Muhammad Al-Zafar

Experience

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  EY

  May 2006 - Jan 2015

  As a Senior Tax Consultant at EY, my job responsibilities include:- Providing advice to clients on indirect taxes- Ensuring compliance of provisions of the law by reviewing policies and procedures adopted by clients for the recording and treatment of indirect taxes- Preparing monthly computations of sales tax liabilities and submitting sales tax returns- Preparing responses and attending hearings for notices and orders issued to clients by tax authorities- Carrying out sales tax registration process with taxation authorities- Approaching taxation authorities with problems faced by clients on the e-portals* BT PAKISTAN:I am responsible for the book keeping of BT Pakistan (Pvt.) Ltd, a subsidiary of BT International Holdings Ltd which is principally engaged in provision of telecommunication services and sale of telecommunication equipment. MANAGEMENT ACCOUNTING:- Recording transactions on a general ledger in line with IFRS- Submission of a general ledger, trial balance, profit and loss and balance sheet on monthly basis to BT Group plc- Maintaining fixed assets register- Raising and dispatching of sales invoices (complying with local laws and regulations)- Ensure all purchase orders and payments are made in line with BT’s procurement policy- Preparation of bank reconciliation statements on monthly basis- Preparation of monthly Aged Debt and Creditors Reports- Maintaining all relevant inter-group trading transactions to BT’s inter-group recharge template- Providing BT Group with cashflow projections on monthly basis and forwarding fund request forms- Suggesting BT methods for further developing its policies and procedures to ensure better compliance with local lawsFINANCIAL ACCOUNTING:- Ensuring all statutory and tax accounts are prepared and filed with local deadlines.- Provision of audit file including all relevant schedules, reconciliations and a set of financial statements that comply with local laws to BT Group and auditors. Show less

  • Senior Tax Consultant

    Jan 2011 - Jan 2015

  • Audit Senior

    May 2006 - Feb 2011
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  Coats

  Jan 2015 - Oct 2015

  As an Assistant Group Reporting Manager, my role was closely coordinated with the senior management in order achieve the objectives set for the growth and stability of the Company. My responsibilities included:- Preparing and compiling financial data in reporting formats by application Microsoft excel formulas and analysis tools.- Ensuring compliance with IFRS /local tax laws and Group accounting policies.- Ensuring excellent communication with personnel in the Group while providing information and responding to queries.- Reporting daily and weekly sales on specific templates of Coats Group.- Reporting weekly treasury balances and cash collections from customers to Coats Group.- Compiling region-wise and customer-wise sales forecasts in order to generate Demand Plan Templates indicating volumes, prices, rebates and sales values.- Preparing historical and current sales analysis.- Preparing average discount and price per units produced trend analysis.- Performing variance analysis on monthly sales with historical sales, annual plan and latest forecasts and providing reasonable reasons for deviations.- Preparing monthly product-wise/ region-wise profitability analysis.- Recording expenses allocated to the Company by the Group.- Computing monthly net working capital available as compared to last year and annual plan.- Preparing and reporting profitability and liquidity ratios based on monthly financial statements and performing debtor/creditor aging analysis.- Analyzing expenses variance compared to previous year / annual plan and identifying adequate adjustments in the relevant accounts.- Assisting senior management in preparing monthly Managing Director’s Report by providing monthly / yearly EBIT comparison with previous year/ annual plan /latest forecasts and providing reasons for deviations. Show less My role as Assistant Tax Manager included a diversified spectrum of responsibilities including areas related to taxation, management accounting and co-ordination with regulatory bodies. Following are the details of the tasks I performed in this position:- Reviewing and ensuring proper sales tax and income tax deductions while making payments to vendors under relevant tax laws.- Compiling data related to sales tax withholding and sales tax charged to customers for provision to tax consultants.- Preparing and uploading of income tax withholding details on FBR e-portal for tax deducted from payments to vendors under relevant sections of the Income Tax Ordinance, 2001.- Calculating monthly income tax charge to be recorded as provision and reported to Coats Group.- Coordinating with tax consultants while preparing annual return of income of the Company.- Following up with tax consultants on matters relating to sales tax refunds and resolving all the discrepancies raised by the taxation authorities.- Gathering of data (returns, certificates) from customers for resolution of discrepancies mainly due to differences in monthly sales tax returns submitted by the Company and by the customers, highlighted by CREST.- Calculating deferred tax at the year end and reporting it to Coats Group.- Facilitating management for resolving sales tax and income tax related issues, including updating them regarding any change in tax laws.- Coordinating with SECP for all matters related Form-A and Form-29.- Assisting manager in obtaining forward cover on FX related liabilities on a weekly basis.- Revaluing FX liabilities and import balances and recording corresponding gain or loss in the books of accounts.- Preparing debtor reconciliations and resolving any differences in the general ledger and invoices raised with the Credit Controller.- Ensuring proper recording of assets in the fixed asset register and accurate physical tagging of the assets in different locations. Show less

