icmap_newsletter_june_2015

Institute of Cost and Management Accountants of Pakistan Newsletter Volume 11.3 June 2015 www.icmap.com.pk 1

Chief Editor’s Message

It is my pleasure to present the June 2015 issue of e-Newsletter that summarizes the details of events and programs organized by the National Council, its various Committees as well as Branch Councils of Karachi, Lahore, Islamabad, Multan, Faisalabad, Peshawar and Quetta. The e-Newsletter also updates about Institute’s activities and progress during this month in the spheres of education, examination, membership, CPD and training, research and publication, public practice, corporate relations and technical support.

The month of June was quite tragic and sad for the people of Pakistan, especially Sindh and Karachi where severe heatwave claimed more than 1200 lives due to heat stroke, dehydration and other heat-related illness. ICMA Pakistan share the grief and agony of the people of Sindh and Karachi and condoles with the families of the victims. No doubt, these are national calamities and one can only pray to Allah for His mercy. On 23rd June the National Assembly passed the Finance Act 2015 after it was deliberated in both the parliaments and necessary amendments have been incorporated in the Bill. I may mention here that the Research and Publications Directorate is bringing out its next issue of Management Accountant Journal on the Federal Budget that would cover its important aspects as well as its positive and negative effects on the national economy. The month of June also witnessed commencement of holy month of Ramadan with all its blessings and people all around the world were fasting and devoting much of their time in prayers and Ibadat. May Allah accept all their prayers. As this newsletter will be circulated immediately after Eid so I wish all of you a happy EID MUBARAK. Please have a nice reading. Mohammad Iqbal Ghori, FCMA Vice President ICMA Pakistan and Chairman Research and Publications Committee

Table of Contents

Chief Editor’s Message......................................................................................................... 1

Table of Contents ................................................................................................................. 1

National Events .................................................................................................................... 2

President’s Engagements ..................................................................................................... 6

Branch Activities .................................................................................................................. 7

Membership ....................................................................................................................... 12

Corporate Relations & Communication ............................................................................. 12

National Council

Office Bearers

President Kashif Mateen Ansari, FCMA

Vice President Mohammad Iqbal Ghori, FCMA

Honorary Secretary Khawaja Ehrar ul Hassan, FCMA

Honorary Treasurer Saghir ul Hassan Khan, FCMA

Members

Raheel Asghar Ginai, FCMA Zia ul Mustafa Awan, FCMA Anis-ur-Rehman, FCMA Waqar Ali Khan, FCMA

Government Nominees

Saeed Ahmad Deputy Governor, SBP

Tahir Mahmood , FCMA Commissioner SECP

Syed Imtiaz Hussain Bokhari Deputy Auditor General, AGP

Sumaira K. Aslam Dy. Chief Cost Accounts Officer, MoF

Editorial Board

Chairman Muhammad Iqbal Ghori, FCMA

Members BarkatUllah, FCMA Shoaib Ahmad Riaz Tirmazi, ACMA Shahid Mahmood Shaikh, ACMA Syed Kashif Saeed, ACMA Sheeraz Sultan, ACMA Zulfiqar Ali Mehto, Journalist

Directorate Muhammad Kamran Jamil, Editor Shahid Anwar, Joint Director, R&P

Email: [email protected] Contact: + 92 21 99243900 URL: www.icmap.com.pk

http://www.icmap.com.pk/

mailto:[email protected]



National Events

National Budget 2015-16 Conference Nationwide| June 11, 2015

The National Council CPD, Seminars and Conferences Committee of Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) organized a ‘National Budget Conference on 11th June 2015 at Islamabad where renowned speakers and experts discussed threadbare the pros and cons of the Federal Budget 2015-16. The Institute every year organizes post-budget seminars and conferences where prominent personalities from trade and industry are invited to share their views, thoughts and interpretations on the various provisions of the budget. Mr. Mohammad Ishaq Dar, Federal Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization was the Chief Guest.

Mr. Waqar Ali Khan, member National Council ICMA Pakistan presented the welcome address in which he highlighted Institute’s advisory role in pre-budget and post-budget events. The speakers in their presentations highlighted different aspects of the Federal Budget 2015-16 and analyzed its positive and negative impacts on the national economy in the backdrop of current challenges faced by the industry such as energy crisis, security situation, high cost of doing business etc. It was felt that the government need to take concrete measures to reduce the fiscal deficit and increase tax revenues by broadening tax base to untaxed sector of the society.

Mr. Mohammad Ishaq Dar, Federal Finance Minister in his speech apprised the audience that economy is progressing towards right direction and the targets set for last year have been met to major extent. It is gauged from the fact that Moody Investor’s Service upgraded Pakistan foreign currency issuer and senior unsecured bond ratings to B3 from Caa1 and assigned a stable outlook. Mr. Dar said that similarly Pakistan has also been upgraded in Pakistan’s foreign currency bond ceiling, the foreign currency deposit ceiling, and local currency country risk ceiling. He said the government made commitment to ensure economic development and to save the country from getting default. The objectives has so

