7 Financial Benefits of becoming a FILER

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Below are the seven (7) major financial benefits of becoming a Filer in Pakistan:

  1.  Lower rates of advance income tax deducted at source by banks (on interest/profits) and on banking transactions
  2. Savings on withholding tax deducted when registering and transferring motor-vehicles
  3. Lower rate of tax on sale/purchase of property transactions
  4. Rebates/reduction in tax on payment for goods, services and contracts
  5. Lower tax on dividend
  6. Reduced withholding tax on capital gains accrued on sale of securities
  7. Reduced rate of withholding tax on prize bond winnings and decreased rate of collection under commission and brokerage.

Convinced?

Contact us now for:

Best quality services by top professional team of qualified lawyers, chartered and chartered certified accountants, chartered financial analysts and tax experts:

Millennium Law & Corporate Company (MLCC), 

(the pioneer ACCA practising firm in Pakistan)

Bashir Mansion, 2 Turner Road, Adjacent AG Office, Lahore

Call: 042-37242434 / 0322-4219292 (prefer text),  Email: ozmeer@mlcc.pk

 

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ACCA publishes detailed report on MLCC

Dear Readers,

Peace be on you,

It is with pleasure that we share that ACCA, the largest accountancy body in the world recently published a detailed report on our firm Millennium Law & Corporate Company (MLCC) and recognized it as the pioneer ACCA practicing firm in Pak. You can directly access it at: ACCA’s published profile of MLCC

or continue to read below and let us know your valuable views.

Millennium Law and Corporate Company (MLCC) becomes the Pioneer ACCA practicing firm in Pakistan

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Profile of Millennium Law & Corporate Company

  • 30 + Years’ “Young”

Millennium Law & Corporate Company (MLCC) has a background of thirty (30) years plus history of professional excellence stemming from its parent practice. It used to be focused solely on legal practice including corporate matters.

  • Way Forward – One stop solution

MLCC was expanded to include a new division for providing ACCA centered services. This led to the inclusion of the areas of taxation, corporate services, internal audit, advisory, risk management and trainings in addition to the other legal matters within the services offered by MLCC.

  • Partners

The firm is setup with specialized teams dealing with relevant areas under four (4) partners, two of whom are ACCA members while one is an ex legal advisor Federal Land Commission (Government of Pakistan) and another is an ex deputy Attorney General of Pakistan.

  • Pioneer ACCA Practising Firm in Pakistan

In 2015, the Association of Chartered Certified Accountants (ACCA) took a giant leap in Pakistan and initiated practising license program for the country.

  • MLCC became the pioneer practising firm in Pakistan with
  • Omer Zaheer Meer FCCA (the managing partner of MLCC) being awarded the first ever ACCA practising license in Pakistan.

Before that history was made when:

  • Omer Zaheer Meer FCCA became the first ever ACCA member to get admitted to the prestigious Lahore Tax Bar Association (LTBA) during 2009/10.
  • He was later joined by his brother Mr. Ali Zaheer Meer ACCA who is now a partner at MLCC and another ACCA member at LTBA.

Millennium Law & Corporate Company has built a reputation for quality services based on value creation and issue resolutions with time-specified deliverables. It is now the premier ACCA practising firm in the country and one of the leaders in the taxation, advisory and corporate services sectors.

  • Distinguished Collaborations

MLCC through its partners is currently represented at the Taxation Committee of Lahore Chamber of Commerce and Industry, Chairing the Liaison and sitting on the publication committees of LTBA, Chairing the Taxation Committee of ACCA, Global Tax Forum of ACCA and several think-tanks including Hamdard Thinkers’ Forum and Millat Thinkers’ Forum. MLCC’s clientele also includes some of the most distinguished names. Out key clients and/or associations are as below:

Read the rest of this section directly at:  ACCA’s published profile of MLCC

 

Why was MLCC started?

Managing Partner’s Views:

It is my strong and educated belief that the ACCA qualification and a proper training program equips one with the relevant skills, education and expertise to be the best not just technically but on the value addition side of being an entrepreneur.

