This is to share with you that I chairmed a very positive and productive meeting of the ACCA MNP.
Below is a summary of the non-confidential proceedings:
Major challenges, opportunities, strengths and improvements were discussed for betterment of the profession and wider society with a positive impact for our beloved Pakistan while also creating positive global impact.
Major breakthroughs, initiatives and proposals put forward at the IA2018 were shared with MNP members.
Relevant committees and societies’ tasks and targets were also finalized along with some other initiatives being put in motion.
Taxation Committee’s works were shared, being already in motion.
Key initiatives including, Thursday Huddles, Employer Engagements, Regulator Engagements, e.t.c. were also recommended to be given increased impetus.
Feel free to share your suggestions.
Omer Zaheer Meer
It is with great pleasure that I share with you that ACCA’s report on ” Indirect Taxes – Current Trends across South Asia & UAE” has been published.
We at Millennium Law & Corporate Company are honored to be a part of this fantastic initiative and I’d like to take this opportunity to thank ACCA for their kind acknowledgement in the published version and otherwise.
Below are the direct link to the report and a brief summary of the report. I hope this is of benefit to you.
Please find below the link to the research report on ACCA’s website and share your kind feedback at firstname.lastname@example.org:
Research Report on Indirect Taxes
Below is a very brief summary of key highlights, courtesy ACCA:
Tax is an instrument used to generate revenue and regulate national economies, it can be broadly divided into two categories: direct and indirect.
In many developing countries the contribution of VAT – an indirect tax – in total tax collections is increasing over time. This can be owing to an increase in unemployment or low per capita income as well as to innate features of VAT that make it less prone to tax evasion than income taxes, which are easier to evade/avoid.
Given the importance of VAT, this study discusses its features and the problems commonly faced by South Asian countries. Further, we look at the United Arab Emirates (UAE) which is in the process of introducing VAT and may benefit from the developments made in the VAT systems of various other countries.
KEY RECOMMENDATIONS IN THE REPORT INCLUDE:
- Reduce tax concessions and tax amnesties, and avoid special regimes to protect the rudimentary character of VAT as a modern consumption tax.
- Limit exemptions primarily to health, education, charity and basic essential food items (excluding those supplied at restaurants and hotels, etc.)
- Use the services of VAT-experienced technical experts and professionals for smooth and trouble-free VAT implementation and management.
- Reduce compliance cost but attract optimal voluntary compliance by building incentives into the tax system.
- Share data among different government departments, organisations, institutions, authorities and agencies as well as between different government departments at regional and global level for BTB (broadening tax base) and anti-tax-evasion/avoidance purposes.
- Make the VAT system a seamlessly integrated unified tax management regime with preference for single hand and single rate tax administration with a uni-declaration mechanism (in countries where powers to collect VAT are divided between the central/federal governments and the state/provincial governments).
Deloitte is the biggest accountancy firm in Multan. I specially traveled to the historic city for a session was where I represented ACCA. The response was phenomenal and sat a new record for ACCA in Multan.
It was a fantastic session which was highly appreciated and resulted in increased awareness of modern reporting issues for the participants. The brand recognition was enhanced with material future benefits expected to accrue for the ACCA fraternity, the profession and Pakistan, InshaAllah.