Mr. Mohammad Ishaq Dar, Federal Finance Minister addressing at National Post Budget Conference whereas (from L to R) Mr. Muzzamil Hussain Sabri, President ICCI; Mr. Waqa Ali Khan, Chairman ICMA Pakistan’s Technical Support Committee; Mr. Anis ur Rehman, Chairman ICMA Pakistan’s CPD Committee; Mr. Kashif Mateen Ansari, President ICMA Pakistan; Mr. Ashfaq Yousuf Tola, Senior Partner Naveed Zafar Ashfaq Jaffery& Co., Chartered Accountants; Mr. Rashid Ibrahim Council Member and Chairman CPD Committee, ICAP; and Syed Tauqeer

Bukhari, Advocate High Court President Rawalpindi Islamabad Tax Bar Association



far achieved and the economy is heading towards a stable future. We decided to hold lavish expenditures to reduce the budget deficit. We have controlled various expenditures and took some difficult decisions which was the need of the time. To control the budget deficit special funds allocated to chief ministers and ministers have been abolished. The Finance Minister told that secret funds were given to over 40 organizations which this government have stopped except for IB and ISI and that funds are too audited.

Mr. Dar informed that non-development expenditures are being slashed to allocate Rs.700 billion to development expenditures. To alleviate the poverty, income support funds are also raised to 102 billion. Due to some structural changes in the system, we managed to increase foreign exchange reserves to US$ 17 billion. The target is to take these reserves to 19 billion by the end of this year, the Finance Minister said. Mr. Dar said that for his government the forthcoming priority to bring improvement in overall peace situation and to control power crisis. We are optimistic that by 2017 the load shedding issue will be resolved, the Finance Minister said. The Minister told that now Pakistan’s economy is getting recognition internationally and the investors’ confidence has magnificently increased. The businessmen both within the country and abroad are now feeling confident to invest in the country.

The participants at National Post Budget 2015-16 Conference on June 11, 2015 at Islamabad

The main speakers and panelists at the conference included Mr. Muhammad Akram, Vice President FPCCI; Mr. Muzzamil Hussain Sabri, President, Islamabad Chamber of Commerce and Industry; Mr. Kashif Mateen Ansari, President ICMA Pakistan; Mr. Naveed Iftikhar, public policy and governance professional; Syed Tauqeer Bukhari, President, Rawalpindi/ Islamabad Tax Bar Association and Mian Muhammad Ramzan, CEO, Tariq Mian Ramzan Arshad & Co. (TMRC Consulting Pvt. Ltd.).

Mr. Kashif Mateen Ansari, President ICMA Pakistan presented a brief account of economic performance of the country in FY 2014-15 vis-à-vis the stark current economic ailments, such as rising poverty and unemployment, which he said, need to be tackled urgently for achieving sustained economic progress. He particularly referred to the missed growth targets in various economic indicators as well as tax revenues and hoped that with prudent policies only the targets set for FY 2015-16 could be achieved. He also highlighted various ICMA Pakistan’s budget

proposals that were given consideration in budget 2015-16 by proposing measures for broadening tax base; not putting additional tax burden on tax payers, especially on corporate sector; bringing undocumented sectors under tax net; increasing allocations for social sector; providing relief to salaried class and granting tax holiday for setting up new industries. Mr. Ansari stated that national budget should be balanced and government should seriously strive to reduce domestic and foreign debt. He noted that arrogance and lavishness of authorities must be moderated and targets for PSDP must be achieved. He further said that corporate sector should come forward to fulfill their corporate social responsibility instead of leaving on public assistance and relying on debts.

Dr. Hafeez A. Pasha, renowned economist and Chairman, Country’s Panel of Economists; Mr. Ashfaq Yousuf Tola, Senior Partner, Naveed Zafar Ashfaq Jaffery & Co. (Chartered Accountants) and Mr. Rashid Ibrahim, Council member, Institute of Chartered Accountants of Pakistan (ICAP) were the guests of honour at the Conference.



Mr. Mohammad Ishaq Dar, Federal Finance Minister and Mr.

Kashif Mateen Ansari, President ICMA Pakistan enjoying a light moment during National Post Budget 2015-16 Conference on

June 11, 2015 at Islamabad

Mr. Kashif Mateen Ansari, President ICMA Pakistan is giving away plaque to Mr. Mohammad Ishaq Dar, Federal Finance Minister at National Post

Budget 2015-16 Conference on June 11, 2015 at Islamabad

Mr. Anis-ur-Rehman, Chairman CPD Committee is receiving plaque from Mr. Mohammad Ishaq Dar, Federal Finance

Minister at National Post Budget 2015-16 Conference at Islamabad

At the conclusion of the Conference, Mr. Anis-ur-Rehman, Council member and Chairman CPD, Seminars and Conferences Committee of ICMA Pakistan presented the vote of thanks in which he thanked all the speakers for sharing their valuable views and observations on the Budget 2015-16. Mr. Anis extended his heartfelt gratitude to the participants who have not only patiently heard all the speakers but also provided necessary intellectual stimulation to make this Conference a memorable occasion. He also thanked dignitaries and business community from Islamabad and Rawalpindi Chambers for their presence in the Conference. He thanked the National Council and President of the

Institute for overwhelmingly supporting the Conference by allowing it to organize within one week after announcement of the Federal Budget in the capital city of the country. He particularly thanked the Ministry of Finance, Chambers of Commerce and Income Tax Bar Association for participation. He thanked the media for their creditable contribution for making efforts to give due projection to the event. He also thanked the officers and staff of the Institute who worked tirelessly to make this Conference a success. The National Budget Conference was largely attended by professionals, government, trade and industry representatives and members of the Institute.