With an early start to my career resulting is sufficient experience, I felt it was the right time to launch an ACCA practising firm on my return from UK to Pakistan. Also it was an opportunity to contribute back to the profession and ACCA fraternity in several ways.

However ACCA did not have a local practising license back then. Nevertheless we upheld the brand ACCA and pioneered in an area deemed alien for ACCA members at the time, i.e. local taxation. Within a short span of time we stood out of the crowd delivering excellence and quality beyond norms of the market. We then started expanding into other areas such as corporate services, advisory, risk management, e.t.c. with equally good results.

The milestones so far

Since becoming the pioneer ACCA practising firm in Pakistan some of the major milestones achieved by MLCC are outlined below:

  • Establishment of our non-legal services headquarter at the prime location of Bashir Mansion, 2 Turner Road, Lahore which is opposite FBR, close to Appellate Tribunal, behind Lahore High Court, adjacent AG Office and practically in the hub of all the action.
  • Establishment of a branch office in DHA, Lahore for facilitation of our clientele from the posh areas.
  • Award of the practising license and hence becoming the pioneer ACCA practising firm in Pakistan
  • Joining of Mr. Ali Zaheer Meer as the second ACCA partner of the Firm
  • Expansion intro value addition areas beyond taxation including internal audit, advisory, risk management, corporate services, e.t.c.
  • Start of our training division
  • Partnership with ACCA Pakistan for the CPD trainings of ACCA fraternity and beyond
  • Attendance of our CPD programs and training events by high-profile professionals including owners, directors and even non-ACCA partners of other renowned firms
  • Publication and launch of a research study on indirect taxation across the MESA (Middle-East and South-Asia region) in collaboration with ACCA and EY
  • Working with top names in various sectors including the likes of National Bank of Pakistan, Habib Bank Limited, MPDD, ACCA, LCCI, KCCI, LTBA, e.t.c.
  • Pre-launch of our ACCA trainees induction program

Advantages and benefits of ACCA firms

ACCA firms offer several benefits for the ACCA fraternity, the business community and the society at large. Some of the major ones include:

  • Opening up of new horizons and opportunities
  • Jobs creation
  • Quality services
  • Greater acceptance of ACCA locally
  • Entrepreneurial rewards
  • Increased collaborations with worthy partners
  • Greater exposure

With the advent of CPEC and the corresponding developments, there is a lot of potential for quality accountants and firms offering the right services. Yes it will be challenging but the rewards are more than commensurate. So have a dream and turn it into a reality.

Formal Launch of My Youtube Channel

Dear Readers and Friends,

Assalam O Alikum! (Peace be on you),

The constant suggestion by many of you to launch a formal Youtube channel covering my key public and/or professional engagements with a dimension of educating and enlightening has been turned into a reality.

It is with pleasure that I announce on this auspicious day of Friday that my team has successfully launched the same. The channel can be accessed at:

There are already some very interesting videos covering some of the key current issues and opportunities such as Immovable Property Taxation Issues, CPEC, Budget Proposals, Finance Act, e.t.c.

We aim to constantly update our channel with valuable knowledge sharing videos. Your feedback and appreciation would be the fuel to keep us going in this effort. I hope you find this useful and wish you all the best in your lives and careers.

Take Care,

Omer

10 Great Principles for Success

Dear Readers,

Assalam O Alikum, (Peace be on you)

Below are my ten quickfire principles, which when taken together will breed success InshaAllah. Try to implement them and wish you all the best in your life.

1. Positive Attitude with Faith

2. BELIEVE in Yourself

3. Learn, Learn & Learn

4. Think, Plan & Back it up with CONSISTENT Action

5. Change Direction if Necessary

6. Continue Forward with Determination when faced with Failure (Understand that Failure is a Step Towards Success)

7. Never Give Up

8. Build a POSITIVE Attitude & Outlook (Whatever doesn’t kills you, makes you stronger)

9. Have Courage to take the plunge for what you Believe in

&

10. Always remain Humble & Magnanimous

Remember in your prayers!

