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.

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Published Regional Research Report on Indirect Taxes

Published Regional Research Report on Indirect Taxes

Dear Readers,

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.

Direct Link:

Please find below the link to the research report on ACCA’s website and share your kind feedback at ozmeer@mlcc.pk:

Research Report on Indirect Taxes

 

Brief Summary:

Below is a very brief summary of key highlights, courtesy ACCA:

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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).

Best Wishes,

Omer

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

R&I Session with Deloitte Multan

Salam,

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.