Syed Tauqeer Bukhari, Advocate High Court President Rawalpindi Islamabad Tax Bar Association is receiving

plaque from Mr. Kashif Mateen Ansari, President ICMA Pakistan at National Post Budget 2015-16 Conference

on June 11, 2015 at Islamabad

Mr. Rashid Ibrahim, Council Member and Chairman CPD Committee, ICAP is receiving plaque from Mr. Kashif Mateen Ansari, President ICMA Pakistan at

National Post Budget 2015-16 Conference on June 11, 2015 at Islamabad

Mian Muhammad Ramzan, Chief Executive Officer Tariq Mian Ramzan Arshad & Co, TMR Consulting (Pvt.) Ltd. is receiving plaque from Mr. Kashif Mateen Ansari, President ICMA Pakistan at National Post Budget 2015-

16 Conference on June 11, 2015 at Islamabad

The speakers and other dignitaries in a group photo with Mr. Mohammad Ishaq Dar, Federal Finance Minister (7th from the left); Mr. Kashif Mateen Ansari, President ICMA Pakistan (5th from the right), Mr. Anis-ur-Rehman, Council Member and Chairman CPD Committee (3rd from the right) and Mr. Waqar Ali Khan, Council Member and Chairman Technical Suport Committee (1st from the left)



Workshop on “How to Get Success in Professional Career” Karachi | June 13, 2015

The Corporate Relations & Communication Committee of the National Council organized a workshop on the topic “How to Get Success in Professional Career” for young members, qualified and students of the Institute. The facilitator of the workshop was Mr. Amin M. Nasrullah, Group HR Manager at a leading distributor of FMCG and Pharma Products Company. The facilitator shared informative advises and tips to get success in professional career. Khawaja Ehrar ul Hassan, Chairman CR&C Committee of National Council highlighted the importance of CMA profession. Mr. Muhammad Nazar, Convener CR&C Committee of Karachi Branch Council encouraged students, qualified and young members to participate in workshops and seminars, which are regularly organized by CR&C Department of South Region for their skills enhancement and learning.

National Council’s Initiatives for Professional Development Nationwide | June 27, 2015

To strengthen our brand and making our qualified students academically and practicality strong to face corporate challenges, the National Council took some major qualitative steps. The decision has been taken with a view that our partly qualified students shall enter into corporate sector from entry level positions and by the time they qualify all stages of ICMA Pakistan, they can confidently reach to middle management position. It is envisioned that this career path will allow Institute's upcoming members to reach departmental head position by mid 30's allowing them to excel in their career to maximum heights. The steps taken are briefly presented before you for your information. Cost Accounting Records of 07 Industries The first step in this regard is to enhance students' knowledge through case studies in the area of Cost Accounting. It has been decided to add Cost Accounting Records (CARs) including understanding of the industry processes and supply chain in the course outline to develop students’ expertise in costing and management accounting. This expertise which is a niche for Management Accountants will allow them to propagate and practice the concept which is dire need of the industry. Unfortunately due to its less focus in the curriculum, neither members of ICMA Pakistan are equipped enough to spread its importance nor industry is fully aware of its effectiveness. Once students will learn CARs and related areas, it would not only lead to develop CARs for industry to be adopted initially by the industrialist but will also set a base for ICMA Pakistan to onward request SECP to promulgate it as mandatory for the industry and implement cost audit for the same. Leadership Development The second step towards strengthening Institute’s membership is "Mentorship Initiative for Leadership Development" (MILD). It is a proven fact that demonstration effect plays a major role in overall personal and professional development. Under this initiative, members of the Institute in particular and corporate executives in general will be requested to opt for volunteer mentorship. The professionals voluntarily spare themselves for this cause will be given recognition of “Business Leader Mentor” (BLM). The BLMs may select a group of 3 to 5 students for a period of six months to one-year for leadership development. A BLM may opt for more than a group but not exceeding 4 groups in a specific period and will minimum give 20 hours in six months per group. Through this mentorship, selected students will be in direct formal and informal contact with their BLMs to get advises and consultation on reviewing and improving study performance, interpersonal skills, professional ethics, workplace implications, corporate challenges, etiquettes, positive thinking and attitude, team work, dealing with seniors, handling subordinates, etc. The mentors will be given due recognition by way of availing special privileges at Institute's events, discounts, distinguish badges, certificates and above all a status of platinum membership.

Mr. Amin M. Nasrullah, Group HR Manager is receiving plaque from

Khawaja Ehrar ul Hassan, Chairman CR&C Committee and Mr. Muhammad Nazar, Convener CR&C Committee of

KBC



Practical Training Scheme The Council also introduced a comprehensive training programs for the students of all stages. The National Council has approved tripartite agreement with Employers for practical training of students with the title “ICMA Pakistan’s Practical Training Scheme” (IPTS). Under the scheme, tri-partite i.e., Institute, Employers and Students agreement will provide a win-win situation to all stakeholders. IPTS will provide a relatively long-term learning opportunity to students to get practical training including entire cycle of accounting and finance throughout their studies. The organizations, on the other hand, get knowledgeable, committed, sustainable and economical human resources who over the period can be tailored, trained and groomed to meet organization’s specific requirements in particular and to learn industry trends in general. The Institute will ensure that the requisite students be provided to the corporate sector and in return organizations shall train students as per agreed guidelines. The initiatives will help the Institute in achieving its objectives of becoming an Institute of choice for employers.