 

Launch of ACCA Practising Liscence in Pak – ACCA MNP Elections 2016-18

Salam,

Below are the pictures from another groundbreaking event where after extreme hard-work, devotion and with unrelenting support from ACCA Pakistan team, history was made with ACCA Practising liscence being launched in Pakistan.

ACCA’s DP Mr. Brian McEnery (Partner, BDO Ireland) was specially invited to Pakistan on this occasion.

Leading by example, I became the pioneer ACCA Practising Liscence holder in Pakistan and my firm MLCC, in business for over 30 years became the pioneer ACCA Practising Firm, thereby opening the doors of professional Practise to ACCA fraternity in Pakistan.

It is my vision and aim to build upon such historic successes for the betterment and professional development of ACCA fraternity.

This can only be possible with your vote and kind support in the ongoing MNP elections.

Please visit            My Professional Profile, Achievements for ACCA & Manifesto

to consider me worthy of your valuable vote.

Thanks in anticipation.

Mr. Brian McEnery (DP ACCA) and Mr. Sajjeed Aslam (President ACCA Pak) presenting the 1st ever ACCA Practising Liscence to Mr. Omer Zaheer Meer at the launch ceremony.

Election Statement for ACCA’s MNP

Mr. Omer Zaheer Meer’s

Election Statement for ACCA’s MNP

Introduction:    

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My name is Omer Zaheer Meer. I’m currently serving as a Partner at Millennium Law & Corporate Company (pioneer ACCA practicing firm in Pak) and a Director at Professionals’ Social Network. I’m also an experienced trainer with a number of esteemed organizations in corporate, public and academic sectors including ACCA, LTBA, MPDD, LCCI, UET, BU, e.t.c. Besides, I’m a regular contributor to various daily publications and research journals.

I’m a highly IT literate and experienced professional with top notch skills in accounting, finance, management and economics, holding CFA Charter, FCCA (senior fellow ACCA), the Anti-Money Laundering Specialization, BSc (Hons) in Applied Accounting and several professional certifications from UK along-with 15 years’ plus fund of experience gained in top management positions in leading British and Pakistani companies. Please read my detailed introduction: https://omerzaheermeer.wordpress.com/about/

Existing Contributions towards ACCA community:

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I already contributed to the development of ACCA community, duly recognized and resulting in being nominated as an MNP member for the last few months during which the endeavors undertaken resulted in an unprecedented rise in members’ satisfaction. Please have a look at the major achievements: https://omerzaheermeer.wordpress.com/2016/04/17/omer-zaheer-meer-fcca-cfa-aml-expert-profile-for-mnp-elections-2016/

Manifesto:

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If successful, I’ll continue to work with utmost honesty, dedication and unrelenting passion to contribute to the ACCA community in the following ways InshaAllah:

 

  • Providing relevant CPD events to equip members with vital skills allowing them to progress in their careers
  • Work towards reduction of ACCA subscription fee for members
  • Generate more career opportunities for members by working closely with and facilitating employers in hiring ACCA members
  • Mentoring members for their professional and career development
  • Promote closer networking opportunities amongst members
  • Collaborations with regulators and other professional bodies to enhance recognition of ACCA
  • Work towards introduction of local taxation variant (P6) in ACCA curriculum and/or a tax certification.
  • Promote ACCA brand in Pakistan thereby creating more value for members

Thanks for your precious time and in anticipation of your kind vote and support.

Finance Act 2015-16: Dissecting major reforms – II

The following article has been published in Daily Nation, dated 21st July 2015

(E-Paper (Print Edition)http://nation.com.pk/E-Paper/lahore/2015-07-21/page-9)

(Onlinehttp://nation.com.pk/business/21-Jul-2015/finance-act-2015-16-dissecting-major-reforms-part-ii)

Finance Act 2015-16: Dissecting major reforms – II

Prof Dp

By: Omer Zaheer Meer

We’ll continue to discuss some important reforms carrying on from where we left in the first part on the above topic on 13th July and conclude the write-up today. The need for a structural overhaul has been lauded for years now. While many concrete proposals for reforms continue to fall on deaf ears, a few have been implemented in the finance act. This indeed is commendable and something to expand upon.

