements / Value Additions:
1) Elahee Buksh Group - Real Estate & Retail (Dec 2015-May 2017)
a) Implementation of VAT Planning Strategy in Mall Management Business
To achieve VAT efficiency and minimization of VAT exposure on Maintenance activities to occupants of Mall & Building, restructured the business model based on Cost Sharing mechanism by separating the reimbursements and service element.
Being part of above VAT planning strategy;
•Did extensive industry research and consultation with various tax consultants
•Obtained approvals of the operational function of above VAT model with Sind Revenue Board.
•Formation of Management Company and registering with VAT authorities,
•Drafting of cost sharing agreements to align with strategy, correspondences with occupants lawyers and tax consultants on individual basis for execution of contracts sign-off.
b) Redesigning of financial module of Mall Management Business in ERP, setting up VAT codes, designing of VAT complaint invoice structure, to ensure accuracy in VAT accounting. Designing /customization of accounting reports to ensure timely and accurate availability of data in appropriate presentable format for onward submission to Tax authorities on periodical basis
c) Training of staff, assigning the VAT duties and responsibilities..
d) Timely compliance's of all the tax matters.
2) Allied Group - Caterpillar (2010-2015)
e) Recovery of VAT refunds of around 500K USD by processing appeals in Federal Tax Ombudsman (appellate forum).
f) Redesigned the invoice mechanism for Product Support Business after introduction of Provincial VAT on “Services by Specialized Workshops”.
g) For imports by Afghan Co from Pakistani Co in group, restructured transaction mechanism to avail zero rating.
h)Strict credit policies for early recoveries of VAT.
i)Timely compliance's of all the tax matters
C) PWC (2008-2010)
j) Maintained a very good portfolio of clients for VAT and Income tax, for Advisory, Risk management, Tax Planning and Compliance matters in Real Estate, Automobile, FMCG, Pharmaceutical, Retail & Financial Services Industry.
I have over 7 years of comprehensive industry experience in Finance for Pakistan, Afghanistan & Saudi Arabia. I have lead the Finance department in Real Estate & Retail industry (Elahee Buksh Group, 2016- Date) and Automotive Industry in Saudi Arabia (Bakheet Co For Machinery - June 2015-Dec 2015) and in Pakistan& Afghanistan (Allied
Group - Caterpillar dealer of Pakistan & Afghanistan, 2010-2015)
1) Financial Accounts, General Ledger, Reporting, Internal Controls & Audit
•Review and analysis of financial statements. Reporting and presentation to board the financial statements on monthly, quarterly and annual basis.
• Reporting to Caterpillar on their standard templates assessing the business health including presentation of Financial StatementS and other analytical reports.
•Reviewing the Company system, analyzing risks, development of current process and formulating policies / Standard Operating Procedures (SOPs) relating to business processes (procurement, sales, fixed assets, inventory, receivables, payables and other areas) to improve internal controls and efficiency of process by automation. Assist internal auditors for related reviews and implement recommendations for procedural change.
•Liaison with external auditors for timely audits.
Value Additions
a) Lead the design/ customization according to the business process and Implementation of tailor made ERP named ER Manager - Product of Supernova Solutions. Implementation of Service module and aligned the system reporting’s according to Caterpillar reporting templates, thereby reducing month end and year end closing processes .
2) Project Appraisal
•Evaluate Feasibility of Construction projects
•Evaluation of Rental units pricing, payback period, IRR on project basis.
3)Payroll, Treasury &Cash Flow Management
•Liaison with banks for LCs, review of LCs conditions, Running Finance Facilities, and option for funds placements
•Review and analysis of cash flow projections, review of bank positions, analysis of aged of receivables and payables
•Maintenance of bank accounts in multiple currencies
•Review and arrangement of Hedge options (Forward contracts and Swaps
•Payroll and Reward Management.
Value Additions
a) Effective management of Foreign Currencies to reduce exchange losses through utilizing hedge options and making effective decisions of timely conversions
b) Improved cash flows by development and application of collection policies and monitoring and working with management to reduce finance costs.
4)Budgeting, Business Partner/ Customer Analysis, Pricing and Cost Control
•Critically evaluate forecast sales of Prime Product, Product Support, and Rental Business, based on population database of location, upcoming projects etc.
•Implementation of sales targets and other KPIs at branch and department levels and review the progress with them on monthly basis.
• Review pricing, analyzing impacts of fluctuations in exchange rates, levels of discounts rates and their potential impact on overall margins.
Value Additions:
Increased the credit turnover days with major suppliers thereby improving working capital and reducing finance cost.
5) Insurance
•Evaluate the financial risk, review and placement of insurance policies of the company.
•Execute and agree with the insurance Company, SOPs to streamline the process the claims settlement.
Value Additions
a) Redesign of Insurance policies based on assessment of financial risk, effective negotiations for rates reductions by more than 40%. Handled the settlement of two major insurance claims amounting to USD 750K
6) Logistics, Legal and Commercial Matters
•Correspondence with forwarders / bonded carriers, regarding rates negotiations, review and finalization of contracts.
Value Additions
a)Filteration of forwarders, reducing timeline of shipments, worked with caterpillar to increase detention free period for shipments. Design & execution of formal contracts with forwarders
Working as a Senior in the above mentioned organization, I lead large teams through the planning, execution and conclusion stages of statutory audits, validation of financial reporting packages of various local and multinational concerns and other varied special nature engagements. My responsibilities included engagement management, client relationship management, co-ordination with professionals in various fields like legal, actuarial and IT experts and decision-making for resolution of critical reportable matters.
I was also responsible to ensure that the financial statements comply with all the requirements of applicable International Financial Reporting Standards (IFRSs) and to prepare detailed reports on audit findings and make recommendations to improve organization’s accounting and management practices, internal controls and systems.
My experience in the ABAS Group of the firm has enabled me to develop a comprehensive understanding of the competitive and regulatory environments of diversified industries and the accounting and internal control systems implemented at various organizations
Qualified Chartered Accountant