President’s Engagements

Memorandum of Understanding (MoU) signed with PPMA Karachi | June 03, 2015

A Corporate Partnership Scheme (CPS) MoU was signed by Mr. Kashif Mateen Ansari, President ICMA Pakistan and Mr. Saeed Allawala, President Pakistan Pharmaceutical Manufacturing Association (PPMA). Mr. Kaiser Waheed, Chairman, PPMA, South Zone and Khawaja Ehrar ul Hassan, Honorary Secretary of ICMA Pakistan were also present on the occasion. The ceremony was witnessed by members of PPMA.

Mr. Kashif Mateen Ansari, President ICMA

Paksian and Mr. Saeed Allawala, President PPMA signing Memorandum of Understanding (moU)

for Corporate Partnership

The President ICMA Paksian and President PPMA exchanging MoU whereras Honorary Secretary,

Khawaja Ehrar ul Hassan is also present

The members of PPMA in a group photo with ICMA Pakistan’s President, Honorary Secretary

and Director Corproate Relations & Communication

President awarded “Top 100 CEOs” by Manager Today Karachi | June 10, 2015

The CEO Club Pakistan and Manager Today organized “CEO Summit Asia 2015”, the most anticipated event of the Pakistan’s Business Community. On the occasion, the first international edition of the best- selling book “100 performing CEOs, Leaders & Companies of Pakistan” was launched. The book is embraced with hundred success stories of Pakistani CEOs working on national or international level, surmounting all the difficulties portraying a softer image of Pakistan on the global spectrum. It is an honour and pleasure for the Institute that Mr. Kashif Mateen Ansari, President ICMA Pakistan is among the list of those shortlisted as top 100 performing CEOs. The Governor of Punjab, Malik Muhammad Rafique Rajwana graced the event with his presence as a Chief Guest. He launched the book and distributed the books among the top 100 CEOs of Pakistan. The event created waves in the business



elite and more than 500 CEOs, Business Leader, Political Stalwarts and International Delegates attended the event. Moreover, perspicacious and intellectual business mentors and leaders enlightened the spectacular audience with their years’ experience and savoir faire. The magnum event of the business world streamed online to more the than hundred countries and reached to the world by social media.

Mr. Kashif Mateen Ansari, President ICMA Pakistan is being honored with the status of ‘Top 100 Performing CEOs’ whereas in the middle, he is

addressing to the participants on the occasion.

Branch Activities

Karachi

Seminar on “Post Budget 2015-16” Karachi | June 08, 2015

The Karachi Branch Council organized a Post Budget Seminar on Jun 08, 2015. The Institute organizes every year post-budget seminars where prominent personalities from trade and industry are invited to share their views, thoughts and interpretations on the various provisions of the budget. Mr. Ashfaq Yousuf Tola, Senior Partner, Naveed Zafar Ashfaq Jaffery & Co. was the Guest of Honour. Mr. Muhammad Zubair Motiwala, President Pakistan Afghanistan Joint Chamber of Commerce & Industry (PAJCCI), Syed Shabbar Zaidi, Senior Partner A.F. Ferguson & Co. (PWC Pakistan) and Mr. Kashif Mateen Ansari, President ICMA Pakistan were the Keynote Speakers at the Post Budget Seminar. Panelists for Discussion were the well-known personalities like Senator Abdul Haseeb Khan, President, Brookes Pharma (Pvt.) Limited, Dr. Amjad Waheed, CEO NBP Fullerton Asset Management Limited (NAFA), Dr. Shahid Hassan Siddiqui, Economist and Mr. Sohail Wajahat Hussain Siddiqui, Former MD & CEO Siemens Pakistan. The Post Budget Seminar was well attended by professionals, trade and industry representatives and members of the Institute.

Mr. Kashif Mateen Ansari, President ICMA

Pakistan delivering presentation on the occasion of Post Budget 2015-16 Seminar

From L to R: Mr. Muhammad Ashraf Bawany, MD Linde Pakistan; Dr. Amjad Waheed, CEO NAFA

and Mr. Badruddin Fakhri, MD Galladari Cement

Mr. Anis-ur-Rehman, Chairman CPD Committee presenting plaque to Mr. Dr. Shahid Hassan

Siddiqui, Economist whereas Chairman KBC, Mr. Khalid Mehmood is also seen.



