Head Corporate Affairs, Taxation & Company Secretary
Presson Descon International (Private) Limited
Total years of experience :27 years, 9 Months
Presently responsible for overall taxation management and corporate affairs of the Company. My prime responsibilities include:
* - Strategic Taxation Planning: Heading Taxation function involving designing and implementing taxation plans; formulating need-based business plans; policies and procedures to facilitate internal tax control; for maximizing profitability and realize organizational goals
* - Tax Management: Formulating tax plans and effective tax and considering tax implications to achieve minimum overall tax impact.
* - Statutory Compliances: Liaising with Regulatory Authorities and Government Departments for obtaining necessary sanctions / clearances & ensuring compliance with statutory obligations.
* - Structuring Taxation for contracts, at the bidding stage, estimating correct tax metrics and minimizing tax component, tax optimization etc.
* - To advise on various indirect tax levies. Advising on Transfer Pricing documentation, Transfer Pricing Advisory & Transfer Pricing compliance.
* - Participate in contract review to ensure optimal tax structuring.
* - Participate in deal structuring (acquisitions/ divestitures) to ensure optimal tax structuring.
* - Develop Global Tax Model to optimize tax structure in all jurisdictions where company operates.
* - Looking after Tax Assessment and Tax Audit of the Company
Responsible for an integrated Audit and Assurance team; accountable for Internal Audit, Enterprise risk management, SOX and IT controls assurance. Delivered a wide range of reviews, assurance, advice, support to all parts of the PDIL operations. Specific responsibilities include:
• Led the implementation of a best practice audit application to manage the end to end lifecycle of all IA activity from initial planning through to reporting and recommendation tracking.
• Development of all audit/assurance plans through to presentation and approval by both executive management to CEO level and also the Audit Committee.
• Relationship management with key Directors, management and staff for all aspects of the departments work.
• Representation on the Company’s Audit Committee, Financial Reporting Committee and Ethics Committee, plus various other steering boards / change projects etc.
• Preparation and presentation of regular updates of key risks and Internal Audit plans / work to the Audit Committee and CEO/executive management team. In addition to the above activities, was responsible for leading the Sarbanes Oxley’s.404 (SOX) compliance activity within PDIL and achieved successful implementation.
Achievements:
Increased assurance effectiveness, Developed Internal Audit and Audit Committee Charter & Annual Program of ERM and IA’s SOPs. Conducted RBIA assignments of EPCC and various supply & services Projects, review of internal Control over Financial Reporting.Defined a risk-based approach to identifying, monitoring, measuring and reporting various types of operational risks and liaise with the departments to ensure the framework is in place across the Company. Developed risk assessment techniques and templates, key risk indicators, procedures, systems as per operational risk and policy and framework.Making recommendations on the systems and procedures being reviewed, report on the findings and recommendations and monitor management's response.
Besides active participation in overall business planning, major responsibilities include the preparation of budgets, preparation & monitoring of cash flows, borrowings, treasury operations, internal & external financial reporting, interface with auditor and overall supervision of corporate affairs & taxation matters. Liaison with the proposal department for tax planning and to calculate the impact of customs duty, sales tax, withholding tax on Projects and other finance & taxation related matters like preparation of feasibilities for the projects.preparation of Project Budget, Arrangement of Project Related Insurances, Payments to Local & Foreign Vendors, Invoicing & Receivable Management, Project / Consortium Accounting and Monthly Financial & Management Reporting (i.e. Balance Sheet, Profit & Loss, Quarterly Cash Flow, Cost Status Report of Projects etc., )
PDIL: PDIL is a company incorporated in Pakistan as a joint venture of Enerflex Canada, Descon Pakistan, & Currentage Pakistan to execute engineering, procurement, and construction & commissioning (EPCC) projects for E&P Companies operating in Pakistan and abroad. Its clients include multibillion companies like Petronas, British Petroleum, MOL, Pakistan Petroleum Ltd, Pakistan Oilfield Ltd, OGDCL, PEL, WASCO and vendors include renowned names like Siemens, ABB, innovative, Caterpillar, Honeywell and Airex, CAPS Australia etc
Major responsibilities included the development & implementation of accounting, budgetary controls systems, working capital management, banking, development of various business and operational policies, MIS, overall supervision of accounting function, planning for acquisition of new and disposal of non-performing products and coordination of day to day administration.
In addition, performance review of distribution network, inventory management and coordination with general management in interface with various regulatory authorities was also entrusted to me.
Key results:
• Built a finely tuned accounting department at Group level, fostering a collaborative environment that improved productivity, individual accountability and team morale.
• Revamped G/L, financial systems, reports and schedules to improve forecast precision and standardize reporting procedures.
• Delivered six-figure cost savings in USD $ by initiating expense analysis of equipment lease alternatives, leading to acted-upon leasing recommendations.
• Completed comprehensive valuation analysis and credit review of acquisition target, and played a key role in the due diligence effort that was crucial to successful merger.
• Uncovered significant $ value in accounting overpayments during a six-month period and delivered a 20% expense reduction through analytical studies of business performance.
• Introduced business process improvements that enhanced A/P functions, established common vendor files, eliminated duplication and reduced monthly processing time by 15%.
Worked in computerized environment, independently looking after the finance, accounting, tax and corporate affairs of the Company besides dealing with financial institutions and various regulatory authorities.
Major responsibilities were included budgeting, monitoring cash flow, development of various business policies, MIS, assurance of proper bookkeeping, imports, export related issues, corporate affairs, inventory management and coordination in day to day administration. Management of the costing of the articles of garments at the time of pricing to the buyers. Supervision of preparation of article / consignment variance report as well as monthly variance report to revise / update pricing strategy of the merchandising department.
BeeZee Textiles Ltd : A Knitwear unit having integrated manufacturing facilities with annual turnover exceeding Rs.1, 100 million
Served as article student to complete four years compulsory training under the Bye Laws of the Institute of Chartered Accountants of Pakistan. During the period, had the privilege of working on audits, tax, corporate and various management consultancy assignments. However, the major focus was on audit assignment which gave me insight of accounting systems, analytical reviews to track flaws, errors, omissions and frauds and them opportunity to suggest the corrective measures.
Audit assignments and quality assurance in review and reporting procedures as per the pronouncement of International Auditing Standards, International Financial Reporting Standards (IFRS), at different seniority levels, included industrial units of varied size particularly of textile, automobile and chemicals etc. and service units like and insurance, hospitals, hotels, and departmental store etc.
Provide suggestions to different Clients on their system weaknesses in the internal control system.
Conducted tax matters and advised various companies on taxation matters.
Preparation of feasibility reports and projected financial statements for enhancing the debt limits
Advised clients on various accounting and related matters in the light of statutory requirements and generally accepted accounting principles
Membership No.13350 as Certified Financial Consultant
Has passed the MA Ecomonics in the first division, obtained 480/700 marks.
Completed Master in Commerce in 1994 from Hailey College of Commerce, University of the Punjab, secured 1696/211 marks