In our budget proposals we have suggested the relevant authorities to allow the use of CNIC as both the NTN (National Tax Number) and STRN (Sales Tax Registration Number) on these pages. Section 181 has now declared that for individuals the CNIC will be used as the NTN. Although it is only for individuals as of now but it is a step in the right direction. By removing the hurdles in tax registrations by allowing the above mentioned proposal not only can the FBR expand the tax-net but also assist in promoting the entrepreneur culture by removing unnecessary formalities.

Similarly another positive reform has been introduced in section 114 of the Income Tax Ordinance 2001. The requirement of obtaining prior approval from the Commissioner for filing a revised return is now dispensed away with if the revised return is filed within 60 days of filing of the original return. This would remove the long-standing complaint of many tax payers faced when a genuine mistake resulted in tax losses to them.

Yet another change introduced via Finance Act 2015-16 is regarding the income earned from property. Now, any expenditure incurred whether wholly or exclusively for the purposes of deriving rental income including the administration and collection charges shall be admissible as allowable expense with a cap of 6% of rent chargeable. While it’s a positive move it is certainly not sufficient considering the levels of inflation increasing the repairs and maintenance as well employee costs.

Moving onto another significant change we’ll briefly discuss Section 37A and Division VII of Part 1 of the First Schedule dealing with Capital Gains Tax on securities disposed off. A revised status of tax on Capital Gains on disposal of ‘securities’ under section 37A has been prescribed as below:

         Holding period                            Tax Year

                                                            2016     2015

  • < 12 months                               15%      12.5%
  • 12 months to < 24 months          12.5%   10%
  • 24 months to < 48 months            7.5%     0%
  • > 48 months                                  0%        0%

This revision is multi-dimensional. Firstly the rates have been revised upwardly while at the same time the holding period for taxable gains has also been increased. This enhancement of holding period will effectively apply retrospectively as gains for holding period between 24 to 48 months which were exempt from tax prior to Finance Act 2015 will now fall under taxable incidence. The motivation for this is to incentivize investors to hold onto their investments for longer while at the same time trying to balance off avoiding disillusioning the small investor. How much has the finance ministry succeeded in this will only be reliably known with the passage of time and the results of the stock markets.

Next up is an extremely important issue with serious ramifications. Minimum tax on service companies is that hotly contested issue. Under pressure from international lenders, Government of Pakistan decided to introduce a controversial insertion in section 153 few years back. The way this was done raised serious questions as there were arguments that despite an existing section dealing with the issue the insertion was done against the prescribed way and even leaving the existing provisions intact, hence creating a gulf of confusion. Furthermore a series of conflicting SROs were then issued further complicating the matter.

As per the insertion introduced, despite the existing section 113 dealing with minimum tax on service companies, the corporate service companies were made liable to a minimum tax. What this meant was that even if any company in the sector incurred losses they’d not be able to claim a refund of any tax already paid by them. The reason this is problematic is that service companies particularly during startup years are susceptible to losses. This led to calls of review and resulted in Clause 79 in Part IV of the Second Schedule being added to clarify the matter and declare that minimum tax would not be liable on service companies. The implication was in effect from tax year 2012 onwards.

The initial proposal in finance bill 2015 was to clarify the matter since 2009 but instead the government decided to introduce the minimum tax on service companies from tax year 2015 onwards while the clause 79 mentioned above was also deleted. This has led to serious reservations by corporate sector and is part of the package being negotiated between finance ministry officials and traders.

Furthermore a minimum tax of 2% has been levied on land developers. This 2% shall be levied on the value of the land as notified by the authorities for stamp duty. This would increase the revenues for the exchequer and can be seen as an indication of the policy direction.

We hope that the policy makers would also consider our other proposals in future budgets for the betterment of economy and that these write-ups have been enlightening to our readers. We shall continue to apprise our readers on relevant developments in the future too.

The author is Director of the think-tank “Millat Thinkers’ Forum”. He is a leading economist, CFA Charterholder, experienced fellow Chartered Certified Accountant and anti-money laundering expert with international exposure who can be reached on Twitter and www.myMFB.com @OmerZaheerMeer or omerzaheermeer@hotmail.co.uk