From Left to Right: Mr. Azfar Ahsan, CEO Nutshell; Mr. Muhammad Yousuf, Vice Chairman

KBC; Mr Faisal Zaidi, Member KBC; Syed Shariq Waqar, Convener, Technical Committee KBC; Mr. Khalid Mehmood, Chairman Karachi Branch

Council (KBC); Mr. Kashif Mateen Ansari, President ICMA Pakistan; Mr. Ashfaq Yousuf Tola, Senior Partner, Naveed Zafar Ashfaq Jaffery & Co.; Dr. Amjad Waheed, CEO, NBP Fullerton Asset Management Ltd; Mr. Anis-ur-Rehman, Member National Council of ICMA Pakistan; Mr. Faisal Mobin,

Secretary KBC; Mr. S. Haider Mehdi, Manager Finance, Exide Pakistan Ltd.; Mr. Sohail Wajahat Hussain Siddiqui, former MD & CEO Siemens Pakistan; Dr. Shahid Hassan Siddiqui, Economist; and Mr. Danish Naeem, Convener

Education Committee KBC

Seminar on “ZAKAT” Karachi | June 12, 2015

The Karachi Branch Council organized a seminar on Zakat Calculation on Friday, June 12, 2015 at Seminar Hall Karachi. Mufti Abdul Sattar Laghari; Mr. Shameer M. Haroon, Tax Manager, Novatex Limited and Mr. Khurram Razaq, Finance Officer, Geo Television.

Mufti Abdul Sattar Laghari receiving plaque from

Former Chairman KBC, Mr. Intisar Muhammad Usmani

Mr. Shameer M. Haroon receving plaque from Mr. Faisal Mobin, Secretary Karachi Branch

Council

The participants of Seminar on Zakat organized by Karachi Branch Counil

ICMA Pakistan Staff Picnic Karachi | June 07, 2015

The South Region organized a picnic for staff on June 7, 2015 at Dream World Resort. More than 509 staff members with their families attended the event. The Honorary Secretary, Khawaja Ehrar Ul Hassan honored the event with his presence and motivated employees. The event was organized to provide opportunity to staff to come out from their routine busy life to enjoy a relax day with their families. The employees of South Region enjoyed the entire day bathing in artificial sea and enjoying more than 50 amusement facilities.

Use “We” Not “I” to Motivate Your Team If you’re trying to rise in your organization and become a leader, it’s important to show that you’re focused on others, not yourself. Pronouns

can help. They’re small, but potent, signals that communicate a speaker’s focus of attention. When people feel insecure, they are more likely to

focus their thoughts and behaviors inward and use more first-person singular pronouns (e.g., “I,” “my,” “me”) when speaking. By contrast, first-

person plural and second-person pronouns (such as “we,” “us,” or “you”) are used when considering the thoughts, feelings, and behaviors of

others. So try using “we” more often when speaking to your team. It will show that you are more focused on what you can achieve together than

on what you need from them. It can also help shift your perspective and make you more aware of what others need. As you work to meet those

expectations, you’ll become a better leader.

Adapted from “If You Want to Be the Boss, Say “We” Not “I”,” by David Burkus.



Lahore

Workshop on “Understanding of Stock Market” Lahore | June 06, 2015

The Lahore Branch Council organized a workshop on ‘Understanding of Stock Market’ on June 06, 2015 at ICMA Lahore. Mr. Muhammad Ali Khan, GM Sales AZEE Securities Pvt. Ltd and Mr. Ann Byong Min South Korean, (Portfolio Manager AZEE Securities) were the main Trainer. Other speakers at the program included Mr. Aamer Arshad Branch Manager AZEE Securities, Mr. Imran Chaudary Branch Manager AZEE Securities, Mr. Zia ul Mustafa Awan Member National Council, Mr. Muhammad Yasin, Chairman, Lahore Branch Council and Mr. Awais Yasin, ACMA Convener CPD Committee LBC.

Seminar on “Post Budget 2015-16” Lahore | June 08, 2015

The Lahore Branch Council organized a seminar on “Post Budget 2015-16” on June

08, 2015 at ICMA Lahore. Mr. Abdul Razzak, CEO A.R. & Co., Mr. Muhammad Awais

Senior Partner Ford Rhodes Sidat Hyder & Co., and Mr. Zia ul Mustafa Awan, Member

National Council were the Technical Speakers. Mr. Muhammad Mansha Sukhera,

President Tax Bar Association was the Guest of Honor on this occasion. Other

speakers at the program included Mr. Muhammad Yasin, Chairman, Lahore Branch

Council and Mr. Awais Yasin, Convener CPD Committee, LBC.

Islamabad

Seminar on “Opportunities in International Trade” Islamabad | June 06, 2015

The Islamabad Branch Council organized a seminar on ‘Opportunities in International Trade’

on June 06, 2015 at Islamabad Centre. This session exposed a new window of opportunities

to ICMAP community especially to the Practicing members. The participants were briefed

about as “How to work as import and export facilitator/ consultant/ agent”. The practicing

members may stretch their service portfolio by becoming “Export Facilitators” to Local

Exporters in their exports to the world. Similarly, they may become “Import Facilitators” for

Foreign Exporter in their exports to Pakistan. Mr. Muhammad Yasin, ACMA was the Trainer

and Mr. Jamil Ahmad, LL.B, M.A.S. (CEO, Perfect Textiles) was the Chief Guest in this seminar.

