Manager Tax
Ernst & Young
Total years of experience :12 years, 10 Months
• Providing on-call tax advisory to the largest oil and hydrocarbons company of the world in respect of its own operations, ventures with the resident/non-resident partners and dealings/transactions with the resident/non-resident affiliates;
• Providing tax advisory and support services in respect of tax functional implementation of changes in income tax regulations relating to the companies operating in oil and hydrocarbon production activities, and natural gas investment activities;
• Provided tax advisory services in relation to pre- IPO readiness for the largest oil and hydrocarbons company;
• Leading corporate tax/Zakat and WHT due diligence and health checks;
• Devising a tax plan for merger of two leading banks in KSA, identifying related merger activities from tax perspective, identifying the key impact areas and providing related tax advisory
• Assistance in obtaining advance rulings from the tax authority in relation to key risk areas of the merger
• Assistance in setting-up of tax function of two main Giga projects in KSA ventured by one of the largest sovereign wealth fund in the world;
• Providing tax/zakat advisory services relating to finance structuring, financial modelling, operating structures;
• Undertaking WHT impact assessment at each functional level within the organization, providing WHT implementation advisory, and assistance in automation of WHT compliance process;
• Designing tax accounting and compliance policies and procedures for large MNEs;
While working at EY my areas of responsibilities include:
• Performing VAT pre-implementation impact/risk assessment for a wide range of entities;
• Identifying the likely VAT treatments of various transactions
• Identifying VAT recovery risks and opportunities;
• Identifying organizational readiness for VAT;
• Planning and structuring accounting entries relevant to VAT;
• Advising on the tax implications of commercial transactions and the optimal structure of various transactions in order to minimize tax costs;
• Providing all ad-hoc advisory in relating to VAT in GCC;
• Advising, assisting and liaising with accounting departments of clients as to the preparation and filing of corporate tax / zakat declarations;
• Reviewing and submitting tax / zakat declarations on behalf of the clients;
• Performing review work in connection with attestation / certification of tax declarations;
• Assisting clients in payments of advance tax;
• Advising and liaising with accounting department as to the preparation of corporate tax / zakat provision to be incorporated into the financial statements;
• Assisting in preparation of financial statements disclosures relevant to corporate tax / zakat;
• Preparation, reviewing and filing of monthly withholding (WHT) returns;
• Reviewing contracts and agreements entered into by clients and rendering advice on fiscal and related implications arising there from;
• Informing clients the most appropriate ways to settle their corporate tax / zakat liability in Saudi Arabia;
• Providing advisory to non-residents seeking inbound investments;
• Providing routine and recurring advisory to existing clients with respect to applicable taxes and zakat regulations and changes thereto;
• Answering queries raised by the tax department; and
• Preparing and filing appeals with appellate authorities.
As an Assistant Manager Tax my key areas of responsibilities include:
VAT and Corporate Tax planning and advisory:
• Strategizing optimal VAT and Corporate Tax planning models;
• Advising on impact assessment of implementation of VAT in various provinces;
• Advising on VAT practical impact on transactions between various provinces with different VAT structures;
• Identifying gaps in integration of VAT / GST mechanisms administrated by Federal and various Provincial tax authorities;
• Reviewing IT readiness for implementing VAT on various transactions;
• Conducting tax due diligence for mergers and acquisitions of corporations;
• Designing and executing tax effective Supply Chain Management from both VAT / GST and Corporate Tax perspective;
• Identifying the VAT risks associated to the contracts;
• Advisory on taxation of expatriate employees and other non-residents;
• Providing advisory to various local and foreign clients regarding system of taxation in Pakistan and its impact on their operations;
• Designing tax exemption cases and obtaining tax exemptions for various entities on different grounds;
Risk management with respect to VAT and Corporate Tax :
• Identify VAT / GST recovery risks and opportunities;
• Executing VAT / GST and Corporate Tax risk reviews at entity and transaction level; and
• Undertaking health checks of various entities from Corporate Tax, VAT / GST and WHT perspective.
VAT and Corporate Tax audits and defense:
• Liaising between the clients and tax authorities during WHT, VAT / GST and Income Tax audits and representing clients before tax authorities;
• Developing an overall strategy and plan for VAT & Corporate Tax audits aimed at reducing financial exposure to clients;
• Preparation of appeal documentation for Income Tax and VAT / GST appeals and planning and preparation of arguments in the light of prevalent tax laws and case laws / precedents; and
• Representing the clients in appeals before appellate authorities.
I have been involved in execution, finalization and reporting of many audit and assurance and other non-assurance engagements for various national and multinational clients, both listed and unlisted.
During these engagements, my job responsibilities were as follows:
• Initial planning of the job and risk assessment of the client in accordance with firm’s audit methodology and planning audit procedures required to cover this risk;
• Conducting team planning event to minimize audit risks;
• Conducting meetings with personnel at different levels of management to obtain understanding of entity being audited, its environment and its internal control;
• Ensuring that Management policies and procedural standards are implemented effectively;
• Attending and supervising physical verification of inventories and fixed assets;
• Translation of financial statements of foreign business areas in local currency;
• Exercising decision-making skills to prepare working papers and draft findings;
• Preparation, consolidation, presentation and analysis of financial statements
• Extensive application of the International Financial Reporting Standards (IFRSs), International Accounting Standards (IASs), Code of Corporate Governance, Corporate Laws and Taxation and reviewing statutory financial statements to ensure compliance therewith;
• Establishing healthy relationship with the client, listening to them and understanding their needs and assisting them in resolving technical issues relating to specific accounting matters
• Training, supervision and developing coordination and team spirit amongst the audit engagement team to accomplish demanding jobs within the time, quality and budget targets
• Preparation of other deliverables, such as presentations and management letters identifying control weaknesses, their implications and recommendations; and
• Review of work done by team members and providing support in resolving issues arise during work.
• VAT and Corporate Tax compliance:
• Preparation and e-filing of monthly, quarterly and annual withholding tax (WHT) statements;
• Preparation and e-filing of monthly and quarterly VAT / Sales Tax returns;
• Preparation and e-filing of Income Tax Returns of Salaried and Business Individuals;
• Preparation and e-filing of Income Tax Returns of different Association of Persons (AOPs);
• Planning, preparation and e-filing of Corporate Tax Returns of national and multinational corporations, both listed and unlisted;
• Preparation of technical arguments to support corporate tax filing position.
• Review of VAT / GST returns prepared by clients and identifying potential risk areas;
• Assisting clients in responding to discrepancies highlighted by tax authorities in VAT / GST Returns;
• Review of tax computations and returns for large groups;
• Undertaking WHT medicals and risk assessment reviews of various entities;
• Maintaining and circulating tax risk register;
• Assisting the clients during WHT, VAT / Sales Tax and Corporate Tax audits conducted by tax authorities;
• Planning compilation of audit information and ensuring its timely filing with tax authorities;
• Preparing representations for tax authorities regarding WHT statements, advance tax payments, Income Tax Returns, minimum tax, rectification of errors in orders issued by tax authorities and recovery proceedings etc.;
• Preparing cases for obtaining nil or reduced rate certificates and exemption certificates from tax department;
• Assisting clients in recognition of provident funds and gratuity funds from tax authorities; and
• Obtaining approval / recognition for non-profit organizations (NPOs) from tax department.
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