  • Assistant Group Reporting Manager

    Jun 2015 - Oct 2015

  • Assistant Tax Manager

    Jan 2015 - Jun 2015
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  J. Walter Thompson Worldwide

  Jun 2016 - Feb 2019

  I have a diversified role where I am responsible for the overall operations of the finance department including taxation matters as well as all reporting to our regional office. Following are the elements of my current role:Finance Function:• Assisting CFO in daily operations and preparing analytical reports.• Overall supervision of accounting and finance function including ensuring monthly closing process.• Liaison with statutory auditors.• Ensure compliance with taxation laws applicable to the company.• Assisting in taxation matters with respect to vendor costs.• Ensure accounting policies are in line with the International Financial Reporting Standards.• Monitoring, analyzing and optimizing cash flows on regular basis.• Preparing annual budgets.• Analyzing revenue and expenses trends and preparing feasible forecasts on quarterly basis.• Ensure effective debtor and creditor management.Reporting Function:• Overall compliance with the various deadlines set by the region.• Liaison with SOX auditors.• Monthly flash and actual balances in Cartesis (regional reporting tool).• Detailed profit and loss account variance analysis compared to latest forecasts.• Analysis of debtors aging.• Ensuring working capital management.• Review of Intercompany trading and ensuring reconciliation with group companies.• Prepare SOX schedules including TB reconciliation and balance sheet heads.• Preparing quarterly balance sheet reviews with detailed variance analysis..• Preparing Letter of Representation (LOR) summarizing the quarterly assets and liabilities balances and disclosure of conforming with WPP policies and Code of Conduct.• Analyzing client profitability.• Corporate and Social Responsibility (CSR) packages analysis for gender diversification and environmental impacts.• Populating regional year end packs.• Updating and submission of Business Continuity Plans and Disaster Recovery Plans. Show less In the capacity of Manager Taxation, my work is carried out with direct reporting to the Chief Financial Officer. My role includes the following responsibilities:- Reviewing and uploading data for sales tax returns to be submitted with Sindh Revenue Board and Punjab Revenue Authority. - Preparing computation of taxable income and income tax thereon on annual basis for submission of return of income with the Federal Board of Revenue.- Interpreting and responding to taxation authorities for any notices received from them with close coordination with tax consultants. - Closely monitoring any changes in tax laws applicable to the company and ensuring compliance by updating policies and procedures followed in the company.- Developing strategies to optimize direct and indirect taxes in line with business objectives.- Understanding the business dynamics of media and advertising agency to devise mechanism of raising sales tax invoices and incorporating media costs properly.- Coordinating with clients to collect income tax and sales tax deduction certificates for previous and current periods.- Training middle level staff for correct tax deductions and recording in the system accordingly. - Creating awareness regarding actions available with taxation authorities in case of non-compliance with tax laws.- Ensuring proper costing quotes are received from vendors (production houses, etc.) which can be sent to clients.- Providing management with solutions to taxation related matters both at company end as well as with clients/vendors.- Ensuring proper coordination with CFO to achieve business objectives. Show less

  • Senior Manager Finance & Reporting

    Jan 2018 - Feb 2019

  • Manager Taxation

    Jun 2016 - Dec 2017
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  Zafar Consultants - Tax & Accounting Solutions

  Jul 2019 - now

  Principal Consultant

  Entrepreneurial venture for provision of tax consultancy services in Federal and Provincial domains.

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  Prestige Communications Pvt Ltd.

  Aug 2019 - Jun 2020

  At Prestige Communications I am in a leadership role reporting directly to the CEO and providing day to day support in the effective utilisation of resources of the company. My responsibilities include the following:- Developing Standard Operating Procedures for the finance department- Preparing monthly, quarterly and annual financial reporting packs- Providing in depth client and medium wise revenue analysis- Preparing detailed debtor positions and recovery plans- Preparing cashflows ensuring better cash management- Ensuring timely media payables recording and payments via regulatory bodies Pakistan Broadcasting Association (PBA) and All Pakistan Newspaper Society (APNS)- Spear heading the taxation function of the company- Preparing quarterly and annual tax returns and liaison with tax consultants- Supervising provincial sales taxes implications and return submissions- Ensuring the tax deduction from vendors process is duly followed- Managing and optimising company expenses.- Coordinating with external auditors- Coordinating with company's bankers and other advisors Show less

  • Head Of Finance

    Dec 2019 - Jun 2020

  • Financial Consultant

    Aug 2019 - Dec 2019