Faisalabad

2nd Cricket Carnival Faisalabad | June 07, 2015

The Students Affairs Committee of Faisalabad Branch Council organized “2nd Cricket

Carnival” on June 07, 2015 at Eden Valley Faisalabad. Mr. Mohammad Iqbal Ghori, FCMA Vice

President ICMA Pakistan was the chief guest at the event. Other guests at the event included

Mr. Muhammad Shahid, FCMA Vice Chairman Faisalabad Branch Council, Mr. Faisal Shafique,

FCMA Secretary Faisalabad Branch Council, Mr. Sheeraz Sultan, ACMA Chairman Students

Affairs Committee of Faisalabad Branch Council and Mr. Arshad Mehmood, FCMA Deputy

Director Faisalabad Campus.



Seminar “Post Budget 2015-16” Faisalabad | June 15, 2015

The taxpayers are willing to pay due taxes, nevertheless, a culture of fear need to be abolished. The tax collectors should have friendly attitude towards people willing to pay taxes. They should act more like a partner to their business prosperity rather than perception of snatching their hard earned money. This was emphasized by Mr. Muhammad Iqbal Ghori, Vice President ICMA Pakistan in a recent post-budget seminar was organized by the Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) held at Faisalabad. The Chief Guest, Mr. Ghori on the occasion emphasized the need for bridging the trust gap between taxpayers and collectors. He said that in return the government need to give serious thought as how to

bring improvement in the infrastructure, law and order and other basic necessities which are essential to give growth to the businesses. He told in the context of business community in general and Faisalabad’s businessmen in particular that paying taxes from profitability earned is not something to be avoided but as a matter of fact once people don’t get facilities and further threatening behavior of tax collectors lead to evade taxes. Mr. Ghori was of the view that FBR need to engage professionals to bring awareness about filing tax returns. This need to be promoted at all levels of business community including small traders that filing of tax returns will help them in smart decision making. The government need to introduce privileges to NTN holder so those filing returns will be encouraged. Mr. Ghori appreciated that this time the government has touched core issues specially commitment to control load-shedding within next two years. He hoped that plans in this regard be unfolded amicably. The Speakers at the seminar were of the view that without giving relief to the people, it would not be justified to increase the taxes as the people of Pakistan have to make arrangements for their own security due to which they are reluctant to pay taxes. It was observed that when the present government took charge of the country, the economic conditions were not stable due to which the Finance Ministry had to take some difficult and unpopular decisions. It was noted that in the present circumstances, it was not possible to present a better budget, however, there is always need for improvement. The speakers observed that direct and indirect taxes in the federal budget have been increased but were of the view that without gaining the confidence of tax payers, it is not possible to enhance the tax revenues. It was identified that FBR is facing shortage of professional and technical staff due to which they find it difficult to issue notices to new tax payers and issue notices only to those businessmen who are already paying taxes. The post budget seminar also discussed various other measures proposed in the federal budget for revenue increase and broadening tax base. The participants appreciated the deliberations at the seminar organized by ICMA Pakistan in collaboration with PIPFA.

From L to R: Mr. Mohammad Iqbal Ghori, Vice President ICMA Pakistan;

Mirza Munawar Hussain, Member Punjab Bar Council and former Member National Council; and Mian Mohammad Ramzan, Tax Consultant

The participants of the Seminar on Federal Budget 2015-16 at Faisalabad.

From L to R: Mr. ShahidIrshad, Chairman Faisalabad Branch Council; Mirza Munawar

Hussain, Member Punjab Bar Council and Former National Council Member, ICMA

Pakistan; Mr. Mohammad Iqbal Ghori, Vice President ICMA Pakistan; Muhammad

Suleman Zahid Jamil, Member Faisalabad Tax Bar Association (FTBA); and Mian

Mohammad Ramzan, Tax Consultant



Mirza Munawar Hussain, Member Punjab Bar Council and Former National Council Member, ICMA Pakistan and Mian Mohammad Ramzan, Tax Consultant were the technical speakers. Mirza Munawar Hussain, in his presentation dealt at length on the direct taxes proposed in the Federal Budget 2015-16 with special reference to their implications. He particularly referred to imposition of super tax and taxes on undistributed reserves; shipping business of residents and profit on debt; in addition to tax credits for employment generation; appointment of special audit panels; advance tax and other direct taxes. Mian Muhammad Ramzan presented an overview of the amendments proposed in the indirect taxes and its implications with respect to tax compliance, taxpayers’ facilitation, removal of anomaly and broadening tax base. He emphasized on simplifying laws and systems; rationalizing tax rates; reducing ambit of indirect taxation and PTR/FTR regimes; improving documentation of economy and educating tax payers. He suggested that there should be mandatory requirement for obtaining a license to do any business activity in the country which may be renewed every year subject to tax compliance and it should be monitored by a department other than FBR through automated systems. If any business do not renew license it should not be allowed to do business. The Seminar was also attended by Mr. Shahid Irshad, Chairman Faisalabad Branch Council of ICMA Pakistan; Muhammad Suleman, Zahid Jamil, Member Faisalabad Tax Bar Association (FTBA); Ahmad Suleman Zahid, CEO, Corporate General Solutions (Pvt) Limited, Zahid Jamil & Co, Chartered Accountants; representatives of industry associations; CEOs of Faisalabad-based companies; economists; lawyers and other professionals.

Multan

Workshop on “Advance Excel” Multan| June 07, 2015

The CPD & Students’ Affairs committee of Multan Branch Council jointly organized a workshop on ‘Advance Excel’ on June 07, 2015 at ICMAP Multan Campus. Mr. Awais Kamran was the Facilitator. Ms. Samina Kiani, ACMA, Secretary & Convener CPD Committee Multan Brach Council and Mr. Muhammad Shoaib, ACMA, Convener Students’ Affairs Committee Multan Branch Council distributed the certificate among participant and present the shield to the Facilitator.

Post Budget Seminar 2015-16 Multan| June 16, 2015

The CPD Committees of Multan Branch Council and CA Pakistan jointly organized “Post Budget Seminar 2015-16” on June 16, 2015 at ICAP Multan Campus. A large numbers of ICMA Pakistan & CA Pakistan members and students attended the seminar. Mr. Shaukat Amin Shah, FCA Former President ICAP, Mr. Muhammad Younus Ghazi, FCA, Mr. Shahid Saleem Advocate and Dr. Imran Sharif, Chairman Economic Department, BZU Multan were the trainers.

Top CPD Earners

Tariq Hussain F-770, Karachi

CPD Hours (19.5)

Sheeraz Sultan A-3613, Faisalabad

CPD Hours (16)

Gulnaz Akhtar A-5385, Faisalabad

CPD Hours (16)

M. Iqbal Ghori F-800, Faisalabad CPD Hours (15)

Mirza Munawar Hussain F-811, Lahore

CPD Hours (15)



Peshawar

Live Budget Speech Peshawar | June 05, 2015

The Peshawar Branch Council organized a Live Budget Speech Program for Members and Students on June 05, 2015 at ICMA Peshawar Campus. Mian Nisar Ahmad, FCMA, Chairman Peshawar Branch Council was the Chief Guest.

The session was followed by discussion on salient features on the budget. The members and students appreciated first-ever initiative of the Branch Council to have such live session.

Hyderabad

Seminar on “Career Counseling” Hyderabad | June 16, 2015

The Hyderabad campus arranged a Career Counseling Seminar on June 16, 2015, QIMS Mirpurkhas, Registered Education

Provider of ICMA Pakistan and at PARKO Tuition Center for students currently preparing for the entry test.

Membership

Induction of New Fellows and Associate Members

Corporate Relations & Communication

The CR&C Department, South Region materialized following Placements & Internships in the month of June 2015:

Placements

Sr. Name of Member / Student

Membership / Registration

No.

Title of New Job Employer’s Source Person Designation

Name of New Organization

1 Waqas Saeed 20110143 Accounts Assistant Chief Financial Officer Ali Gohar & Company (Pvt) Ltd.

2 Muhammad Ahsan Khan 20132196 Accounts Assistant Manager Accounts Pak Shaheen Container Services

New Fellow Members

Sr. Name M/Ship No.

1 Amjad Iqbal F-1694 2 Omar Saeed F-1695 3 Syed Mehdi Hasan F-1696

New Associate Members

Sr. Name M/Ship No.

1 Abdul Rashid A-6050 2 Akmal Ali A-6051 3 Ashfaq Mansha A-6052 4 Imtiaz Hussain A-6053 5 Kiran Hassan A-6054 6 Muhammad Asim A-6055 7 Muhammad Faisal Ali A-6056 8 Muhammad Khurshid A-6057 9 Muhammad Yasin A-6058

10 Muhammad Yousaf A-6059 11 Muhammad Zulfiqar Khan A-6060 12 Shagufta Naseem A-6061 13 Sonia Gulnar A-6062 14 Tanvir Sajid A-6063



3 Raja Asif 20031629 Finance Officer Manager Finance Gawadar International (Pvt) Ltd.

4 Yasmin Akram 20101307 Accounts Officer Manager Human Resource Karachi Medical Centre

5 Fida Hussain 20124111 Team Leader Manager Human Resource TCS Express & Logistics

6 Zafar Alam 20122216 Consulting Assistant Assistant Manager Admin/ HR FAMCO Associates (Pvt.) Limited

7 Kashif Hassan A-2922 Manager Accounts Assistant Manager HR Agility Logistics (Pvt.) Limited

8 Kamran Javaid A-4870 Accountant GM Human Resources Pakistan Petroleum Limited

9 Talha Murad Khan 20130150 Accounts Officer Officer Organization HR Tata Manufacturing Mills

10 M. Kamran Imam Ghouri 20053076 Manager Internal Audit Human Resource Associate J. S. Investment (Pvt) Limited

11 Muneer Ul Haq A-3307 Associate Manager Manager Human Resource Janjoon Pharma

12 Ghulam Mustafa 20070782 Tax Supervisor Sr. Executive Indirect Tax Shekha & Mufti, CA

13 Farrukh Ahmed Taj 20121002 Admin Supervisor Aqsa Securities (Pvt) Limited Aqsa Trading Company

14 Sultan Ahmed 20122060 Assistant Accountant Manager Human Resource Al-Khair Garments

15 Fayyaz Ali Shah 20081680 Assistant Accountant Accounts Officer Naveena Group

16 Umar Iqbal 20091448 Assistant Accountant Assistant Manager Finance Shadman Cotton Mills Limited

17 Muhammad Azam 20110156 Accountant GM Finance Unique Group of Industries

18 Zeeshan Akhtar 20022144 Head of Internal Audit AM HR & Admin Famco Associates (Pvt.) Limited

19 Hyder Ali 20100056 Accounts Executive Not-Disclosed Pakistan Pacific (Pvt) Limited

20 Hafiz Muhammad Waleed 20130003 Accountant Deputy Manager Finance Super Mart (Pvt) Limited

21 Syed Tahir Ali 20041012 Assistant Manager Finance Assistant Manager Accounts Shujabad Agro Industries

22 Muhammad Rashid Siddiqui A-5931 Manager Finance Senior Manager Finance Pakistan Insulation (Pvt.) Ltd.

23 Omaiz Junaid 20070517 AM Cost & Accounts Accounts Officer H.M. Pump (Pvt) Limited

24 Haroon Majeed A-3172 Deputy Manager Finance General Manager Finance K-Electric Limited

25 Saqib Aziz 20060513 Assistant Manager Finance Chief Financial Officer Modaraba Al Mali

26 M. Ehtesham-ul-Haq 20141810 Accounts Executive Manager Finance Procon Engineering (Pvt.) Ltd.

27 Anum Naz 20111597 Accounts Officer Assistant Manager Finance Dawn Group of Companies

28 Mohammad Ahsan 20122197 Accounts Officer Manager Human Resource King Textile Mills

29 Owais Ahmed 20120064 OG-II Officer Manager Human Resource Bank Al-Habib Limited

Internships

Sr. Name of Member /

Student

Registration

No.

Title of New

Job

Employer’s Source Person

Designation

Name of New Organization

1 Wahaj Ali Khan 20132197 Audit Trainee Not-Disclosed HMB & Co. (Chartered Accountants)

2 Shaikh Haris 20122881 Internship Reporter Express Media Group

3 Syed Usman Ahmed 20124259 Internship Reporter Express Media Group

4 Muhammad Usama Shakeel 20121988 Internship Human Resource Manager Ghazi Brothers

5 Owais Ahmed 20124220 Internee G. M. Accounts Dawood Yamaha Limited

6 M. Zeeshan Farooqui 20122433 Internee G. M. Accounts Dawood Yamaha Limited

Walk-in Test / Interviews sessions

The CR&C Department, South Region arranged the following Walk-in Tests / Interviews during in the month of June 2015:

Sr. Organization Date Interview Venue Position for

1 Procon Engineering (Pvt) Ltd 03-June-15 Organization Premises Internees

2 Shujabad Agri Auto (Pvt) Ltd 16-June-15 Organization Premises Assistant Manager Finance

3 Badar Expo 29-June-15 ICMA Pakistan Deputy Manager Finance



Meetings held with Corporate Sector The CR&C Department, South Region had following Corporate Meetings in the month of June 2015:

Sr. Organizations Designation Date

1 SME Business Solutions Pvt Ltd Chief Executive Officer 01-Jun-15

2 Pakistan Pharmaceutical Manufacturing Association Chairman 3-Jun-15

3 Bank Al-Habib Limited Head of Human Resources 16-Jun-15

4 Superior Consulting (Pvt) Limited Senior Consultant / Director 17-Jun-15

5 Rasul Group of Companies (Bake Parlor) Managing Director 17-Jun-15

6 AMTF Advisor/Consultant 11-Jun-15

7 Mehran Sugar Mills Limited Chief Executive Officer 16-Jun-15

MoU Signed and Corporate and Dignitaries Visits The CR&C Department, South Region invited following dignitaries to ICMA Pakistan in the month of June2015

Sr. Date Organizations Dignitaries Designation

1 06-Jun-15 Professional Plus Syed Haseeb Ur Rehman Chief Executive Officer

2 13-Jun-15 Premier Agencies Mr. Amin M. Nasrullah Group HR Manager

MoU with Rasul Group (Bake Parlour)

on 17-Jun-2015 Meeting with SME Business

on 01-Jun-2015 Professional Plus Dignitary Visit

on 06-Jun-2015

Mr. Mahmood Hassan, Managing Director (left) Rasul Flour Mills (Bake Parlour) and Mr. Khalil

Ahmed, Director CR&C signing CPS MoU

Mr. Wali Ullah Khan, CEO, SME Business (centre) in a group photo (from L to R) with Ms. Zareen

Bano, Dy. Director CR&C; Ms. Raeel Fatima, Company Secretary; Mr. Shamsuddin Bhimani, Officer CR&C and Mr. Mazhar Naeem, Manager

Corporate

Syed Haseeb ur Rehman, Chief Consultant / Proprietor Professional Plus in a group photo

with Mr. Khalil Ahmed, Director CR&C

Meeting with Bank Al-Habib

on 17-Jun-2015 Meeting with Superior Consultancy Pvt. Ltd.

on 17-Jun-2014

From L to R: Mr. Mohammad Kumail, Assistant Manager,

HR Division; Mr. Khalil Ahmed, Director CR&C and Mr. Zahid M. Chaudhry, DGM / Divisional Head, HR Division

From L to R: Ms. Sumaiya Rafiq, Client Service Manager; Mr. Adil Ismail, Senior Consultant / Director and Ms.

Sharmin Jamal, Officer CR&C

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icmap_newsletter_june_2015

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